Pre-planning is strongly recommended if you want to save a lot of money, potential chaos and hard feelings between those who are closest to you. It is also suggested if you want to manage your assets and how your property will be divided.

You can start this pre-planning by creating a will. A will is a written declaration of a person's intent to distribute property (which are those assets that are titled in your name) after death. That will is only effective upon the death of the testator, the one who wrote the will.

There are consequences if there is no will.

The distribution of property is not longer what you intended and your family receives nothing. Even if you think you have no assets, or you have not had any children, a will should still be created because you can still list specific gifts, such as jewelry or a certain sum of money to certain beneficiaries.

In your will, you can name your beneficiaries, those are people who benefit from your will, such as family members, friends, a spouse, or even a charitable organization. Your will are the instructions on how you want the court to handle your assets, like money and property. However, this is when you should hire an attorney because if your will doesn't meet Florida requirements, it will not be recognized and your property goes to the state rather than your named beneficiaries.

When trusts are created under a will, they are known as testamentary trusts. In your will, you can make a provision that states your intent on distributing assets to a trust upon death. With an appropriate designation beneficiary, testamentary trusts can even be beneficiaries of life insurance policies and retirement plans.

The provisions of a will are carried out through a court-supervised process called probate. The executor starts the probate process by filing a petition in court trying to seek approval to be appointed as executor. The executor is the one who pays your debt, takes charge of your assets, and distributes the rest of your estate to your beneficiaries once the probate process is complete.

What other things you need to do to plan correctly:

Make a list of your assets and debts and make sure your executor knows where to find this list. Include bank accounts, safe deposit boxes, stocks and bonds, real estate and other assets. Also list names and addresses of anyone you may owe money.
Make and circulate a list of your professional advisors to ensure that your family members and professional advisers communicate in the event of your death, sickness, or incompetence.
Set up a durable power of attorney for asset management so that they can make property management decisions on your behalf if you ever become unable to do so.
Consider preparing an advance health care directive so that this person named can make health care decisions for you when you can no longer make them yourself.

Thinking ahead can reduce expenses for your heirs

As part of the process of estate planning, we discuss issues such as Medicaid, Florida health insurance, and gift and estate taxes. With planning, people can reduce the amount of estate tax their heirs must pay. They can make sure that they have the resources available if a nursing home or assisted living facility becomes necessary. People can also name the person they wish to make decisions for them — a guardian — in the event of incapacity. As the population ages, elder care issues such as these will become more prominent in legal practices. At AIM Law Group, we have been dealing with such matters for years, working to help people make provisions for their old age and their families after they are gone.

We also help survivors after a death

In addition to helping people undertake the estate planning process, our law firm will administer estates, enter wills with the probate court, and work with the probate court to administer the assets of those who die without a will. When there is a dispute over the provisions of a will, our attorneys can represent either the executor of the will or the individual contesting the will.

Our law firm has been helping the people of Florida with estate planning matters for many years. If you need to draft a will, establish a trust, probate a will, or administer an estate, We will put our experience and knowledge to work for you.