Advice from Estate Planning Attorneys: 5 Basics of Solid Estate Planning
When it comes to putting together a solid asset strategy in Largo, your estate planning attorneys at Wagstaff Law Office, P.A. want you to focus on five key aspects. Getting these five points nailed down will release your family from having to go through probate, saves you from spending money, protects your assets, and designates the person that you choose to act on your behalf should become incapable. What are these five basics you should know?
The will is the document that legally directs the distribution of your property in Largo after your death. The importance of this document cannot be overstated given that not having one in place will allow the State to determine how your property and assets should be distributed. The will also denotes a legal representative to carry out your requirements.
Setting up a trust is one of the most efficient methods of asset transfer because it allows your beneficiaries to forego probate along with the time and expenses associated with it. There are many different ways to set up trusts depending on the advantages and benefits you wish to gain. Your estate planning attorneys can discuss the types of trusts that will be most beneficial in your particular situation.
3. Powers of Attorney
Appointing a power of attorney means the person you choose will be able to take care of your financial matters if and when you are not able to do so for yourself. If this person is not legally appointed by you, you will have a Largo court-appointed representative who may not be your preference.
4. Medical Directives
Medical directives allow you to designate your choice of agent to make decisions for you in case you are unable to. In cases of critical illness or being in a vegetative state, having a representative you trust is imperative. Do not let the State make these life-changing medical decisions for you. Choose your medical directives for yourself.
Naming your beneficiaries will allow each person to inherit what you wish them to without squabble or confusion. The beauty of hiring estate planning attorneys in due time is that you will be able to modify your arrangement if the need to do so arises. New marriages, births, or divorces happen, and you may wish to change your beneficiaries. In this case, there is no problem. Just let us know!
Wagstaff Law Office, P.A.’s Estate Planning Attorneys Can Get You Started
Are you ready to get these basics down on paper? Give your estate planning attorneys at Wagstaff Law Office, P.A. a call in Largo at 727-584-8182. We will help you through each of the basics to make sure that you have a reliable document secured in the face of the unexpected.