No matter what your age is, it is important for everyone to prepare an estate plan before it is too late. You never know what the next day will bring. While creating an estate plan can be tedious, it should not be neglected. Doing so can spare your loved ones of unnecessary stress after you pass away or if you become incapacitated.
Many people think having an estate plan means drafting a Will or a Trust. However, there are various other important components that you should not miss. For example, a healthcare power of attorney is crucial. To ensure your family members can access your assets without any legal issues, speak to a Boca Raton Estate Planning Attorney.
What does a basic estate plan contain?
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A Will to distribute your assets to your loved ones.
A Will states who gets your property after you pass away or when you become incapacitated. If you do not write a Will and the unfortunate happens, a court in Boca Raton decides what happens to your property and which family members get what. Certainly, you do not want the judge, a stranger, to take control of your assets and make such a decision.
After writing a Will, you also need to choose an executor who ensures that your wishes in the Will are carried out fairly. A Will is an important piece of document to take care of if you have children under 18. This is because you also need to choose a guardian for them.
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Durable Power of Attorney.
A Durable Power of Attorney is a legal document that you can use to give another person the power to make decisions on your behalf of you. This is usually someone you can trust blindly because they are going to decide important things when you become incapacitated. This power ends the day you pass away.
There are two kinds– general and limited. A general power of attorney makes all the decisions, while a limited power of attorney only makes specific decisions that are enlisted in the plan.
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Beneficiary designations.
Since your assets can be passed on to your heirs by the court if you do not write a Will, it is important to maintain a beneficiary. If you do not name a beneficiary, or the beneficiary has passed away before you, the court could be left to decide the fate of your properties. You do not want a stranger, even if they are a judge, to make decisions about your life because they are unaware of your special personal situations.
