Thinking about the future can be incredibly upsetting for many, as no one wants to consider what will happen upon their passing. However, it’s imperative to understand that planning doesn’t just benefit you – it can help protect your loved ones. As such, understanding who can benefit from establishing an estate plan is critical. The following blog explores these matters further. Additionally, if you’re ready to begin planning, you’ll want to connect with our Tampa estate planning lawyers to discuss your wishes and create the necessary documents to care for your assets and beloved ones upon your passing.
Why Is It Important to Have an Estate Plan?
Unfortunately, it is a common misconception that only the old, wealthy, or those with children need to have an estate plan in place. Generally, anyone over 18 who owns assets should consider planning their estate.
Many assume this process is only for those with considerable assets. While the wealthy can benefit from this process, they are not the only ones! Anyone with assets can reap the benefits of an estate plan, as it helps ensure that you have a say as to what happens to your assets upon your passing.
Additionally, there is the belief that only those in their 50s and older should create a plan. Though it can be difficult to think about, nothing in life is guaranteed. As such, planning your estate can help ensure that your wishes are met upon your passing. When you pass without an estate plan, the state assumes control of your assets. This means your belongings may not be divided how you want them.
Estate planning doesn’t only account for death, however. If you become incapacitated and unable to communicate your wishes regarding your finances or medical care, these matters will be left to your next of kin. However, if you create an estate plan, you can dictate who you want to assume these responsibilities. You can even leave instructions regarding the medical care you want.
What Documents Should I Establish?
Typically, one of the most important documents you can establish as part of your estate plan is a will. This details your assets and how you would like them divided among your beneficiaries. Additionally, you can name a guardian for any minor children in your care.
You may also want to consider establishing a trust fund, which grants you greater control over how assets are distributed to certain inheritors. For example, if you have a grandchild under 18, they may not be responsible enough to handle a considerable amount of assets. As such, placing their funds in a trust ensures they receive the funds according to your specific terms and conditions.
Finally, you may want to consider creating an advanced healthcare directive. This allows you to detail the kind of medical treatment you would or would not want to receive through a living will, while a power of attorney allows you to appoint someone to make medical decisions on your behalf.
If you are ready to create an estate plan, it’s critical to connect with an experienced attorney who can assist you through this process. Trying to navigate these matters on your own can be incredibly complex, as you may make errors that invalidate your estate plan. As such, working with the team at Tampa Law Group is in your best interest. We understand how important planning your estate is for you, which is why we will do everything possible to guide you through these matters. Contact us today for more information.
