Planning and preparing for the administration of an estate in Miami FL involves complex issues. An estate planning attorney, in cooperation with the client, will ultimately be responsible for ensuring what must be done is done, and it’s done right. An attorney is usually called upon to draft a client’s will, ensuring its validity under the law. While drafting the will, the attorney will advise the client on tax implications of disposing of property. It may be in the client’s best interest to establish one or more trusts. In many cases, the attorney is also appointed the administrator of the estate upon the death of the client.
Proper Estate Planning Is Complicated
Although the result is identifiable, arriving there can be very complicated. The court requires specific legal language to be used, the will must be air-tight, and all procedures must be followed religiously. As it is a lifetime’s accumulation of assets that are involved, it is important that a knowledgeable attorney is deeply involved.
The attorney must be intimate with the tax laws as they do differ from one jurisdiction to another. Some jurisdictions impose heavy estate taxes; an attorney can develop an estate plan in such a way that a burdensome tax is avoided.
Testamentary Trust
Many grandparents want an excellent college education for their grandchildren. An estate plan can be developed; a testamentary trust can be established for such a purpose. The trust is financed on the death of the grandparent. Many testamentary trusts are set-up in such a way that the funds become available upon the grandchild’s graduation from high school, which helps to pay for education.
An estate executor is named in the will; it is the task of the executor to manage the disposition of the estate in accordance with the client’s wishes. If the attorney that developed the estate plan is named as the executor, he or she is paid from the proceeds of the estate.
It is important to hire a knowledgeable estate planning attorney in Miami FL. Please contact Grimaldi Law Firm.
