A Firm Providing Valuable Estate Planning Guidance
A carefully structured estate plan can be valuable for several reasons. It permits beneficiaries to have a clear understanding of your intentions. Further, estate planning instruments can minimize tax implications and protect your estate from creditors. Also, in the event you become incapacitated, an estate plan can provide valuable guidance to your loved ones. Establishing a clear estate plan will provide you with peace of mind knowing you have the right safeguards in place. Additionally, upon your passing, a well-drafted estate plan permits your loved ones to grieve, and not deal with the headaches associated with lack of proper planning.
At The Law Office of Nicole C. Morris, P.A., in West Palm Beach, our attorney provides estate planning services to high net worth clients as well as clients with modest assets but equally important legal needs. We go above and beyond tailoring our approach to meet your unique desires. Call 561-702-6012 to learn how we can help you establish a legal roadmap for you and your loved ones. From our law office in Palm Beach Gardens, we serve clients throughout Florida.
Offering Comprehensive Estate Planning Services
With over 19 years of experience, attorney Nicole Morris has gained a clear understanding of our clients’ tax-related and nontax-related concerns. She applies her depth of experience and legal skills when developing comprehensive estate plans, covering:
- Will preparation
- One or more customized trusts, including trusts for special-needs individuals
- Power of attorney designations
- Strategies for shielding assets
- Estate and gift taxation
- Same-sex estate planning needs
Our lawyer also prepares deeds, pre-marital and post-marital agreements and other documents that are crucial to the estate planning process. Further, we recognize that disability planning is an integral part of any estate plan. We regularly create durable powers of attorney to govern financial matters and health care advance directives such as designation of health care surrogates and living wills. By creating these documents now, we can help you avoid the expense and uncertainty associated with the appointment of a guardian or conservator in the future.
What Is A Beneficiary?
A beneficiary is a person named on various accounts or plans to receive those assets when you pass away. For example, your 401(k) plan may give you an opportunity to name a beneficiary who would inherit the value of your 401(k). You can also name beneficiaries of life insurance policies, annuities, pensions, IRAs and more.
Choosing beneficiaries is an important step in any estate planning process because, without doing so, you have no control over those assets. Contracts or regulations will govern who inherits accounts or plans. Naming beneficiaries gives you control of your wishes and preserves the value of your assets.
How To Incorporate Beneficiaries Into Your Estate Plan
Generally, you will have an opportunity to name a beneficiary before or after you set up the accounts or plans that allow them. You can choose anyone as a beneficiary, from family and friends to particular charities. Sometimes you can choose multiple people and decide a percentage that each will receive. You should also consider secondary beneficiaries. If your first choice happens to pass away before you or refuses the inheritance, it would instead pass to the secondary beneficiary.
You can designate a beneficiary on your own but it is still a wise move to consult a lawyer. At The Law Office of Nicole C. Morris, P.A., beneficiary planning attorney Nicole C. Morris can put together a comprehensive plan with you, which would include beneficiary designations and insight into how your choices might affect your estate.
Ready To Answers All Your Estate Planning Questions
Many estate planning clients have little to no experience with the estate planning process. In this case, the process can seem overwhelming. How do you know what to consider or how to plan? At The Law Office of Nicole C. Morris, P.A., our team has extensive estate planning experience and is prepared to answer your questions promptly and thoroughly.
Estate planning is a matter of preparation. To help you better prepare for your case, we have listed some questions our first-time clients often ask. For specific and tailored answers, please contact our office directly at 561-702-6012.
What happens if I do not have an estate plan?
If you do not have a will or trust in place when you pass away, your property is subject to intestacy laws. The law prescribes a method for distributing your assets. While this may be in line with your wishes, there is no guarantee. Planning your own estate often gives the power to you to decide who gets your hard-earned assets.
Do I need an estate plan if I am healthy?
Yes. If you are healthy, it is an ideal time to plan for your estate. You are in complete control of your faculties and have time to adjust your plan as needed. Many illnesses and accidents occur without warning. Leverage the time you have now so you have a plan in place should the worst happen.
Is a will or a trust a better option?
Choosing between a will and trust may seem complex. We believe less is more and will choose the simplest and most economical way to meet your estate planning needs and goals. The choice depends on your assets, family situation and a host of other factors. Our attorneys can better explain trusts and advise you at your consultation.
Changing Or Updating Your Estate Plan To Fit Your Needs
Many individuals come to our office because their existing estate plan no longer suits their life circumstances or wishes. There are many reasons people seek to change their estate plan. Our firm regularly helps adjust existing estate plans to accommodate:
- Divorce and other legal status changes
- Children who are no longer minors
- Financial investment or retirement savings changes
- New, existing or closed businesses
Updating your estate plan requires a comprehensive approach and a thorough eye. Our attorney, Nicole C. Morris, is highly experienced. Her focus is exclusively on estate planning. As a result, she is an ideal resource for individuals modifying their estate plan.
Let Our Knowledgeable Will And Trust Attorney Serve You
Even with the best of intentions, time can quickly get away from you. Other responsibilities can get in the way of creating an estate plan. At The Law Office of Nicole C. Morris, P.A., we recommend taking advantage of the opportunity to create an estate plan. Contact our estate planning lawyer online or call 561-702-6012 to learn how we can help you document your plans to avoid any guesswork in the future.