Tampa Estate Planning Attorneys

Florida Estate Planning Guidance You Can Trust

Many people are hesitant to think about estate planning because they don’t want to think about their own death or losing a loved one. However, estate planning is an important part of making sure you and your loved ones are taken care of while you are here and after you’re gone.

At Robert Sparks Attorneys, we can help you understand your estate planning options and provide personalized guidance. Our goal is to empower you to make the best decisions for you and your loved ones. You deserve the peace of mind of knowing your assets are protected, your family is provided for, and your affairs are in order!

Schedule an initial consultation with one of our Tampa estate planning lawyers today by calling (813) 710-4816 or contacting us online.

What Can Estate Planning Accomplish?

Estate planning refers to the process of officially documenting how your assets and affairs will be managed and distributed upon your death or in the event of physical or mental disability or incapacity. Two of the best instruments to do that are wills and trusts, which is why they form the foundation of most estate plans. 

The estate planning process can achieve a variety of objectives but is mainly used for the following:

• Deciding who inherits your property and assets
• Protecting your minor children and ensuring they are cared for in the event of your death
• Appointing someone you trust as the personal representative of your estate
• Providing for surviving loved ones
• Reducing disputes among beneficiaries and conflicts over who gets what
• Avoiding or minimizing inheritance, gift, and other taxes for your beneficiaries
• Avoiding the probate process, which can help your loved ones save time, money, and stress 
• Planning for life’s uncertainties
• Protecting investments, interests, and assets from lawsuits and unknown creditors

Regardless of your financial circumstances, there are several practical reasons to have a will. Because life can be unpredictable, everyone should consider writing a will, regardless of their age or health.

Having a valid will:

• Puts you in control. The biggest benefit of a will is that it gives you and your family a plan to deal with the unexpected. Your will controls the distribution of your belongings after your death, allowing you to declare exactly what you want to do with them and giving you the freedom to name specific beneficiaries. Additionally, your will allows you to select the personal representative (executor) who will manage your estate and distribute your assets upon your death.
• Allows you to donate. Having a will in place is a great way to make one last charitable donation to causes or organizations that are important to you. You can determine an exact dollar amount or percentage of your assets that go to the group or organization, and you may even be able to direct them on how to use your gift.
• Helps your loved ones with the grieving process. The grieving process can sometimes be contentious, especially when there are concerns over the disposition of expensive assets and finances. Having a will helps remove uncertainty and can let your loved ones focus on supporting each other once you are gone.

Understanding the Difference Between a Will and a Trust

What Is a Will?

A will – technically a “last will and testament” – is a legal document in which you direct how you would like your property and assets to be distributed at the time of your death. Your will does not go into effect until you pass away and can be revoked at any time.

If you pass away and don’t have a will, Florida law governs who gets your property/assets. In these scenarios, Florida law gives your spouse and/or children priority in inheriting your belongings. However, this requires a judicial determination of who gets what and what percentages are distributed. If you don’t have a spouse or children, dying without a will makes the distribution of your property and assets after death much more complicated.

Our Tampa estate planning attorneys can answer your questions and draft your will terms to accurately reflect what you want. No matter how you wish to distribute your property and assets, having a will in place can simplify the process for your loved ones and protect your legacy after you pass.

What Is a Trust?

Trusts are legal arrangements where you transfer your property and assets into the trust and name a trustee to manage and oversee their distribution. People establishing a trust (“grantors”) commonly name themselves as trustee of their own trust, which allows them to use and control their property and assets while they’re still alive. If you choose this route, you should name a successor trustee to manage your trust after you pass away or become incapacitated.

Many different types of trusts can be used to accomplish specific goals, but they typically fall into two categories:

• Revocable. Revocable trusts can be changed or revoked entirely by the grantor. Once established, the grantor typically controls the trust’s property and assets by serving as trustee.
• Irrevocable. Irrevocable trusts cannot be changed except under specific conditions or pursuant to a court order. If a trust is irrevocable, the grantor typically surrenders his or her right to control its property and assets.

Some specialized sub-types of trusts frequently used in Florida include:

• Asset protection trusts
• Charitable trusts
• Special needs trusts
• Medicaid planning trusts

Creating a trust is a complex process, and it’s normal to have questions. We can help you determine which trust or trusts are appropriate for your unique situation.

Is a Will or Trust Better for Me?

Deciding whether a will or trust is best for you is highly dependent on your circumstances. Generally, trusts are better suited for someone with a significant or complex inheritance and/or family assets to distribute and for people who have a keen interest in avoiding probate. Financially speaking, setting up a trust is more involved and expensive than a will but offers several legal benefits in the asset protection and distribution arenas.

In more straightforward cases, a will may be sufficient for many people. Using a will and other estate planning tools may allow people to avoid probate without the extra expense of preparing a trust. After evaluating your goals, our team at Robert Sparks Attorneys can help you make the right decision and prepare the necessary documents.

Things an Estate Planning Attorney Can Help With

With their knowledge and legal experience, an estate planning attorney can help you make informed decisions that can alleviate uncertainties about the future. This process involves assessing your family dynamics, financial situation, and specific goals, allowing for tailored solutions that reflect your wishes and offer peace of mind for both you and your loved ones.

Our Tampa estate planning lawyers can help you answer many important questions, including:

• Who will get my assets? By creating a will or trust, we can implement enforceable instructions for asset distribution in accordance with your wishes. 
• Who will care for my children? You can name a guardian to look after your children if you unexpectedly pass away before they become legal adults.
• Who makes decisions for me if I become incapacitated? Using a “power of attorney” document, you can give someone legal authority to make decisions on your behalf should you become unable to communicate. You can also write advance directives that dictate what types of medical care you would like to receive or not receive should you become incapacitated. 
• How can I minimize taxes on my estate? Certain types of trusts can help minimize the impacts of estate taxes.
• How can I prevent fights amongst my loved ones over assets after I’m gone? An unambiguous will or trust prepared by an experienced attorney can help avoid litigious disputes. 

What Is the Average Cost of Estate Planning in Florida?

The cost of estate planning in Florida can vary widely depending on several factors, including the complexity of your estate and the specific services required. On average, individuals may expect to spend between $1,000 and $4,000 for basic estate planning services, which typically include drafting a will, establishing a power of attorney, and creating advance directives. More intricate plans that involve setting up multiple trusts or extensive tax planning might range from $3,000 to $10,000 or more. 

You should consider the potential cost savings from effective estate planning, such as reducing probate fees and minimizing taxes, which can outweigh the initial investment. Plus, the peace of mind that comes with a comprehensive estate plan can be invaluable. After discussing your goals and the instruments that can be used to achieve them, we can provide a transparent estimate.

Schedule your estate planning consultation today by calling (813) 710-4816 or contacting us online.