Probate Law Firm Melbourne, FL
If you are planning your estate you might ask yourself what you should leave your loved one when you die. Most people will think about leaving assets and wealth; however, there are other things to consider. Following your death, your loved ones will likely be grieving and trying to manage a host of legal and logistical details. Thankfully, there are certain things you can do before you die to make the process of simultaneously navigating your estate and grieving your loss easier for your loved ones. Working with a probate lawyer Melbourne, FL residents trust can help to ensure that your estate plan is constructed in intelligent, efficient, and enforceable ways. The structure of your estate plan will impact your loved ones. Allow the experienced Melbourne, FL probate law firm of The Law Offices of Arcadier, Biggie & Wood to help you create (or revise) an estate plan that makes sense for your family and either avoids probate or makes probate easier to navigate.
Organize Financial Structures
Upon your death, your assets will be distributed to your heirs. The personal representative of your estate will be responsible for this process. Some accounts will let you name a beneficiary for related assets. When you name a beneficiary in this way, the financial institution will (usually) immediately designate those assets to your named beneficiary. This step generally allows accounts such as retirement or brokerage accounts, bank accounts, and transfer on death accounts to avoid having to pass through probate. With that said, you should review your beneficiary designations every now and then and update them when necessary. For example, a divorce might warrant the need to update your financial accounts. Be sure to note in your will where your named personal representative can find all of your documentation, assets, and liabilities. This will save them an enormous amount of time. Our Melbourne, FL probate law firm can explain how each of your asset types will be passed on and whether any of them will need to be (or are at risk of being) subject to probate.
Centralized Digital Information
Do you keep any important information online? Perhaps you upload photos to the cloud, or you have written a book for your heirs and it is only in a digital format saved in a secured account. Maybe you own an online business and manage multiple passworded accounts. Allow your personal representative to access your digital life by making sure they know the login details of any accounts you manage online. You can also let our Melbourne, FL probate law firm know where this information is, so we can guide your personal representative to the right place. Some people choose to place everything on a hard drive or USB and give it to their lawyer for safe keeping.
Have a Complete Estate Plan
Without the right legal documentation in place, there is a chance that your loved ones will need to overcome many obstacles in order to manage the logistics that arise after your incapacitation or death. Having a complete estate plan in place will make things easier for them. A complete estate plan includes a power of attorney, health care proxy, will, etc. depending on your needs. This plan will help your heirs to make decisions for you in the event of your incapacitation. It will also ensure your wishes are enforced in the event that you are no longer in a position to advocate for yourself or you pass away.
These are some important considerations; all of which can make your estate easier, and less stressful. To learn more, please call our Melbourne, Florida probate law firm today for personalized guidance. We look forward to speaking with you.