ESTATE PLANNING IN MIAMI BEACH, FLORIDA, MY FAMILY HAS TRUSTS, WHY DO I NEED MY OWN?
A couple expecting their first baby called and asked if they needed a trust if their extended family had their trusts where they were the beneficiaries. Yes, of course they do. If they have real estate and assets, they will benefit from creating and placing items into their own revocable trust. A revocable trust creates a vessel to house your assets. I often ask clients to visualize their suitcase or purse. Just like a suitcase or purse has many individual items within it, so does a revocable trust.
WHAT ASSETS SHOULD I PUT INTO MY REVOCABLE TRUST?
Placing assets into a revocable trust is mandatory with real estate in one person’s name. For example, let’s use Mary as the client. Mary has a house, retirement assets, investments, a business, and savings and checking. By placing Mary’s assets into her trust, she will avoid both probate and possibly guardianship court; if she ever became incapacitated, the successor trustee could manage her financial affairs.
WHAT IF HAVE YOUNG CHILDREN?
Young children are even more of a reason to do a revocable trust. If something happens to a parent of young children, a guardianship for the child is required and a probate is required for the deceased parent. Both can be avoided with proper planning and trusts.
WHAT IF I SUPPORT MY PARENTS OR OTHER LOVED ONES?
Trusts are helpful for so many reasons. They protect the creator of the trust and their loved ones. Trusts allow the creator to organize their ideas, assets, and wishes. Finally, they keep it simple for those that are left behind. Avoiding probate saves your family time and money. The average probate takes anywhere from six months to a year and sometimes more if there are complications; such as probates required in other states or countries.
WHY SHOULD I USE ALLY M. GLASER, PA?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-seven years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach, Florida Estate Planning, Wills and Trusts and Miami-Dade County, Florida Probate matters. I am happy to help you and your loved ones during this important process.