In Florida, asset protection is of the utmost importance to estate owners. An estate plan is the key to successful asset protection and ensures that heirs receive their fair share of the estate. An estate law attorney in Coral Springs, FL, offers helpful advice about the planning process.
Creating a Solid Will
The estate owner’s will is vital for assigning new ownership of assets. The individual chooses a beneficiary for each of their assets and defines stipulations for the assignment. The legal document prevents disputes and defines entitlement to each asset.
Why You Need an Irrevocable Trust
An irrevocable trust transfers certain assets out of the estate. All assets transferred into the trust are no longer a part of the estate and are protected from the probate process. Creditors cannot place a lien against any asset owned by the trust. The owner identifies a successor who receives ownership of the trust and all assets included.
How Trust Funds Work
The estate owner transfers monetary assets into the trust fund at any time and in any amount. The trust funds come with stipulations, such as access at a specific age or limitations on annual disbursements. The heir identified on the documentation is the only party that has access to the trust fund. An estate law attorney in Coral Springs, FL, helps estate owners set up solid terms for trust funds inherited by minor children.
In Florida, the estate planning process gives the owner and their family comprehensive asset protection. During the probate process, creditors place liens against the estate to collect outstanding debts. Without a proper plan, creditors could seize assets and take them away from the family. Consumers or business owners who need to set up a plan with an estate law attorney in Coral Springs, FL, can contact or visit the website right now.