What Can a Tampa Estate Planning Attorney Do for Me?

If you’re considering whether or not to hire a Tampa estate planning attorney, you might be wondering about the potential benefits. What kinds of services does an estate planning lawyer provide? What kind of people need help from estate planning attorneys, and what happens if you do not hire one? These are common questions among people of all ages in Florida, and you can ask them during an initial consultation.

Estate Planning Is a Highly Personalized Process

Despite the emergence of “DIY” estate planning websites, this process should be highly personalized based on your unique priorities and goals. An estate planning lawyer can take these factors into account, helping you create a customized estate plan.

For example, some estate planners might only need a Last Will and Testament. This is considered the “bare minimum” when it comes to estate planning, and it may be suitable for families with limited resources. Once you have established a Last Will and Testament, you can begin to consider additional options – such as powers of attorney and trusts.

Generally speaking, trusts are best for families with high levels of wealth, minor children, or beneficiaries with special needs. A durable power of attorney might be more suitable for estate planners who need help with financial issues. Anyone who wants to save their loved ones the stress of making end-of-life decisions should consider health care surrogate (medical powers of attorney) and living will declarations (advanced directives).

Can Estate Planning Attorneys Help Me Save Money? 

Among other services, estate planning attorneys can help you save money in many situations. They may also help your family save money after your passing, and this is often a key priority for many estate planners. Although Florida has no inheritance or estate taxes, you may still incur federal estate taxes. However, this is a concern primarily reserved for ultra-high-net-worth families.

An estate planning attorney may be able to help you save money with a number of proven strategies. For example, they might help you adjust your finances so that you qualify for Medicaid and other forms of financial support. Other strategies might involve gifting, homestead exemptions, and much more. If you’re concerned about how you’re going to cover the cost of living during retirement, an estate planning attorney could provide effective guidance.

What Happens if I Don’t Hire an Estate Planning Lawyer? 

There is no legal requirement to hire an estate planning lawyer. However, failing to create a Last Will and Testament will likely cause issues for your beneficiaries and family members. With no Will to guide the process, you will pass away “intestate.” In other words, the probate court in Florida will follow a predetermined formula when distributing your assets to beneficiaries. Not only does this process rob your beneficiaries of control, but it is also expensive, stressful, and time-consuming.

Find an Experienced Estate Planning Lawyer in Tampa 

If you’ve been searching for an estate planning lawyer in Tampa, look no further than Knudsen Law. Over the years, we have helped numerous estate planners in Tampa. Regardless of what you might have heard, estate planning can be beneficial for all kinds of people. To discuss your unique priorities and concerns, why not book a consultation? Reach out today to get started with an action plan.

Sources: 

help.flcourts.gov/Other-Resources/Probate

benefits.gov/benefit/1625#:~:text=To%20be%20eligible%20for%20Florida,income%20or%20very%20low%20income.