Estate planning is a crucial part of preparing for the future, yet it's something that many people ignore until it's too late. In fact, according to statistics from Advance Capital Management, 55% of Americans die without a will or estate plan in place. This can create a tremendous amount of stress for your family upon your passing. Here are a few tips to help you get started with the estate planning process today.
Assemble Your Team
Estate planning is more successful and less stressful when you work with a team of experts you can trust. As you might imagine, this should include an estate planning lawyer as well. Enlisting the help of professionals can help you avoid estate planning probate, among other issues. You should also include the people who will be executors of your estate in the planning process. Consider involving your partner and children so that everyone is aware of what plans are being made.
Create Concise Estate Planning Documents
A lawyer who specializes in estate planning will be able to help you draft documents that can outline all of your wishes and plans. These legally binding documents are the only way to keep your assets and other important things out of estate planning probate. These documents should include advanced healthcare directives, a living will, financial and durable power of attorney, last will and testament, and any other documents that your attorney feels are necessary to secure your wishes.
Create Guardianship Plans for Your Dependents
On your estate planning checklist, you'll also want to consider who you'd like to have to take care of your dependents in the event of your death. Dependents can include minor children, special needs adults, and aging parents. This is a crucial part of estate planning, as your passing will seriously affect these individuals. If guardianship plans are not legalized before your death, these individuals could be placed in a vulnerable position.
You should keep in mind that estate planning isn't just for wealthy people. Estate planning is for anyone who wants to make sure that all of their affairs are in order and their wishes are legally binding upon their death. An estate planning attorney can help you with these details. If you're looking for a reliable attorney in the St. Petersburg, FL area, please contact Terrana Elder Law today. We're locally owned and offer free consultations.
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