No matter your net worth, it’s important to have a basic estate plan in place and having it done properly by an Estate Planning Sarasota FL law firm is the best way to ensure that your directives are followed after you are deceased. A well designed estate plan can ensure that this is done and an experienced Estate Planning Sarasota FL knows exactly how to handle this situation.
An estate plan has several elements that include a will, power of attorney, a living will or medical care directive and for some people the establishment of a trust. When you and your Estate Planning Sarasota FL attorney begin putting together your particular plan of action, the will make sure you are aware of all federal and state laws regarding estate planning.
The best place to begin when you are planning your estate is with your assets. Exactly what do your assets include? Your assets include any investments, retirement savings, insurance policies, and real estate or business interests. Your Estate Planning Sarasota FL should ask you three basic questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you’re ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself? These questions are important because the answers will decide exactly how your Estate Planning Sarasota FL designs your particular estate planning program. A truly experienced Estate Planning Sarasota FL legal counsel service will guide you through all the intricacies of how you can distribute your assets before your death and how inheritance taxes can be reduced or avoided all together.
The next step is to have a last will and testament drawn up. By having your Estate Planning Sarasota FL draw up a legal will, you are telling the world exactly how you want your assets distributed when you die. If you have young children, it is also the best place to name guardians for them and determine how old you want them to be before they have full control of their inheritance. If you die without a will, this can cause conflict among your heirs and often block your estate up in court for a long period of time. Your Estate Planning Sarasota FL legal counsel will tell you that even if you have a trust-you still need a will to take care of final settlement of your estate.
It is also very important to establish a living will or final medical care directive. An experienced Estate Planning Sarasota FL knows that if you become mentally incapacitated and are rendered incapable of taking care of yourself or if you become terminally ill, then this legal document spells out what is to be done regarding your medical care and who is your legal representative for the handling of your assets and any other legal matters. This legal document drawn up by your Estate Planning Sarasota FL also allows any business you may own to continue in operation if that is your directive.
Experienced Estate Planning Sarasota FL legal counsel services can be easily found on websites such as Jameswmallonee.com when you are ready to plan your estate.
