Altamonte Springs Estate Planning: Best Reasons to Create an Estate Plan
What does your estate plan look like? Maybe you have a basic idea of what you want to be done with your possessions, retirement funds, and investments. There might be friends, family, or charities that you want to help in the event of your death. Of course, you might not have any idea what you should be doing with your possessions if you were to die.
Regardless of where you stand right now, estate planning is something you need to start considering. Your age doesn’t matter, nor does the size of your estate. Let’s look at some of the main reasons you need to start working with an attorney for estate planning in Altamonte Springs.
Get Your Assets to the Right Beneficiaries
If you don’t have an estate plan, there is a good chance your assets are going to have to go through a long probate process. Without a will, your belongings may not reach the people you intend. Perhaps you have a classic Mustang you want to leave your daughter, or you set aside money for your grandchildren’s college education. Without having this in your will, it might not happen.
When you create an estate plan, though, it allows you to distribute your assets in the manner you wish. This can be to immediate family, extended family, friends, etc. You can also determine whether you want part of your assets to go to charity and choose the charities.
Plan for Healthcare at the End of Your Life
One of the other important elements of your estate plan will be planning for your healthcare at the end of your life. You can set up a healthcare power of attorney, for example. Put together documents that determine the types of end-of-life treatments you prefer if you get to the point where you can’t make those decisions yourself. This ensures that your wishes are carried out rather than the wishes of those around you.
Another part of estate planning often involves setting up trusts. You might have trusts, a will, or a combination of both depending on your estate and your needs. You can put certain assets into trusts, which can then be kept there by a trustee until your death. At that point, they can go to their designated beneficiaries.
One of the benefits of trusts is that they usually don’t have to worry about probate. This means the assets you put into the trusts will often reach the beneficiaries faster and more easily than if they were in a will.
Choose an Executor for Your Will
The executor of the will is the person that will carry out your desires. They will be the ones who are responsible for dividing the property among the beneficiaries and making sure that each person gets what they are supposed to receive. This is an important job and should only be given to someone you trust. Many people choose to name an attorney as the executor.
If you have minor children, your estate plan will also help to ensure there is a plan to care for them in the event of your death. You can designate someone to be their guardian, and you can provide for them in your will. This will give you peace of mind, knowing that you have control over what happens with your kids when they are still minors.
Prepare for Your Business’s Future
If you have a business, you will want to use an attorney for estate planning in Altamonte Springs to prepare for what happens to the company. Depending on the nature and size of the company, what happens can vary. Sometimes, it can pass on to a family member. This is something you can discuss with your attorney.
Talk with the Right Attorneys Today
If you are going to be doing some estate planning in Altamonte Springs, you will need to make sure you are working with the best attorneys for the job. Fortunately, it is easy to find the lawyers you need through The Orlando Group.
The sooner you get in touch and have your estate plan taken care of the better you will feel. Knowing that your family will be taken care of and won’t have to worry about what happens with the property after your death is a better feeling than you might realize.
If you already have an estate plan, you can talk with the attorney about changing it if needed. There could be instances when updating the plan or making a major overhaul are in order. For example, if you got divorced from your spouse, you probably don’t want your assets to go to them in the event of your death.
Contact an attorney specializing in estate planning in Altamonte Springs today to set up a consultation.