How to Save Money on Estate Planning in Tampa
Rising housing costs and inflation have placed incredible levels of financial strain on seniors in Florida. If you’re facing these issues, estate planning might seem like another source of economic strain. However, you can create an affordable estate plan in Tampa with a few relatively easy steps. You might want to discuss these options with an experienced estate planning attorney.
Consider the Possibility of Summary Administration
One of the main costs associated with this process is probate. That said, this is a cost that your beneficiaries will experience, not you. Your estate may qualify for something called “summary administration,” which could make probate easier and cheaper for your beneficiaries. You may be eligible if your total probate assets are worth less than $75,000.
Even if your current assets are worth more than $75,000, you may still qualify with relatively straightforward steps. For example, you could transfer some of your assets into a trust. Your homestead is exempt from the calculations for summary administration as well.
Create Beneficiary Designations
Another easy way to save money on estate planning is with beneficiary designations. These simple estate planning tools are simple and affordable. You can create beneficiary designations for most financial accounts, stock portfolios, 401(k)s, and more.
Beneficiary designations are also useful because they skip probate. This not only cuts down on your current legal fees as you create your estate plan, but it also makes probate more affordable and streamlined for your beneficiaries.
Choose a Healthcare Surrogate Over Advance Directives
Another way to save money on estate planning is to choose a healthcare surrogate rather than an advance directive. A healthcare surrogate designates someone else to make medical decisions on your behalf if you ever become incapacitated. For example, you might fall into a coma or develop dementia. In contrast, an advance directive allows you to write down your own medical decisions ahead of time.
You could easily create both sets of estate planning documents, and this should not be expensive. However, it’s worth noting that you could simply tell your healthcare surrogate your preferences instead of creating a separate advance directive form. This could help save on legal fees if you plan to have all estate planning documents reviewed by a lawyer. That said, having both an advanced directive and a healthcare surrogate offers optimal levels of decision-making autonomy.
Consider a Testamentary Trust
If you want to create a trust but you’re not sure about costs, consider a testamentary trust. With this approach, you pass the cost of creating and administering your trust to your beneficiaries. Instead of creating the trust before you pass, you’ll leave behind a set of “instructions” to establish the trust in your Will.
Can an Estate Planning Attorney in Tampa Help Me?
If your goal is to make your estate plan as affordable as possible, a Tampa estate planning attorney may be able to help. A major misconception among Floridians is that estate planning is an inherently expensive process. In reality, it is a highly customizable process that can fit just about any budget. Contact Knudsen Law today to learn more about the next potential steps.
Sources:
moneywise.com/news/floridas-seniors-are-becoming-homeless-at-an-increasingly-rapid-rate
yahoo.com/news/articles/florida-seniors-becoming-homeless-increasingly-111500603.html
