It’s critical for anyone to have a plan for their financial assets in the event that they are incapacitated or if they pass away unexpectedly. It’s not always comfortable to start talking about estate planning, but it is an essential process to ensure that the distribution of your assets are carried out accordingly. There are four main aspects of creating an estate plan.
Your Will
A will handles the way that your assets will be distributed after you pass away. You can name people that you’d like to leave something to upon your death. Assets follow a process called a probate with this document and this is where a trustee will make sure that the assets are distributed to the right people. A will also determines who will retain guardianship of your children.
Health Care Power Of Attorney And Living Will
A health care power of attorney is a signed document where you can name a person as your healthcare decision-maker in the event that you’re incapacitated. A living will ensures a more advanced medical directive and outlines the way that you would like your medical care to proceed if you’re unable to communicate.
Financial Power Of Attorney
Estate planning also includes the financial power of attorney where somebody can be named to make financial decisions on your behalf if you’re ever incapacitated.
Trust
Establishing a trust is an easy way to distribute your assets and have a power of attorney manager assets. Trusts are legal entities that will be able to control your assets whether you’re living or deceased. A trust will be able to control your assets based on the wishes that you outlined in the earlier estate planning documents.
Consider some of these top elements that you should have in place if you are interested in estate planning for the future.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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