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Home >> Estate Planning 101

Estate Planning 101

October 23, 2022 by Joshua K. Crawford

Port St. Lucie estate planning attorneys

You may recognize the need to have a comprehensive estate plan in place; however, estate planning is likely somewhat of a mystery.  Estate planning encompasses much more than just deciding how your estate will be distributed after you are gone. Likewise, an estate planning attorney can do much more for you than you probably realize. The Port St. Lucie estate planning attorneys at Kulas & Crawford explain 10 things you should know about estate planning.

  1. Your estate planning attorney can also help you with incapacity planning. While planning for the eventuality of your death is certainly important, it is equally important to plan for the possibility of your own incapacity. Your estate planning attorney can help by incorporating incapacity planning tools and strategies into your comprehensive estate plan.
  2. You need to routinely review and revise your estate plan.  One of the most common, and potentially harmful, mistakes people make is to create an estate plan and then never revisit and revise that plan. Your plan should be routinely reviewed and updated when certain life events call for a revision.
  3. You are not too young to need an estate plan.  A common misconception is that you need to reach a certain age or point in your life before an estate plan becomes necessary. Not true. Every adult can benefit from an estate plan
  4. Working with an estate planning attorney will save your loved ones time and money.  It may seem like going the DIY route is a good way to save yourself time and money; however, in the long run, any time and money you manage to save by not working with an experienced estate planning attorney will almost always cost your loved ones considerably more time and money when it comes time to implement your estate plan.
  5. An estate planning attorney can help you through the probate process.  Estate planning attorneys can help you at both ends of the process – creating an estate plan for yourself and administering an estate for someone else. If you find yourself appointed as the Executor of an estate, don’t try to go it alone. Contact your estate planning attorney for help.
  6. You do not need to amass a fortune to need an estate plan.  Because estate planning is about much more than just the distribution of your assets, the size of your estate does not determine the need for a plan.
  7. Your estate planning attorney can serve as your Trustee.  Another common mistake people make is appointing a spouse, friend, or family member as the Trustee of a trust. This can create all kinds of problems, starting with the fact that the individual may not be qualified to administer a trust. Appointing a professional Trustee is usually the best choice.
  8. Estate planning is not as expensive as you probably think it is.  Yes, you will spend some money if you want an experienced attorney to help you create your estate plan; however, in the long run you will probably save money and you will probably find that what you need to spend in the short run is less than you imagined.
  9. Your estate may be able to avoid probate. With careful estate planning, your estate can probably avoid probate altogether, or spend every little time in the probate process. This will save your estate money and ensure that intended beneficiaries receive their gifts much sooner.
  10. Your estate planning attorney can help you with long-term care. Planning for the cost of long-term care is something everyone should do. Your estate planning attorney can help you incorporate Medicaid planning into your estate plan to ensure that you qualify for Medicaid to help cover the high cost of LTC if you, or a spouse, need it down the road.

Contact the Port St. Lucie Estate Planning Attorneys

To learn more, please join us for an upcoming FREE seminar. If you have additional questions about estate planning, please contact the experienced Port St. Lucie estate planning attorneys at Kulas & Crawford by calling (772) 398-0720 to schedule a consultation.

Filed Under: Estate Planning

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

~Krissy L
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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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