It's a common misconception that estate planning is for the wealthy. The truth is this - just about anyone can benefit from estate planning. Here are some reasons you should consider planning today!
If you are the parent of a minor child then you should consider creating a Last Will and Testament. Your Last Will and Testament will nominate Guardians for any minor children you have. In other words, in the event that you/the legal guardians of the children pass away then the nominated guardians in the Last Will and Testament will step in place to raise the children until they reach the age of majority.
Control Over Your Assets
If an individual passes away without any estate planning documents in place in Florida then their assets will be distributed according to statutes called Intestacy Statutes. You can remain in control of how and when your assets are distributed by planning ahead of time. You can create a Last Will and Testament to tell the court where your assets are going or create a Living Trust if you wish to provide more restrictions on how and when your beneficiaries will receive their share. A qualified attorney can get into greater details on the benefits of these planning devices.
Control Over Your Financial Affairs
If you become incapacitated who will continue to take care of your financial affairs? Plan today by creating your Durable Power of Attorney and decide who you trust to act as your agent. This individual will have access to your financial accounts and continue to keep your affairs in order in the event you are unable to do so yourself.
Control Over Healthcare Decisions
You can decide today who will make important healthcare decisions for you by designating your Healthcare Surrogate. This individual will have the ability to speak with medical staff and doctors in situations where you are unable to do so yourself. Another healthcare document that you should consider creating is the Living Will. Your Living Will is an advanced directive that, by signing today, will allow your healthcare surrogate to authorize the removal of life support in the event you are in a persistent vegetative-state, end-stage condition or terminal condition.
Planning in advance and utilizing will substitutes, such as a living trust, will ensure your beneficiaries are not subjected to the Florida Probate System. Probate is the judicially-supervised disposition of a deceased person's real and personal property. It can be both costly and time consuming for the individuals involved. Estate Planning can provide probate avoidance, allow for more control over the management of your assets in the event of incapacity or distribution of your assets in the event of death, allow for you to designate individuals to raise your children and more. Get with a qualified estate planning attorney for a free consultation and see which planning vehicles are the right fit for you!
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