In this article, you can discover…
- The benefits of a thorough and thoughtful estate plan.
- The key documents needed for a Florida estate plan.
- How to ensure your children are financially protected through estate planning.
Why Is Estate Planning Important?
Estate planning allows you to let your family know what your wishes are for your possessions after you’re gone. With no estate plan in place, your family won’t know what you want done with your property. And when your wishes are unclear, questions and conflicts can easily arise.
Without an estate plan, surviving family members might fight bitterly or even fall apart due to disagreements over how assets are to be split. Estate planning is the perfect way to try to avoid such stressful situations. No matter how little or how much you own, you should have an estate plan in place.
At What Stage Of My Life Should I Start Considering Estate Planning?
If you are over the age of 18, you are an adult and should have an estate plan in place. We have no way of knowing what might happen tomorrow, and if you have assets, whether few or numerous, you should have documents in place to make your wishes for these assets clear.
If you’re younger, it’s easy to feel invincible and not worry much about the future. But tomorrow isn’t promised, and the unexpected can happen to anyone. If you’re a legal adult, it’s best to have estate plans in place.
What Documents Do I Need To Create A Basic Estate Plan In Hillsborough County, Florida?
A basic estate plan includes a last will and testament. This is a document letting your family know who will receive what after you pass away. However, to properly plan for the future, several more documents are needed.
It’s important to appoint a financial power of attorney to handle your financial affairs in case you are incapacitated or can’t handle your money any longer. A healthcare surrogate should also be named. This person is legally empowered to make medical decisions for you if you are unable to speak for yourself.
To help your loved ones avoid probate, a revocable living trust is also needed. Together, these documents make up a full estate plan and can help you and your loved ones be well-prepared for a variety of unforeseen events.
How Do I Ensure My Children Are Financially Protected Through Estate Planning?
Protecting your children with careful estate planning depends upon their ages, personalities, and how responsible they are with money. It is generally wise to put your children’s inheritance in a trust rather than distribute it to them outright. The trust can include provisions preventing your child from spending their inheritance at once or spending it on frivolous things.
Within a trust, provisions can also exist to release money only at a certain age or when certain milestones (such as graduating college) are met.
What Are Some Common Mistakes To Avoid When Working With A Hillsborough County Estate Planning Lawyer?
It’s important to choose an estate planning attorney who understands what you’re looking for and with whom you’re comfortable. It’s also important to be sure the attorney you pick knows what they are talking about and that the estate planning strategies that they’re proposing meet your goals.
It’s also important to understand the limits of a will; I’ve worked with many clients who assume that a will guards against probate, and this is simply not the case. You will need a trust if you want to help your heirs avoid the probate process.
How Does Our Florida Estate Planning Law Firm Approach Cases Like Yours?
Estate planning can be overwhelming by nature. It can be difficult to think about death and what happens after you’re gone. To help make the process easier, I’ll be sure to help you understand what each estate planning document accomplishes and how these documents can help you achieve your goals. Estate planning can be a lengthy process, and for many clients, education is key to easing anxieties.
Estate plans are also amendable. You can amend (or make changes) to your estate plans whenever you want to, so long as you have the ability to do so. If you’re worried that you’ll be stuck with a given plan, don’t be.
You can always modify your plans as needed or as family relationships change. I’m here to help you navigate any and all of these changes with care, attention, and a focus on your needs and wishes.
Still Have Questions? Ready To Get Started?
For more information on Working With A Lawyer For Estate Planning In Hillsborough County, Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (321) 205-9467 today.
