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Almost half of the 3 million people who die in the United States each year die without a will. Current life expectancy at birth is 77.4 years. If, as a general rule, you must be at least 18 years of age to execute a valid will, you have less than 60 years to find the time to do it. Without an appropriate trust or other estate shelter plan estate assets can face a potential estate tax rate of 49%. Without an estate plan that includes appropriate will and trust documents, your children could inherit their portion of your estate at age 18 to do with as they wish. Wills and trusts are the basic foundation of any estate plan. How do you know which options will best benefit your family? At the West Palm Beach Law Office of Warren B. Brams, we can help you understand your options and tailor a plan that meets the specific needs of your family. Contact us today for a free initial consultation. Sidebar A: Depending on your assets and estate, a will may be the best and most efficient way to distribute your estate. You can also establish trusts which can minimize taxes and provide flexibility. Contact our office today to speak to an attorney and find out what plan is right for you. Sidebar B: By contacting an experienced lawyer who can help you develop a trust to distribute your assets, your family can minimize the probate process. You may be surprised to learn what can be accomplished with revocable and non-revocable trusts. Contact us and we can help you.
At the Law Offices of Warren B. Brams, we represent clients throughout Palm Beach County, Florida including West Palm Beach, Abacoa, Atlantis, Boca Raton, Boynton Beach, Delray Beach, Greenacres, Highland Beach, Hypoluxo, Juno Beach, Jupiter, Lake Worth, Lake Park, Lantana, Loxahatchee North Palm Beach, Ocean Ridge, Palm Beach, Palm Beach Gardens, Palm Springs, Riviera Beach, Royal Palm Beach, Singer Island, South Palm Beach, Tequesta, The Acreage, and Wellington. Wills and Trusts - An OverviewA will is a written communication by which a person directs how his or her estate is to be distributed upon death. The estate consists of the property that one leaves behind after death. A trust is the legal right to the beneficial enjoyment of property to which another person holds the legal title. Wills and trusts are commonly used estate planning tools. The advice and assistance of an experienced wills and trusts attorney are essential to making sure that the measures you choose comply with your state's law and truly carry out your wishes. Why Do I Need a Will?Wills are the most basic element of estate planning. A will is a legal document that explains how you want your property and assets distributed after your death. It allows you to say who you want to carry out your wishes and provides you with the opportunity to nominate a guardian for your minor children. Trusts 101A trust is a great estate planning tool for anyone who wants to avoid the costs associated with probate, decrease the amount of taxes paid at death and provide limitations on their young children's ability to access money left to them. A User's Guide to ProbateProbate is the court-supervised process of winding up your affairs after death. Many people believe the smart thing to do is to avoid the costs and hassles of probate. Contrary to this popular belief, the probate of most estates runs smoothly. The court's supervision ensures that any outstanding debts, taxes and claims against your estate are paid and that your remaining assets are divided among your heirs. Death and Taxes: Planning for BothWhen you die, the assets and property interests you leave behind minus any debts make up your estate. Whether your assets go through probate or you have set up alternative means for transferring your property, any estate or other taxes owed at the time of your death must be paid. Wills and Trusts Resource Links
American Bar Association Estate Planning FAQs
AARP® Estate Planning Page
The Probate Process
American Bar Association Family Legal Guide to Estate Planning
SmartMoney®: Estate Planning
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Call us nowor use the form below.Frequently Asked Questions about Wills and Trusts
Q: What is probate? A: Probate is a court process to determine the validity of a will. If the will is found valid, the personal representative named in the will (the executor) will gather the assets of the testator to be appraised. The representative will then contact creditors so they may present their claims for any amounts due. After payment of debts, taxes and administration costs, the remaining property will be distributed in accordance with the will. In a situation where this is no will, probate allows the court to direct the distribution of a person's assets in accordance with the state's intestacy laws. Q: What assets are included in my probate estate? A: Probate assets are what you own at the time of death. This includes any property with your name on the title. It also includes personal items such as collections, antiques, cars and the value of any life insurance policies, trusts, annuities and/or retirement plans payable to the estate. If you own any stocks, bonds or other investments, these also are included. |
Law Office of Warren B. Brams, P.A.
2161 Palm Beach Lakes
Boulevard Suite 201
West Palm Beach, FL 33409
Phone: 561-478-4848
2161 Palm Beach Lakes
Boulevard Suite 201
West Palm Beach, FL 33409
Phone: 561-478-4848
Wills and Trusts Center
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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