Estates planning is something that should be done by everyone.If you are looking to create an estate plan for your family, there are a few things you should keep in mind. First, make sure that you have a good understanding of the law in Florida regarding estate planning. Second, create a will or trust to ensure that your wishes are carried out after your death. Finally, speak with an attorney about how best to structure and execute these plans.
While planning, make sure you take into consideration that there will be a cost associated with the estate planning services that you receive from a licensed attorney. There is no one-size-fits-all, as to the cost of the service as the cost will vary depending on the specific needs of your family.
The first step in creating an estate plan is to decide who will be included. You should include the people whom you wish to protect and often times those are the people you love most such as: your spouse, children, and any grandchildren and etc.
When considering who to include in your estate plan, you should also take into consideration your in-law relationships. This is especially true if you have unmarried children from a previous marriage. If there is a will or trust in place and one of your children marries an in-law, that person may be able to inherit from the estate even if there is no Will or Trust.
The sooner you start thinking about estate planning, the better. Don't put off drafting any documents until the last minute. Even if you don't have any immediate concerns, it is always a good idea to review your documents with an attorney just to make sure that everything is accurate and up-to-date.
Documents that generally necessary for estate planning include: a will, durable power of attorney,advance health care directive, preened guardian designation, durable power of attorney revocable living trust, letter of instruction, beneficiary designation and list of important documents.
A will is a document that tells your loved ones how you want your estate divided when you die. It should include instructions on who gets what property, money and other assets.
A durable power of attorney is a document that gives someone else the authority to make financial, medical and legal decisions on behalf of someone who can't make them for themselves. This can be important if you are unable to make decisions for yourself due to health issues or age.
An advance health care directive is a document that lets you designate who will be responsible for making decisions about your healthcare if you become incapacitated. This can be important if you don't want to rely on family or friends to make these decisions for you in an emergency situation.
Preened guardian designation allows someone else, such as a family member or friend, to act as your legal guardian if you are unable to do so yourself. This person will have the authority to make decisions on your behalf in case of an emergency and should also oversee any financial affairs.
Durable power of attorney revocable living trust gives a trustee the authority to handle your finances and property while you are still alive. This is important in case you become incapacitated or have a change in circumstance that makes it difficult for you to handle your own affairs.
Letter of instruction is a document that tells someone else what specific tasks they should carry out while you are still alive. This might include making funeral arrangements, paying bills or taking care of any other vital tasks associated with your death.
Beneficiary designation allows one person, typically a spouse or child, to receive all or part of your estate when you die. This person should be named in your will and should also receive any specific instructions about how they should manage your estate after you die.
A list of important documents includes everything from copies of driver's licenses and passports to insurance policies and deeds to property. Having this list handy will help ensure that everyone involved with your death understands their roles and responsibilities.
Each of this documents have a specific intent and that intention should be kept in mind while drafting each document.
It's always best to obtain legal assistance with preparing your estate plan but is money is a concern, you may be able to complete some of these documents yourself. However, if you have any questions or concerns, it is always a good idea to consult with an attorney. There are many different estate planning options and it can be complicated to understand all of the implications of each one.The cost of estate planning varies depending on the level of services you require. Complete estate planning can get expensive, but there are many affordable options available as well. Speak with an attorney about your specific needs and budget to determine the best way to go about planning for your family.
If you have questions about how to plan for your family's future or about any specific estate planning documents or costs, please don't hesitate to contact our office. We would be happy to help you create a plan that meets your specific needs and protects the people you care about most.