Every day, millions of people pass away without protection of their legal assets, leaving their family lost and confused. Having an estate plan means more than just what happens after your death, but also provides your family direction in the event you are incapacitated. Avoid this headache for your family and loved ones by taking the time to allow the Bostick Law Group to assist you with your estate plan today.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan provides an individual the flexibility to preserve the maximum amount of wealth possible for their intended beneficiaries prior to death. Further, a well-drafted estate plan directs how one’s affairs should be handled should an individual pass away or become incapacitated due to illness or injury (an estate plan involves much more than just having a will, as explained below).
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property includes real estate while personal property includes everything else (e.g., cars, household items, and bank accounts). Estate planning distributes the real and personal property to an individual’s heirs; thus, you control who receives your assets and how they receive said assets as opposed to someone else or the government.
Common Instruments Utilized in Estate Planning:
A legal document that communicates a person’s final wishes pertaining to their assets and dependents. The last will and testament outlines what to do with the decedent’s (deceased person) possessions, to whom (e.g., a person, group of persons, organizations, charity) the decedent will leave his or her possessions and directs what is to happen to other things they are responsible for (e.g., custody of dependents, management of accounts, financial interests).
A method of estate transfer creating a fiduciary relationship in which a person gives another party authority to handle assets for the benefit of beneficiaries. There are several types of trusts, such as a revocable/living trust (a trust that allows for the terms to be changed at any time) and an irrevocable trust (a trust that cannot be modified after creation without the consent of the beneficiaries and/or court approval). The type of trust you build will all depend on the desired outcome for your assets and the beneficiaries of your assets.
Allows a person to create a healthcare directive that acts as a guide to medical staff on the person’s preferred treatment options—for example, whether to prolong their life or cease artificial respiratory or feeding.
Contact the team at the Bostick Law Group today to begin your estate planning today.
Call us at (954) 369-5530 to schedule an estate planning consultation or complete the quick form below and a member of our team will contact you shortly.
The information contained in this page is intended to be a general review of the topics discussed. Because each case is unique, you should discuss your case with a qualified attorney before relying on the information provided. By providing this information, there is no intent to establish an attorney-client relationship.
McNab Executive Suites
1000 West McNab Road
Pompano Beach, Florida 33069
(877) BLG-1LAW [Toll-free]
(954) 369-5530 [Phone]
(954) 573-6456 [Fax]
[email protected]
McNab Executive Suites
1000 West McNab Road
Pompano Beach, Florida 33069
(877) BLG-1LAW [Toll-free]
(954) 369-5530 [Phone]
(954) 573-6456 [Fax]
[email protected]
