Homosassa residents of all ages can benefit from estate planning, which provides you with an option for ensuring that your wealth and assets are divided in accordance with your wishes if the unthinkable were to occur.
What is Estate Planning?
Homosassa estate planning experts can guide you through the process in fairly short order. Estate planning involves a few different documents, the most well-known including a will and trust-related documents.
Your attorney can help you decide whether a will or a trust is most suitable for your needs. A will does have some limitations and it must go through probate, which results in a delay and some additional expense. A trust, on the other hand, allows for more flexibility and probate is not required, making trusts a preferred choice among many folks who are going through the estate planning process.
As you address your estate, you’ll need to make a number of decisions, including:
- Who will receive your finances;
- Who will receive your assets;
- Specific terms and conditions for receiving your finances and/or assets; and
- How you’re final expenses and any remaining bills will be paid.
The estate planning process may also include other documents too. Parents may wish to consider who they would want to appoint as a guardian in the event both parents were to die before the child reaches the age of 18. This is a very important document for parents, as otherwise, the courts may make this decision on your behalf and there’s a chance that you may not agree with the decision that would be made.
In addition, many Homosassa estate planning clients opt to write up a living will, also called an advance directive. This document is very important, as it goes into effect if you were to become seriously ill, injured and/or incapacitated to the point where you’re unable to make decisions.
The living will provides you with a chance to indicate your wishes in a situation where end-of-life decisions must be made. For instance, if you would not want to be kept alive with life support equipment, you would need to indicate this in your living will. This can prevent a situation where your loved ones are straddled with a life-and-death decision at an extremely difficult time.
There are many benefits of estate planning. Homosassa residents can find peace of mind knowing that their wishes are known and their wealth and assets will be divided and disbursed in accordance with your desires.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*