Inverness residents of all ages may wish to begin the estate planning process, which provides you with an opportunity to determine how your assets and wealth will be managed and distributed in the future.
An attorney typically handles the estate planning process, which may include the creation of a will, trust and living will, also called an advance directive. These documents can provide you with great peace of mind knowing that your wishes have been recorded and your loved ones will not be placed in a situation where they need to make difficult decisions or live with the decisions made by a judge.
So what’s involved in the process of estate planning?
Inverness Estate Planning – How it Works
Estate planning is a fairly straightforward process that provides you with an opportunity to formally record your wishes in the event of your death or incapacitate. Certain documents, like a will, go into effect at the time of your death, while others – like a living will – go into effect if you’re unable to make decisions.
You will need to make lots of important decisions as part of the estate planning process. A majority of the process surrounds your finances and assets. You will need to decide how, when and to whom they will be distributed. It’s also important to consider what funds will be used to cover final expenses and any bills that remain at the time of your death.
When going through the process of estate planning, Inverness residents may wish to appoint a power of attorney in the event they’re incapacitated. Many can also choose to write a living will, also known as an advance directive. This document is very important as it records your wishes in the event you are seriously ill or injured. For example, you may wish to indicate if you would like to remain on life support or you could document what you would like to occur if you were in a coma. This removes the burden from your loved ones, who may otherwise be forced to make these decisions on your behalf.
While tending to your estate planning, Inverness parents will have an opportunity to record their wishes for their children, deciding who would receive guardianship in the event that both parents die or are incapacitated in the long term.
Other Common Issues Surrounding Estate Planning
Inverness clients who are ready to begin the estate planning process will need to decide whether they wish to write a will or a trust. Each option has its own benefits. Generally, a trust offers greater flexibility.
The cost of estate planning varies dramatically depending upon whether you need a will, a trust, a living will or other documents. You may also wish to perform periodic updates in the event that circumstances change (i.e. you acquire a new asset, like a home, or the person whom you selected as a guardian for your children would no longer be suitable.)
Many are uncertain if they need help with estate planning. Estate planning is most important for parents and seniors, but even a young, single person can benefit. You’ll enjoy peace of mind knowing that your wishes are clear and your loved ones won’t be straddled with a difficult decision during an already-difficult time in their lives.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*