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Why Estate Planning is Important
No one enjoys pondering their mortality and making end-of-life decisions while they’re still alive, but estate planning is a necessity for most people. It can actually be life-affirming because it will help ensure all your wishes will be granted and secure your legacy after you pass. No matter your age or the value of your property, you should have a well-thought-out estate plan. Here’s why.
You Can Specify What to Do With Your Wealth
Wills are the main documents in most estate plans. A will must designate a personal representative or administrator who’s responsible for administering the estate once the testator dies and distributing assets as per the testator’s instruction in the will. You can also name guardians in your will to care for your minor children. Additionally, you should consider having a personal property memorandum or revocable trust as a supplement to your will.
You Can Detail Your Personal Needs
One of the vital estate planning steps is figuring out who should make important decisions that will affect your life if you become incapable of doing so. If you become mentally incapacitated or otherwise unreachable, a revocable or living trust can hold all your property while you are alive and specify the people you want to pass on your assets to upon your death.
Naming a power of attorney (POA) to act as your representative and decide legal and financial issues if you become mentally or physically disabled can help make sure that your best interests are prioritized when resolving these issues. Also, if you are unable to make healthcare decisions, having a POA, healthcare proxy, living will, and HIPAA release can ensure that you get the medical care you want.
You Can Better Safeguard Your Wealth
Wealth transfer options also have protection benefits, which should be a crucial consideration for people with sizable property. Insurance, asset ownership, asset protection trusts, irrevocable trusts, and limited liability entities are all viable options for protecting assets from creditors against claims and lawsuits. An experienced Tampa estate planning lawyer can advise you on which options would be most suitable for your specific circumstances.
You Can Prevent Family Disputes
You have probably heard of stories about family infighting when someone dies and leaves behind significant assets. One person may think they should get more than another person, or one person may want to manage the finances even if they’re infamous for squandering money. Stopping a fight before they even start is another reason why estate planning is necessary.
It will likewise help you create individualized plans to ensure that a disabled or sick child will receive the care they need or create a trust for a child who may not be trusted with a lump sum inheritance. Furthermore, if you’ve had multiple spouses and children, estate planning is urgent.
Consult With a Skilled Tampa Estate Planning Lawyer
Put simply, you must have an estate plan if you wish to protect your loved ones and your assets in the event that you can no longer do it on your own. To learn more about your options, reach out to the Tampa estate planning lawyer at Mickey Keenan, PA, by sending us an online message or dialing 813-871-1300.