Five Situations Where You Need To Hire A Tampa Estate Planning Lawyer
Estate planning in Tampa involves thoroughly reviewing your financial situation, establishing different types of legal documents, and taking other steps to protect yourself and your loved ones in case the unexpected happens. It’s never too early to start planning, and not having an estate plan can create serious complications, particularly in certain scenarios. The following are five common situations in which hiring an experienced Tampa estate planning lawyer is vitally important.
- You have complex family situations.
According to recent US Census Bureau figures, roughly 15 percent of children today live in blended families. Estate planning is particularly important if you are a step-parent, an adult step-child, live with a domestic partner, or have other complex family situations. This includes being estranged from your birth family and forming new bonds.
Florida Probate laws provide little protection in these types of situations. People who do not play a primary role in your life could be left calling all the shots in unexpected situations, while those you love are not included and have little to no say.
- You own a business.
Forbes reports that nearly 33 million people across the country own businesses. Whether you are an entrepreneur, a sole proprietor, or share company control with others, estate planning documents are a primary concern. In addition to creating a power of attorney in Tampa, which authorizes others to manage your affairs if you are incapacitated, make sure to put a will, trust, and other documents in place.
- You have high assets.
Estate planning is vitally important in high-asset cases. In addition to providing a thorough accounting of all your possessions and ensuring they are appropriately managed in the event of incapacity or death, developing a comprehensive estate plan in Tampa can provide significant tax benefits.
- You have inherited wealth or property.
Many people who have inherited wealth would prefer that it remain within their family and have strong feelings about how property and assets are used or displayed. A trust protects your inheritance against taxes and lawsuits, allows you to designate beneficiaries, and make specific provisions for how distributions are handled.
- You have family members with special needs.
If you have a special needs child, or if you care for other vulnerable family members, estate planning helps ensure they are provided for in the event anything happens to you. Powers of attorney can dictate how important matters are handled if you are temporarily incapacitated. A trust allows you to designate a guardian for your loved one and make periodic distributions to provide for their needs.
Wondering Whether To Hire A Tampa Estate Planning Lawyer? Contact Our Office Today
Estate planning is something everyone needs, especially to protect yourself, those you love, and your property and assets in certain types of situations. To discuss your options, request a consultation at Bubley & Bubley, P.A. Our experienced Tampa estate planning lawyer can guide you in putting the appropriate legal documents in place. Give our office a call or contact us online today.
Sources:
census.gov/topics/families.html
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0731/0731.html
forbes.com/advisor/business/small-business-statistics/
