Most people don’t want to think too much about what will happen after they die. This is particularly true for younger adults. Regardless of your age, if you are a parent of young children, you need to think about your children’s future. And that means you need to create a will today that sets up guardianship for your children if you die.

What Is Guardianship?

Guardianship is the legal process of delineating who will care for your children if you die or are incapacitated. 

If you die without a will, the court will determine guardianship, potentially with no weight given to your preferences. By adding a guardianship clause to your will, you ensure your children will be raised by the person you intend. 

A wills attorney in Daytona Beach can create your guardianship appointment in your will for a reasonable fee.

What Should You Consider Before Choosing a Legal Guardian?

In the case of your untimely demise, your guardian will need to raise your children for as many as 18 years. Raising your child includes providing food and shelter, ensuring their education, and providing medical care. 

Additionally, once your children have reached adulthood, the legal guardian you choose will probably act in a parental role for the remainder of their lives. 

Given these responsibilities, you should consider the following factors when choosing a guardian:

• The age and health of the legal guardian
• Finances of the guardian
• How far your children would have to move to live with the guardian
• The quality of the schools near your guardian
• Your guardian’s relationship with the rest of your family

When choosing a guardian, try to minimize the impact on your children’s lives. Naturally, they would already be dealing with some major changes — if at all possible, try to avoid forcing them to move far away from friends and family as well.

How Do You Set Up a Volusia County Guardianship?

You can create your Volusia County guardianship in just a few quick steps.

First, create a list of possible guardian choices and discuss that list with your spouse. Once you have narrowed it down, speak to the possible guardians to see if they are willing. It is best to designate at least one backup guardian in addition to your first choice.

Once you have made your selection, hire a local wills lawyer to create the will. This will protect your family in the event of a worst-case scenario.

A generation-skipping trust is a type of irrevocable trust. It allows you to transfer property to your grandchildren or other beneficiaries without having to pay the estate tax on your death. The gift is not subject to the estate tax as long as it qualifies as a “skip.”

A skip occurs when you make a transfer that bypasses one or more generations (your children and their descendants). If a grandchild receives money from you directly, it would not be a skip. However, if they receive it through an irrevocable trust set up by their parents, it may be eligible for special tax treatment.

You set up the trust with the intention of benefiting your grandchildren, who are two generations removed from you. When you die, your assets go into the trust instead of directly to your children. When your grandchildren reach adulthood, they’ll get their share of the money in the trust — even though they’re not yet 18 years old.

Who Needs a Generational Trust? Tips from an Estate Planning Attorney in Daytona Beach

If you want to maximize the amount of money that goes to your beneficiaries and minimize the amount that goes to taxes, then you may want to consider creating a generational trust. 

Here are some common reasons why clients go to law firms for help with their estate planning:

• They want to make sure their assets pass to their children or grandchildren after they die
• They want to keep their assets from being tied up in probate court after they pass away
• They want to make sure that their spouse or partner gets what they’re owed when they die (and vice versa)

Generational trusts allow beneficiaries to manage their own affairs while protecting their eligibility for government benefits. When properly drafted by a lawyer, these trusts can help ensure that your loved ones can count on their income and assets without losing access to essential medical care or other benefits.

Tips for Creating a Generational Trust

An estate planning attorney in Daytona Beach can help you understand the legal and tax implications of setting up a trust. Here are some tips for navigating probate in Daytona Beach and setting up a generational trust.

It’s important to note that not everyone needs this type of trust. A generational trust is designed for people who want to ensure that their children and grandchildren will receive assets after they die. It’s not designed for people who want to leave their assets to charity or non-family members.

You don’t need a lawyer to set up a generational trust, but you should consult one anyway — especially if there are multiple beneficiaries involved, or if any of your beneficiaries live outside Florida.

You can name as many beneficiaries as you like in your generational trust. However, keep in mind that each beneficiary must receive equal shares of the trust’s assets (unless otherwise specified).

Probate is a judicial process determining how to dispose of assets after someone’s death. Not all assets need to go through probate. Some properties can pass automatically, while other properties will require a judge’s order to pass.

Read on for an overview of probate in Volusia County.

How Probate Starts

The Florida legislature divided the state into 20 judicial circuits. These judicial circuits have jurisdiction over cases that arise within their boundaries. 

If the deceased person had a will, you or the decedent’s Daytona Beach wills lawyer could file a petition with a copy of the will. If the decedent left no will, you could file a petition without attaching a will.

Volusia County does not have dedicated probate judges. Instead, the circuit court judges get assigned probate cases in the regular judicial rotation.

Issues Resolved During Probate in Volusia County

A probate proceeding will address and resolve several issues, including:

• Appointing a personal representative, or executor, to handle the estate
• Validating claims from creditors
• Authenticating the will and resolving challenges to it
• Identifying heirs of a decedent without a will
• Resolving disputes between claimants to an estate

Ultimately, the probate judge will provide the personal representative with clear instructions. The representative will follow these instructions to transfer or liquidate the estate’s property. These instructions will tell the personal representative what to do with the proceeds of any liquidated property.

Probate Avoidance

As you plan your estate, you probably cannot avoid probate entirely. Personal property and sentimental mementos usually get passed through a will that must get probated.

But probate introduces uncertainty to your estate plan. And the estate must pay to hire a lawyer for the personal representative. Minimizing the property that goes through probate will reduce costs and ensure your wishes get carried out.

Some ways to reduce the assets that go through probate include:

Create a Trust

When you put property into a trust, you no longer own it. The trust owns the property, and you benefit from it. When you die, the trust will dispose of the assets as directed in the trust instrument. Since you did not own the assets when you died, the assets do not go through probate.

Hold Property Jointly

Any property you own jointly with another person, such as a spouse, will pass to the joint owner automatically. The right of survivorship transfers ownership without a judge’s order. Thus, jointly held assets with a right of survivorship will not go through probate.

Name Beneficiaries

If you name a beneficiary in your insurance policies and financial accounts, the financial institution can transfer ownership without waiting for a probate proceeding. But if you fail to name a beneficiary, the money gets added to your estate and must go through probate.

Every day parents, grandparents, and friends decide how to tailor their estate with the help of a Daytona Beach lawyer. Below are some pros and cons of gifting your loved ones with your valuables while you have the chance. 

Tax Benefits

The government could want to know when you gift someone assets, such as money, stocks, or a car, and it might even want to collect taxes. 

Fortunately, there are several methods to give assets tax-free, and a sizable amount of your donations and estate are exempt from taxation. They may even benefit your estate in the long run. An estate planning attorney in Daytona Beach would be the best source of advice for any tax-related questions. 

Support Loved Ones Overcoming Current Difficulties with the Help of an Estate Planning Attorney in Daytona Beach 

Giving is appealing because it may assist loved ones in overcoming current obstacles and pave the way for greater financial security in the future.

Giving a down payment on a property is a prime example of this. A one-time gift during your lifetime may allow your children or grandkids to start building home equity. If they are currently paying rent, it can assist in lowering their monthly expenses and hasten their mortgage-free status. 

Contributing to the cost of college might also make sense and aid loved ones in pursuing their professional goals.

Giving during your lifetime also means seeing your wealth benefit your loved ones.

The Impact on Your Financial Security

It’s crucial to consider how a financial donation can affect your goals before making one. You might not be able to accomplish ambitions in your later years if you withdraw a lump sum from your pension to serve as a down payment for a child’s residence, for instance. 

Take some time to speak with a Daytona Beach lawyer and consider the implications of your decision before providing gifts. By taking this action, you may offer assistance knowing that your plans are still on track.

The Impact on What You Leave Behind

You should also consider how giving now can affect the inheritance you leave to loved ones. Sharing today might, in some circumstances, have a significant effect on your assets in the future. Prioritizing your goals before making a gift might ensure that your choices represent those aspirations.

Speaking with your beneficiaries is something you should think about doing if giving now would have an impact on their inheritance. They could be hoping for an estate to support them in reaching later-life objectives, such as ensuring a more comfortable retirement. 

Knowing what to anticipate might assist loved ones in coming up with a budget that works for them.

Most people consider estate planning macabre, premature, or for other people. But if you have children, assets, and sentimental property, you should speak to a wills attorney in Daytona Beach about an estate plan.

Here are some common myths about wills and why you probably need one.

Myth: Only Rich People Need a Wills Attorney in Daytona Beach

Everyone can benefit from a will, including those with few assets. Wills give your executor and a probate judge your instructions for:

Distributing Your Property

Even if you do not have a lot of property, you probably have some property that has sentimental value to you. A will can tell the executor who receives your pets, family photos, heirlooms, and collectibles.

Caring for Your Children

You can name a guardian for your children in your will. A judge will still need to approve guardianship for your children, but your will can make your wishes known.

You will also make any provisions for the financial support of your children in your will. You can direct that some or all of your property will go toward supporting your children.

Outlining Funeral Wishes

Your funeral and burial wishes can go into your will. This information can be important if you have strong beliefs about your arrangements. Whether you want specific religious rites or an environmentally friendly burial, your will can explain your wishes.

Myth: Writing or Telling Someone Your Wishes Is the Same as a Will

A will is more than your desires. It creates binding instructions that your executor can enforce in court.

In Florida, a will must be:

• Written
• Signed
• Witnessed

Florida law does not recognize a handwritten list, also called a holographic will, that has not been signed and witnessed. Similarly, Florida law does not recognize oral instructions, also called a nuncupative will.

If you want your will to have a legally binding effect on your executor and the recipients of your property, you should consult an estate planning attorney in Daytona Beach to ensure you meet all of the requirements.

Myth: Young People Do Not Need a Will

Unfortunately, accidents and illnesses can come at any time. While most people would like some advance notice to get their affairs in order before death, very few people get that privilege.

Young adults often have young children, and a will can secure their futures. And young people often have more assets than they realize, from vehicles to employer-provided retirement plans.

Myth: Your Spouse Automatically Gets Everything If You Die Without a Will

Intestate succession is the process of identifying heirs if you die without a will. The rules of intestate succession can get complicated. And they do not consider your wishes concerning estranged relatives.

Relying on intestate succession rather than an estate plan will create a lot of uncertainty. You and your family can gain peace of mind by putting your wishes into a will.

Open houses, property tours, and infinite amounts of emails are still commonplace in the real estate sector. However, technology is gradually upending the conventional approach to real estate investing, creating an entirely new virtual real estate market and a need for a virtual real estate attorney in Daytona Beach, Florida. 

What Is Virtual Real Estate?

Generally, buyers can invest in real estate, such as land, homes, and estates. Real estate offers a profitable investment opportunity for those with the necessary resources. 

However, like most industries, the real estate world is changing in light of the metaverse; you can now purchase a virtual plot of property with an actual deed online. The main distinction is that the property you buy is kept in the metaverse as a collection of pixels.

How Virtual Real Estate Works

Physical and virtual real estate are incredibly similar. However, when buying actual real estate, the procedure is lengthy and takes more time. For example, before you can access your property, there is a lengthy waiting period during which you must:

• Obtain authorization 
• Sign paperwork
• Examine the property
• Make certain payments

However, by creating an account on the metaverse platforms, purchasers may access their assets more quickly and easily through virtual real estate.

To purchase digital assets on the blockchain, you only need cryptocurrency tokens and an active account on one of the metaverse sites. In virtual real estate, you don’t need to physically inspect any properties or get approvals to buy a property. However, a Daytona Beach lawyer can help guide you through the process. 

After purchasing your virtual real estate, you are issued a deed with a unique code that prevents fraud or duplicity. 

Virtual Real Estate’s Return on Investment 

People purchasing property parcels that are not physically there may seem absurd, yet investors do this for a legitimate purpose. As more individuals purchase assets, the value of virtual real estate rises. 

For instance, a piece of virtual real estate that sold for $60,000 is currently worth as much as $400,000. These digital resources may also be created and used to hold events in the metaverse. Additionally, groups may use the parcels of land for advertising, bringing in money for investors.

How to Buy Virtual Real Estate with the Help of a Daytona Beach Lawyer

To purchase digital real estate, you must acquire various digital assets to use as currency. You can purchase most of these digital currencies through online platforms. 

Once you have your digital funds, you can choose to buy property directly on metaverse platforms, such as Decentraland. Through these platforms, buyers can use their digital assets to purchase virtual real estate. 

Preparing an accurate and up-to-date will is the best way you can help your loved ones when it’s time for them to settle your affairs. But it can be challenging to know what information should go into a will. 

Preparing this testament can help eliminate confusion and costs for your inheritors. It also ensures your efforts and earnings get passed on to the people of your choosing. Here are four essential items you should make sure to address in your personal wishes document. 

1. A Complete List of Assets

One of the best ways to prepare your will is to provide the executor with a complete list of your assets. This list might include: 

• Savings accounts
• Pensions
• Stocks 
• Bonds
• Businesses
• Personal property
• Real estate

Providing a comprehensive list of all assets can significantly reduce time, expense, and complexity as your inheritors put your affairs in order. 

A wills attorney in Daytona Beach can assist with reviewing your financial affairs to make sure all of your assets are correctly accounted for during the estate planning process. 

2. Designated Beneficiaries

Wills often don’t clearly designate which relatives stand to gain from the inheritance or how much each person should receive. You should list the names of all beneficiaries.

Eliminate confusion and family disputes by making it clear that your only beneficiaries are the ones listed in your will. 

3. Clear Asset Distribution

Your will should clearly address how your assets will be distributed among your beneficiaries. 

When you have multiple beneficiaries, it’s common to designate percentages rather than specific amounts of money. This arrangement makes monetary distribution easier, especially when your inheritors have to settle fees, costs, or debt. 

Assets to consider include: 

• Properties
• Vehicles
• Financial assets
• Businesses
• Personal property

Your will should clearly show how much each asset will pass to the listed beneficiaries. 

It’s also possible to designate gifts of your will. This act allows your beneficiaries to bypass the inheritance tax. 

You cannot gift property, businesses, and financial assets like stocks and bank accounts in a will. However, you can gift specified amounts of money and specific items. 

4. Guardianship for Children and Pets

If you have children under the age of 18 and die without designating a guardian in your will, the question of custody will be up to the courts. 

It’s far more preferable to arrange a designated guardian beforehand and inform them of your decision. This step allows you control over who will raise and care for your children.

Sometimes people forget to include pets in their will, which can be a mistake. You may dearly love a pet, but it’s common for pets of a deceased family member to end up going to a shelter. 

Make arrangements for who will assume ownership of any pets, and include this decision in your will. 

A Wills Attorney in Daytona Beach Can Help

Writing a will is a complicated legal process. Depending on your affairs, you might have items that need special attention, like intellectual property, royalties, or business ownership. 

Using a Daytona Beach wills lawyer can streamline the process and help ensure you haven’t missed anything important. With proper preparation, you can responsibly organize your affairs so that your beneficiaries avoid additional stress as they mourn your death and celebrate your life. 

It can be very stressful and overwhelming to meet with an estate planning attorney for the first time. When you need to plan for the future of your loved ones, it is vital to reach out to knowledgeable attorneys in Daytona Beach, FL.

Knowing that you are attending a meeting to discuss your own eventual death can be intimidating. You will need to talk about sensitive subjects and answer personal questions, such as:

• Where would you like to be buried?
• Would you like to be cremated?
• Who will care for your children if you die?
• And more

To make this meeting easier, it is vital to be prepared. When scheduling an estate planning meeting with a wills attorney in Daytona Beach, make sure to bring the appropriate information and documents.

What to Bring to Meet with Wills Attorneys in Daytona Beach, FL

There are many types of information that you should have on hand when meeting with an estate lawyer. In general, the more relevant information that you have at your disposal during the meeting, the better.

Some of the information that will be useful for planning your estate include:

Information About Your Family

You should bring the following family information to your first meeting with an estate planning attorney:

• Full names 
• Nicknames
• Contact information
• Ages

You should bring this information for everyone who is relevant to the future of your estate. Typically, this includes:

• Spouses or partners
• Former spouses or partners
• Children
• Grandchildren
• Stepchildren
• Parents
• Siblings
• And more

You should bring information for anyone who will be involved as a fiduciary, guardian, or beneficiary.

Financial Information

Make sure to bring any financial information about the assets related to your estate. This will include both non-retirement assets and retirement savings information.

Some of the most common examples of non-retirement assets include:

• Checking and savings accounts
• Investment accounts
• Bonds and stocks
• S. Treasury notes

An estate planning lawyer will want to know the order of magnitude and titling of the assets. Some of the retirement savings information that will be relevant includes:

• 403(b)s
• 401(k)s
• IRAs
• Roth IRAs
• TSPs
• Pension information
• And more

This will help the attorney to understand the type of assets you hold and relevant beneficiaries.

Real Estate Information

Your estate lawyer will want to know about any pieces of property that you own. Bring the following information about any real estate in your possession:

• Addresses
• Ownership and titles
• Current market value
• Outstanding mortgages

Often, people must determine what to do with different types of property. This can include a primary residence, vacation home, rental property, or investment properties. 

Other Questions to Consider

Beyond bringing this information, it is critical to think through questions relevant to your estate. These may include:

• Who do you want to receive your property?
• Who would you like to execute your will?
• Who do you want to care for your children?
• What funeral arrangements do you want?

It is vital to think through how you would like your loved ones to handle the event of your death. Knowing your goals and aims will help your estate planning attorney to build a plan to meet your needs.

Occasionally a will created by someone who has passed on may indicate a beneficiary who has already died. This can occur if the will has not been updated recently or if the beneficiary has passed soon after the person who left the will. 

In these cases, the next beneficiary must be determined. Sometimes the will itself will indicate that person or group of people; other times, state law will determine the new inheritor. 

How Can a Daytona Beach Wills Lawyer Help Me?

Attorneys in Daytona Beach, FL, can assist you with understanding a will left by someone who has recently passed on. If the will indicates that a beneficiary will inherit the person’s estate, but that beneficiary has also died, questions often arise around who will rightfully inherit the estate.

Oftentimes, wills contain a clause that beneficiaries cannot inherit unless they live past a survivorship period. This period often ranges from 5 to 60 days. If the will itself does not impose a survivorship requirement, state law may. 

If state law does not impose a survivorship requirement, then a beneficiary who lives just a short while past the testator (the person who leaves the will) is entitled to the full inheritance. The beneficiary’s estate will then pass down the inheritance to their own heir. 

Navigating through understanding a will can be difficult, especially during a time already fraught with grief for a loved one. It’s important to reach out to a wills lawyer for guidance throughout the inheritance process. They will advise you and potentially speed up the process.

Alternate Beneficiaries Named in the Will

If the will names alternate beneficiaries, then the guidance is clear: The inheritance will pass down to them. 

However, if no alternates are named, the issue becomes a question decided by state law and how the will is written. The inheritance may then go to the following people:

• The residuary beneficiary named in the will
• The primary beneficiary’s descendants under the state’s anti-lapse law
• The deceased person’s heirs under state law, as if there were no will

Below is a more detailed description.

Residuary Beneficiary

A will might state that lapsed gifts become part of the residuary estate (everything that isn’t left to a named beneficiary). If this is the case, the gift would be given to the residuary beneficiary.

Beneficiary’s Descendants

Every state has an “anti-lapse” law, which tries to guess what the testator would have wanted when a will gifted to a relative fails. Unless the will has named an alternate beneficiary, anti-lapse laws usually give property to the deceased beneficiary’s heirs. 

These laws will normally never apply to a potential beneficiary who isn’t related by blood to the will-maker. 

The Testator’s Heirs

If neither the residuary beneficiary nor anti-lapse statutes apply, the estate will pass under intestate succession laws as if no will existed. 

Wrapping Up

If a loved one has recently passed, it can be difficult to know how to handle the administration of their estate. A Daytona Beach wills lawyer can assist you with understanding your relative’s will and who is entitled to their estate.

While planning for your eventual passing may not be at the top of your to-do list, it is extremely important to have an estate plan in place that protects you and your family in the event of your premature death. 

Such planning can alleviate any potentially serious issues that your survivors may face in the future. Here are a few ways that having a proper estate plan in place can ease stress for you and your family:

1. Provide for Your Family

Having an appropriate estate plan in place will allow your family quicker access to estate funds upon your passing. It’s not uncommon for families without an estate plan in place to be left in financial limbo, unable to pay bills or living expenses while they wait for life insurance proceeds or other financial assets to become available. 

Consulting with an estate planning attorney in Daytona Beach to set up your estate plan is a great way to take the first steps towards ensuring your family’s future financial health.

2. Designate Your Children’s Guardian

If you and your spouse become unable to care for your children due to an unforeseen accident, your children could end up in Child Protective Services until the court system is able to designate an appropriate guardian for them. 

To avoid this potential calamity, it is important to design an estate plan that specifically designates a guardian for them should such an unfortunate event occur. 

3. Protect Your Home and Other Assets

By having an estate plan in place, you ensure that in the event of your and your spouse’s death, your home and other assets will be passed to whomever you desire. 

This setup avoids the potential for a home being put in foreclosure while ownership is decided in the courts. For assistance with this, consult a Daytona Beach real estate attorney. They can ensure that your home has the appropriate protection in place.

4. Protect Your Family from Difficult Decisions

Attorneys in Daytona Beach, FL, can assist you with the difficult decisions that can arise if you become incapacitated. They can help you decide the answers to questions that you don’t want your family to have to deal with, such as:

• When to pull the plug if you are in a coma
• How to handle your remains
• Handling your end-of-life care

An estate plan can provide answers to these questions so that your family doesn’t have to. 

5. Plan for Incapacity

If a sudden accident leaves you incapable of caring for your financial affairs, an estate plan can designate a power of attorney for both financial and healthcare decisions to save your family time and money and ensure that everything is handled the way you would prefer it to be. 

How an Estate Planning Attorney in Daytona Beach Can Help

If you live in the Daytona Beach area, you can consult with an estate planning attorney for assistance in preparing an estate plan that covers all of these issues and ensures that you and your family cover all of the bases in the event of premature death or incapacity. Doing so will give you and your family peace of mind for the future.