Brooksville residents of all ages can benefit from estate planning services, which are designed to help you manage your wealth and assets in the long term and beyond. So what is estate planning? What types of tasks are performed as part of estate planning?
Brooksville Estate Planning – What’s Involved?
Estate planning is a multi-faceted discipline that can benefit individuals of all ages and all walks of life. Through the estate planning process, you will address a number of topics, including:
- Who will receive your finances after your death;
- Who will receive your assets after your death;
- How your finances and assets will be disbursed;
- What funds will be used to pay your final expenses and any outstanding bills; and
- Who will make medical and financial decisions if you are no longer able to do so?
One aspect of estate planning involves writing a will or trust. This will or trust is a formal document that specifies your wishes concerning the aforementioned points. In addition to naming the recipients of your finances and assets, you may choose to include specific conditions that must be fulfilled in order for the party (or parties) to receive the funds or assets. For instance, you may specify that a child must graduate from college or reach age 30 before they receive funds.
Through the estate planning process, some may also choose to address issues such as who will be appointed as the guardian of your children in the event that you and your husband, wife or significant other die before your children reach the age of 18. It’s also not uncommon to create a living will, also known as an advance directive, which details how you would like to be treated if you are incapacitated (i.e. you may specify that you would not want to live in a coma on life support.)
Who Handles Estate Planning?
Brooksville residents typically turn to an attorney to oversee the estate planning process. Estate planning requires legal documents, which must be carefully prepared and recorded.
There are some significant differences between a will and a trust. A trust generally provides you with more flexibility, although a will may be more than sufficient in many cases. Your estate planning lawyer can help you determine which option is best to suit your unique needs and requirements.
Some estate planning attorneys also work in conjunction with a financial planner, since these services are related to some degree.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*