Spring Hill residents can enjoy many benefits from the estate planning process, which is recommended for adults of all ages. Estate planning is a process that’s typically overseen by an attorney, who will prepare the documents required to ensure that your assets and wealth are managed and distributed in a manner that’s consistent with your wishes.
But how does estate planning work? We’ll look at what’s involved with estate planning.
Spring Hill Estate Planning Basics
Estate planning involves the creation of documents that will address many different aspects of your estate. Certain documents may go into effect if you are incapacitated or unable to make decisions, while other documents go into effect after your passing.
Some of the decisions that you’ll make as you go through the estate planning process include:
- When and how your money will be distributed;
- When and how your assets will be distributed;
- Which financial sources will be utilized to cover final expenses and bills that are outstanding at the time of your death; and
- Who will be authorized to make financial and medical decisions as your power of attorney in the event that you are incapacitated?
Some may also decide to implement certain conditions that must be fulfilled in order for an individual to receive funds or an asset. For example, a party may need to reach a particular age before they receive an inheritance.
Parents typically address the issue of child guardianship too. It’s a difficult possibility to consider, but a parent must decide who would care for their child (or children) if they were to die before the child(ren) reached adulthood.
It’s also not uncommon to establish an advance directive — also called a living will — during the estate planning process. This living will provides you with an option for formally documenting your wishes in the event that you are incapacitated. For instance, you may indicate whether you would want to be kept alive via life support. You may also designate an individual as a power of attorney — a decision-maker in the event that you are unable to make decisions.
Your estate planning attorney can also help you decide whether a will or a trust will be most suitable for your needs. A will is more basic and it requires probate, whereas a trust is a bit more comprehensive and it does not require probate.
Do I Need Estate Planning?
Spring Hill residents should definitely contact an attorney to begin the estate planning process, as it provides you with an opportunity to make some very important decisions. This is especially important for parents and older individuals, although even a young single person can benefit from estate planning.
If you do not go through the estate planning process, the decision of how to distribute your assets and funds may handle by the courts. What’s more, if you fail to write a living will, you may place a tremendous burden on your loved ones, as they could be forced to make some extremely difficult decisions in the event you’re incapacitated.
What’s the biggest benefit of estate planning? Spring Hill residents will find peace of mind in the knowledge that their wishes will be carried out after they have passed away.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*