If you’re like most people, you probably don’t have an estate plan yet. You’d be surprised to know that’s a huge mistake, especially if you have many assets and estates. One of the worst mistakes you can do in your achievements is avoiding estate planning.
If you want to ease your life while alive and after you pass away, you can create an estate plan to protect your assets, affairs, and financial interests. You can also state who and how you want to handle your assets after your death.
If this sounds familiar, you’ve probably put estate planning off until now. To change that, here’s everything you should know about this type of planning and some additional information to help you through the process.
What Exactly is Estate Planning?
Essentially, estate planning is a legal process that involves making a plan in advance to name certain people like friends or relatives to take over the things you own after you die. This plan also states steps to carry out your plan in the future, but it should also include the following:
Instructions for your health and financial affairs if you’re unable to take care of them before you die
Arrangements to replace your income if you’re incapacitated to work due to an injury or illness
Appoint a guardian if you have minor children
Minimize taxes, court expenses, and additional legal fees
Provide for the transfer of your assets at your incapacity, disability, retirement, or death
If you need more information regarding estate planning, you can seek help from local law firms. For example, if you live in Fort Meyers, Florida, you can reach out to the Warnock Law Group to guide you through the legal process.
What are the Contents of an Estate Plan?
An estate plan is usually developed on the specifics of your family, your unique needs, and your estate. Generally, the contents of an estate plan should include the following:
Will and Testament
Power of Lawyer
Health care surrogates
However, don't forget about your virtual assets because they’re equally essential. Luckily, our professional Estate Planning Lawyers can help create personalized estate planning regardless of the approach you choose.
Everyone Needs Estate Planning
The biggest myth about estate planning is that only rich people must have it. That’s false. Everyone has assets, even if they’re small in size. Sentimental property is important too. In fact, some of the most common court proceedings revolve around cheap items that have sentimental value.
Another myth that some people believe is that only parents need to set up a trust or will. Whether you have kids or not, you’re bound to face decisions. Estate plans also include documents that state who will make decisions on behalf of your kids if you’re unable to, and how they should decide.
One thing is for sure: estate planning is for everyone, and you should never skip it. However, if you have more questions about your estate plan, you can contact us at:
6843 Porto Fino Cir,
Fort Myers, FL 33912, USA