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Please contact us for a complimentary consultation regarding any of your legal issues by calling
(850) 502-4373 or
emailing us at: info@arnettlegal.com
We look forward to
providing you with exceptional legal counsel.
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Helpful Information on Estate Planning
A comprehensive estate plan can resolve a number of legal questions
that arise whenever anyone dies: |
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What is the state of their financial affairs? |
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What real and personal property do they own? |
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Who gets what? |
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Does a personal guardian need to be appointed
to care for minor children? |
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How much tax will need to be paid in order to transfer
property ownership? |
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What funeral arrangements are appropriate? |
What is an "Estate"?
Your "estate" consists of all property owned by you at the time of your death, including: |
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Real estate |
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Bank accounts |
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Stocks and other securities |
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Life insurance policies |
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Personal property such as automobiles, jewelry, and artwork |
| Regardless of your age, or the size and complexity of your estate, an estate plan can accomplish the following: |
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Identify the family members and other loved ones that you wish to receive your property after your death |
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Ensure that your property will be transferred to those you have identified, as quickly and with as
few legal hurdles as possible |
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Minimize the amount of taxes that will need to be paid in order for your property to pass to others after your death |
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Avoid the time and costs associated with the probate process by utilizing estate planning devices like living trusts and "payable on death" bank accounts |
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Dictate the kinds of life-prolonging medical care you wish to receive should you be unable to make your wishes known when the time comes |
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Set forth the kind of funeral arrangements you would like, and how related expenses are to be paid |
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Understanding the estate plan options that are right for you can be a complex undertaking. Arnett Law Office can help you identify your estate planning needs, recognize potential solutions, and provide the experience needed to help you at every step of the estate planning process. |
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| Wills |
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Wills are the most common way for people to state their preferences about how their estates should be handled after their deaths.
Many people use their wills to express their deepest sentiments toward their loved ones. A well-written will eases the transition for survivors by transferring property quickly and avoiding many tax burdens.
Despite these advantages, many estimates figure that at least seventy percent of Americans do not have valid wills.
While it is difficult to contemplate mortality, many people find that great peace of mind results from putting
their affairs in order.
Wills vary from extremely simple single-page documents to elaborate volumes, depending on the estate size and preferences of the person making the will e "testator or "testatrix").
Wills describe the estate, the people who will receive specific property (the "devisees"), and even special instructions about care of minor children, gifts to charity, and formation of posthumous trusts. Many people choose to disinherit people who might usually be expected to receive property. For all these examples, the testator must follow the legal rules for wills in order to make the document effective.
If a person dies without a valid will and did not make alternative arrangements to distribute property, survivors may face a complicated, time-consuming, and expensive legal process. Dying without a will leaves an estate "intestate," and a probate court must step in to divide up the estate using legal defaults that give property to surviving relatives. The court pays any unpaid debts and death expenses first, and then follows the legal guidelines. The rules vary depending on whether the deceased was married and had children, and whether the spouse and children are alive. If the intestate individual has no surviving spouse, children, or grandchildren, the estate is divided between various other relatives. Therefore, intestacy may mean that people who would never have been chosen to receive property will in fact be entitled to a portion of the estate. Additionally, state intestacy laws only recognize relatives, so close friends or charities that the deceased favored do not receive anything. If no relatives are found, the estate typically goes to the state or local government. Intestacy also poses a heavy tax burden on estate assets. When made aware of the consequences of intestacy, most people prefer to leave instructions rather than subject their survivors and property to government-mandated division
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| Trusts |
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Trusts are estate-planning tools that can replace or supplement wills. They also help manage property during life. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people. There are many reasons to create a trust, making this property distribution technique a popular choice for many people when creating an estate plan.
| Reasons for creating a revocable trust during one's lifetime include: |
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The ability of a successor trustee to step in and handle one's assets in the event of incompetence |
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Avoidance of the delay and expenses associated with the probate of one's estate at death |
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Tax planning
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| Living Wills |
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Living wills are not really wills at all.
Instead, a living will (which also may be known as a healthcare directive or directive to physicians) is a document that expresses a person's desires and preferences about medical treatment in case he or she becomes unable to communicate these instructions during terminal illness or permanent unconsciousness. The first living wills helped people who wanted a natural death unattended by artificial life support and other advanced medical techniques. As these documents became more popular and widely available under local laws, they came to include other health care concerns such as tube feeding, resuscitation, and organ donation. While living wills are allowed in all states, they sometimes must follow certain formalities to be effective. If valid, a living will binds health care providers to its instructions. back to top |
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| Probate |
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If you are named as the executor in a will, please contact Arnett & Kerrigan to help start the probate process.
If you are an heir and the person named in the will as the executor is deceased or is unable or unwilling to fulfill their duties as the executor, you may be eligible to serve as the executor.
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| The information on this website is general in nature and not intended to answer any individual's legal questions. If you have a legal question, you should consult an attorney experienced in that area of the law. Do not rely on information presented herein to address your individual legal concerns.
Your receipt of information from this website does not create an attorney-client relationship and the legal privileges inherent therein. Arnett & Kerrigan, P.L.
Grand Boulevard -
Sandestin Town Center
600 Grand Boulevard, Suite 206
Miramar Beach, Florida 32550
Walton County |
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