The probate process could lead to the seizure of some assets if you have outstanding balances with creditors. An estate plan offers asset protection and opportunities to manage debts effectively to mitigate this outcome. If you speak to an estate planning attorney Daytona Beach, you may find answers and learn where to start.
Last Will and Testament
A will states what family members receive certain assets, including real property, antiques, heirlooms, and money. In a will, you define stipulations about your assets and the conditions you want your family to meet. For example, you require an heir to reach a specific age before accessing monetary assets. An estate planning attorney Daytona Beach explains how to set up a will and what conditions you should add.
Separate Assets from the Estate
Irrevocable trusts effectively separate assets from the estate and stop them from going through probate. You can separate as many assets from the estate as you wish, and you’ll choose your successor who takes over when you die. The trusts are excellent choices for decreasing the estate’s value and shortening the probate process.
Create a Plan for Debts
Funds for managing debt prevent family members from facing these costs after the estate owner dies. You could allocate a life insurance policy to pay for outstanding debts, and your administrator could access the funds according to your instructions. Many families face high costs and lose assets if the estate owner doesn’t manage debts or set up a plan for settling these expenses.
Estate planning options protect assets and help you manage your final wishes. These plans outline how your assets are divided among your family members, and you can separate assets from your estate early. Contact Kistemaster Business Law Group, LLC, or visit Daytonabusinesslawyers.com now.
