Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Estate planning involves creating wills, trusts

The search continues for the will of the late musician Prince. Without it, his family will have to rely on a probate court's decisions regarding what will happen to all the assets he left behind. The ordeal calls attention to the importance of estate planning, which is essential not just for millionaires but also for ordinary people in Florida. A couple of tips may help people to complete comprehensive estate planning.

First, it is wise for a person to make a list of all of his or her valuables and belongings. Then, the person can determine who will get what after he or she dies. This will ultimately determine the level of complexity of the person's estate plan. When making the list, it is important to include not only assets and property but also debts. For those who have young children, assigning guardians is another important step in the estate planning process.

Establishing a trust may be beneficial for a person who has significant assets. Trusts allow people to transfer their assets to their beneficiaries after their deaths without involving the courts. Trusts also often provide more confidentiality since they are typically utilized to avoid probate. Wills on the other hand become public records upon probate.

It is also wise to write a letter of final instructions. This letter puts a person's final wishes in plain language. With proper legal guidance in Florida, people may easily be able to complete estate planning in a manner that allows them to protect their assets and consider their loved ones' best interests as well.

Source: cnbc.com, "Don't be like Prince. Set up an estate plan now", Sharon Epperson, May 5, 2016

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions