An Experienced Attorney With The Knowledge You Need
Whether you need help with a real estate transaction, want to create a comprehensive estate plan or face the task of administering the estate of a loved one, you deserve a knowledgeable attorney to guide you through the process.
My name is Erick Lora. My firm, EFL Law, P.A., was founded with the goal of providing individuals and families throughout the Miami area with compassionate legal guidance. Backed by nearly two decades of experience, I am happy to answer whatever questions you might have related to these complex areas of law. Following are questions I’ve commonly been asked over the years.
If I don’t have a lot of assets, why do I need to create an estate plan?
Regardless of whether or not you have a lot of money or assets to leave behind, it is essential to have a thorough estate plan. The reality is, your estate must go through the process of probate administration no matter how big or small it is. Creating a will to instruct your loved ones of your final wishes for whatever you have to leave behind reduces the burden and cost associated with this process. Additionally, a thorough estate plan also outlines how you’d like your financial and physical needs met, if you become incapacitated, through living wills and powers of attorney.
How is a trust different than a will?
Both wills and trusts outline how you’d like your assets to be transferred to your heirs. Unlike a will that only distributes resources to beneficiaries after your death, a trust becomes active the day it’s created, allowing you to distribute funds to benefactors prior to your death, if you wish. Additionally, a will must go through the probate process while a trust is not required to, allowing assets to be distributed faster and without a public record of the court proceedings.
What are advance directives?
Advance directives allow you to communicate your wishes for end-of-life care prior to becoming incapacitated. They might include a living will which provides directions for the type of medical intervention you would like or not like to receive if you become terminally ill or permanently incapacitated. Advance directives also allow you to name a person who will make financial and medical decisions for you in the event you cannot make them for yourself.
Are there benefits to putting residential real estate into a trust?
While there is a cost associated with putting real property into a trust, there are financial benefits to doing so. Transferring real estate to a benefactor through a trust may allow your loved ones to save on estate taxes and avoid the cost and time spent going through probate administration. Additionally, a living revocable trust allows you to name a trustee to manage your trust and protect your home if you become incapacitated.
Have More Questions? Reach Out Today!
I offer flexible scheduling options and free initial consultations to all my clients. Call 305-762-9433 or email me. I am happy to answer your questions and guide you toward your goals with client-centered legal counsel. I offer services in both English and Spanish.
