Are Your Estate Plans Complete?

Estate planning can be a complicated process. Part of what can make it complicated is that it involves multiple documents and plans, rather than being something that can be worked through in a single sitting. It also forces the planner to reflect on his or her life in ways that can be uncomfortable, especially when these reflections turn to plans for the individual’s eventual incapacitation, long-term care, and death.

Work with an experienced estate planning lawyer to ensure you do not overlook any important aspects of the estate planning process. There is a lot to think about as you create these important documents and your lawyer can help you make productive decisions.

Do you have an Updated Will?

Your will is the document that names your estate’s executor and outlines how you want your assets to be distributed to your loved ones following your death. If you were divorced, lost loved ones, or experienced shifts in your personal relationships since you initially wrote your will, revisit the document and update it to reflect your current wishes.

How About Assets in Trusts?

Assets kept in trusts are not subject to the probate process, which means they can easily transfer to the trust’s beneficiary after the principal dies. Probate can be a complex process. It is also public record. By moving your assets into trusts, you can keep your transfers to your beneficiaries private, have your loved ones access your assets quicker, and help them save money by avoiding court fees. There are multiple types of trust available to you.

Make Sure you Designate Power of Attorney

When an individual has power of attorney, he or she can make decisions on another adult’s behalf regarding that adult’s finances, medical care, and personal decisions. This individual, known as the agent, is responsible to act in the principal’s best interest. There are numerous types of power of attorney you can grant. These include designating an agent as having power of attorney for a specific area of your life and determining the circumstances under which he or she holds power of attorney, which can be for a specific duration or for the remainder of your life after your incapacitation.

Guardianships are Part of a Solid Estate Plan

There are two types of guardianship that can be part of your estate plan: a guardian for you in the event you become incapacitated and a guardian for your minor child or, if you have a disabled adult child who needs a legal guardian, a legal guardian for him or her. You can include names and instructions for a legal guardian for yourself or your child in your estate plan.

Work with an Experienced Tampa Estate Planning Lawyer

For further guidance with the estate planning process, contact our team of experienced estate planning lawyers at Bubley & Bubley, P.A. to schedule your initial consultation with us. We are here to answer your questions and help you develop a solid estate plan that will give you peace of mind.

Resource:

investopedia.com/terms/p/powerofattorney.asp