A Broward-Palm Beach-Dade TriCounty FL Estate Planning Lawyer would like to share some estate planning essentials that are crucial for protecting your family. None of us like to think about the inevitable, but if you don't leave your financial affairs sorted out, your loved ones will inherit a huge headache, and perhaps a financial burden. You don't want your family to be forced into making critical decisions concerning your estate when they are grieving, or have no clue if what they're doing matches your plans. If you have the basics covered in advance, you can ensure that the correct people will inherit.
The first most important thing to do is draft a will. This will must name a guardian for any children under 18, as well as an executor of the estate. Ask your lawyer about the creation of a minor's trust, which ensures that any assets left to your children will be saved until they reach the age of majority (usually 18). Step two is to have either a living trust or a trust within the will.
Wills are very important but sadly these are not always considered or planned for. This must include a named guardian for any children under the age of eighteen and an executor for the estate. It is also possible to create a minor's trust which insures any assets until your children are no longer minors.
Another important element is power of attorney, assigning an individual to write check on your behalf if you are not able to do so. You can also choose a medical power of attorney which allows a person you assign to make crucial decisions on your health care.
Another important element is an advance directive. This allows you to make a statement on all end of life preferences. This includes whether a respirator or feeding tube will be used. Details under this provision include do not resuscitate wishes and medical power of attorney. You should also update all beneficiaries and make sure that your life insurance is sufficient.
Keep insurance policies, tax returns, mortgage papers, Medicare cards, etc. In one place. Finally, keep the original will with your lawyer, not in a safe deposit box. The choice of a lawyer is an important decision and should not be based solely upon advertisement.
The first most important thing to do is draft a will. This will must name a guardian for any children under 18, as well as an executor of the estate. Ask your lawyer about the creation of a minor's trust, which ensures that any assets left to your children will be saved until they reach the age of majority (usually 18). Step two is to have either a living trust or a trust within the will.
Wills are very important but sadly these are not always considered or planned for. This must include a named guardian for any children under the age of eighteen and an executor for the estate. It is also possible to create a minor's trust which insures any assets until your children are no longer minors.
Another important element is power of attorney, assigning an individual to write check on your behalf if you are not able to do so. You can also choose a medical power of attorney which allows a person you assign to make crucial decisions on your health care.
Another important element is an advance directive. This allows you to make a statement on all end of life preferences. This includes whether a respirator or feeding tube will be used. Details under this provision include do not resuscitate wishes and medical power of attorney. You should also update all beneficiaries and make sure that your life insurance is sufficient.
Keep insurance policies, tax returns, mortgage papers, Medicare cards, etc. In one place. Finally, keep the original will with your lawyer, not in a safe deposit box. The choice of a lawyer is an important decision and should not be based solely upon advertisement.
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