If you have children or elderly parents, it’s important to have an estate plan in place. Estate planning does not only apply to wealthy individuals; preparing an estate plan is advisable to everyone. Read on to discover a few of the basics you need to know about estate planning.
Plan your estate or the state will do it for you.
If you don’t have an estate plan in place, the state will distribute assets to loved ones according to probate upon your death. This will likely not coincide with your wishes, so it is best to locate estate planning services in Coral Springs to help you and your family prepare.
What is probate?
Probate is the process the court uses to settle an estate upon a person’s passing. It’s an expensive, lengthy process that can take years to complete if an estate plan is not in place.
Why is preparing a will important?
While a will may not completely sidestep the probate process, it will likely make things considerably easier. It serves as a guide for the deceased loved one’s final wishes, so the courts and the executor of the will can have a roadmap to effectively distribute belongings, making the process easier for those involved.
To further streamline the probate process, it’s a good idea to name beneficiaries for financial assets and possessions. Acquiring a real estate attorney in Coral Springs can make the process much easier and more organized, as well.
Power of Attorney
A Power of Attorney enables a person to select a responsible party to handle financial and/or medical decisions should he or she become physically or mentally unable to do so. This may include handing bills and medical expenses, as well as making important medical decisions, so it’s important to choose someone you completely trust.
Death is a difficult topic to deal with, but the reality is that it’s important to have an estate plan in place for loved ones to carry on with minimal chaos upon a loved one’s death. Estate planning is an essential step that provides peace of mind and reassurance for oneself as well as family members.