Estate Planning Lawyers in Palm Beach, Florida
In the best of times, having a sound estate plan in place is important whether you are young or older. In these uncertain times of the coronavirus pandemic, more families than ever are wondering whether their estate plan is robust enough to weather these storms of uncertainty.
Moran & Associates is a Palm Beach, Florida estate planning law firm dedicated to providing our clients with the guidance they need when it comes to writing a will, creating a trust, advance directives such as a living will, health care surrogate, and power of attorney, or helping your family through the probate process.
Estate planning is so much more than just deciding who gets your assets after you pass away. It is a process by which your assets and debts are evaluated, your beneficiaries are identified, and the determination of the best course of action ahead is made. It involves taking into account estate taxes, probate costs, and your family’s future needs, and putting a plan in place that works. A proper estate plan can protect your family from the costs of probate, creditors, predators, inability and disability.
These days, estate planning is so much more than just writing a will. It involves a close assessment of your financial needs. A variety of estate planning instruments are available, depending on your financial situation, including wills, revocable trusts, irrevocable trusts, and other estate planning tools. Estate planning also involves having a plan in place regarding your wishes for medical care should you become too sick to make financial and medical decisions on your own.
Estate plans also include medical care directives and a durable financial power of attorney, which would put your financial and medical planning in the hands of someone you trust, should you ever become too sick to make those decisions yourself. In these challenging times of global pandemic and the coronavirus, more people than ever are taking stock of whether they have a sound estate plan in place. With the coronavirus affecting both the young and old, it is never too soon or too late to put an estate plan in place. Moran & Associates is an estate planning law firm in Palm Beach, Florida that works closely with families to help them find the best possible estate planning solution for their needs.
What is an Estate Plan?
A Palm Beach, Florida estate plan can involve several estate planning instruments. When you work with an estate planning lawyer like the attorneys at Moran & Associates, you’ll get the professional guidance you need to ensure that your plan is thorough and complete. What are some things our estate planning attorneys can assist you with?
- We can assist you in making a complete inventory of your assets. The more thorough your will is in identifying your assets, the lesser the risk that disputes will arise. Making a through inventory of your property includes accounting for major assets like homes, cars, boats, or other major items, like collectibles, antiques, and family heirlooms. You will also want to make sure to account for every bank account, investment account, retirement account, life insurance account, and other valuable items. Many people also consider their digital legacy. If you have social media accounts, a website, or valuable digital files or data, accounting for these valuables is also important.
- Identify beneficiaries. Identifying who will inherit what is also an important part of any estate plan.
- Evaluate your estate to determine whether a will or trust is the best estate planning instrument for your needs. Wills and trusts each have their benefits and drawbacks. While a will may be less expensive to draw up in the short term, it can be more costly in the long term when the will goes to probate. A trust can be more costly up front and can cost money to maintain, but for individuals with more assets, a trust could help your beneficiaries avoid probate, and potentially protect your estate from certain tax burdens. Most importantly, it can protect your family from creditors, predators, and protect yourself from inability, disability and the costs associated with potential incapacity issues or guardianship. Moran & Associates is an estate planning law firm in Palm Beach, Florida that specializes in trust creation both revocable trusts and irrevocable trusts and can assist you with determining what the next course forward should be in your estate plan.
- Put directives in place. What happens if you get very sick and are unable to make medical decisions on your own behalf? Medical care directives make clear your wishes regarding end of life medical care, and also allow you to put a trusted person in charge of your medical decisions, should you become too ill to make these decisions yourself. A durable power of attorney assigns a person to manage your finances should you become too sick to pay bills or handle your estate yourself.
These are just some of the concerns that the estate planning lawyers at Moran & Associates can assist you with. Our Palm Beach, Florida estate planning attorneys are here to guide you every step of the way. It is never advisable to create a trust or will on your own – many individuals choose to hire an estate planning lawyer to assist them with their planning because some mistakes and omissions can be extremely costly.
Having the guidance of someone who can ask the tough questions and help you consider all aspects of your estate plan is a wise choice. Contact the estate planning lawyers at Moran & Associates in Palm Beach, Florida today. Our lawyers are here to tackle the unique needs and challenges of your estate plan and family legacy. Call 561-578-8639 to schedule an appointment today!