We need estate plans so that we can control who’s going to be in charge of our assets and how our children and loved ones will be cared for when we pass away, and to determine how and when our assets are going to be distributed after our deaths. This is important for a number of reasons. We want to make sure that people are taken care of. We want to make sure our estates are maximized so that the most amount of money is kept in the estate for our heirs. We also want to make sure that we take care to account for any disabled children so that they can continue to receive any benefits that they might be getting from the government to assist them.
- Why Do We Need Estate Plans? What Happens If Someone Dies Without An Estate Plan Or A Will?
- Who Are The Necessary Parties Involved In An Estate Plan?
- How Is An Estate Plan Made Legal In Florida?
When Should I Begin Estate Planning In Sarasota, FL?
Don’t fall into the trap of thinking that estate planning doesn’t apply to you, especially if you’re young and haven’t acquired many assets yet. Most people mistakenly believe that they don’t really need an estate planning attorney or an estate plan, unless they are older or have a lot of money. This is just not true. People of all ages need to spend time putting together an estate plan that fits all their needs. While your estate planning needs should change at every age, the fact that estate planning is necessary will not.
Estate Planning As A Young Adult
Once you become 18 years old in Florida, your parents no longer have the authority to make healthcare or financial decisions for you. It is very important, in early adulthood, that you find an estate planning attorney and take your first steps toward estate planning to ensure that your healthcare and financial decisions will be protected, if you become incapacitated.
- Healthcare Directive: This is a document that specifies which healthcare decisions you would make, if you were able to, if cannot voice your choices due to incapacitation.
- Power of Attorney: This is a document that names a person who will make decisions for you, if you aren’t able to do so. There are two different types: a healthcare Power of Attorney and a financial Power of Attorney.
Estate Planning In Our 30s
Most people will buy a home and start their family between the ages of 30 and 40. In order to protect all your assets and loved ones, it is important to visit your Sarasota estate planning attorney to expand on the documents already in your estate plan.
- Will: A will specifies who will inherit all your assets, who will settle your estate, and who is to care for your minor children.
- Trust: A trust can transfer ownership of your assets to a trustee, who will then manage them for the beneficiaries that you specify. To find out which type of trust is right for your family, consult with your estate planning lawyer.
Estate Planning In Our 40s
Once you reach age 40, it’s time to catch up on any estate planning you haven’t managed to put in place yet. You should also talk to your parents about their estate plan at this point. It is never easy to face the reality that your parents won’t live forever, but it is important to understand their wishes while they’re still alive. Make sure your parents have prepared the proper documents for distributing their assets, making their medical decisions, and their long-term care. If your parents haven’t created or updated their estate plan in Sarasota, Florida, refer them to an experienced estate planning attorney.
Estate Planning After 50
By the time you’ve reached age 50, your estate planning efforts should be on keeping your wishes updated. Any time a milestone like a marriage, a divorce, or the birth or a child or grandchild, occurs, visit your estate planning attorney.
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