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Call Now For A Personalized Consultation (813) 773-2900

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AWS LAW FIRM

Estate Planning Lawyer Tampa Florida

When Should I Begin Estate Planning?

There is not a specific age at which one should begin estate planning. However, it is advisable that all adults create a living will, in consultation with an Estate Planning Lawyer. One should also consider creating an estate plan after big events in life. When you get married is one major life event that should lead you to consider consulting an Estate Planning Law Firm. When you get married, you must consider whether your spouse will get all your assets or if there might be another way you would like your assets distributed. Another time that you might want to consider estate planning or altering your current plan is when you have children.

Children change the family, and you want to make sure that all your loved ones are taken care of once you are gone. Lastly, another major life event that should lead you to an estate planning attorney is when you purchase a home or other property. You want to make sure that your property is shielded from unnecessary taxes and that it goes into the right hands. Again, it is never too soon for an adult to begin their estate planning journey with a trusted Estate Planning Attorney by their side.

If you are in the Tampa, Florida area and ready to begin your estate planning journey with an experienced Estate Planning Attorney, contact AWS Law Firm for a consultation. Call (813) 773-2900 today.

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How Do I Get A Professional Wills & Trusts Attorney In Tampa, Florida?

If you are an adult, you are ready to begin to begin planning your wills and trusts. You can find the Best Wills & Trusts Attorney in Tampa, Florida at AWS Law Firm. Call us today for a consultation. Call (813) 773-2900 now.

What Is A Personal Property Estate Memorandum In An Estate Plan?

A personal property memorandum in an estate plan is a document that allows a person who already has a will or trust to add additional gifts of items. These gifts can be added without modifying the person’s will or trust. In order to add a personal property memorandum, the client must authorize the use of the memorandum when the trust or will is first established. Personal property that might be included in a Personal Property Estate Memorandum are items such as vehicles, furniture, firearms and any other tangible items of personal belongings.

What Is A Testamentary Trust In A Will?

A Testamentary Trust is created according to the person’s wishes and with instructions from the person whose will it is. It is a component of a person’s Last Will and Testament that outlines when assets will be given to which beneficiaries. The Testamentary Trust goes into effect after the person is deceased. The three main parties of a Testamentary Trust are a grantor, a trustee, and beneficiaries. The grantor is the person who creates the trust, and that person (the grantor) appoints the trustee. The trustee is a trusted loved one or other entity, such a Trusted Last Will and Testament Attorney, who oversees the grantor’s assets until the time comes that the assets will be distributed to the beneficiaries. Beneficiaries are those persons who are chosen by the grantor to receive the grantor’s assets upon the grantor’s death.

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Two types of testamentary trusts are separate trusts and family trusts. Separate trusts are when the grantor create individual trust for each beneficiary. In a family trust, the grantor leaves the assets according to children’s individual needs in the family “pot” trust.

Some benefits to a Testamentary Will are:

  • The grantor’s assets are protected legally.
  • There are income tax benefits.
  • There is no limit on beneficiaries.
  • The amount of the grantor’s pension will not change because of the existence of a trust.
  • There aren’t additional taxes when the assets are transferred from the trustee to the beneficiary.

It’s never too early in life to begin planning your estate. We do not know how the future will unfold. If you need an Affordable Will Preparation Lawyer in the Tampa, Florida area contact AWS Law Firm for a consultation today. Call (813) 773-2900 to speak with the Best Wills Lawyer in the area!

Phone IconCall Now For A Personalized Consultation(813) 773-2900

Call Now For A Personalized Consultation (813) 773-2900