What is estate planning?
Everyone needs to do estate planning. Why? Because we all have people we care about (and, in return, people who care about us), we need to make a plan to make sure that our assets go to those people and charitable causes upon our death. Whether you are single, in a relationship, have or do not have children, it is important to write your wishes. There are a variety of legal documents that will ensure that you and your family are protected in the event of illness, disability or death. Estate planning documents will give you the security to know that you have a legally enforceable plan to protect your loved ones and that you have the last say in determining who will inherit from you. Health care directives and power of attorney will ensure that you designate who will make medical and financial decisions for you should you become incapacitated.
While it is not an easy subject for most people to contemplate, estate planning is a necessity. Your estate plan should also be updated as your life situation changes.
If you have mindfully prepared an Estate Plan, you're smart. By creating a Last Will and Testament or Revocable Living Trust, these documents will make a difficult life event easier on your loved ones.
When you do estate planning, you need to think about everything that you own, the form of ownership that you have (either individually owned or jointly owned), including your home, automobiles, bank accounts, investment or retirement accounts, and other personal items and who you would wish to benefit upon your death. You will also need to consider who you can trust to carry out your wishes and who is best able to perform the required tasks to settle your affairs.
While doing estate planning, you will also need to think about planning for your possible incapacity, and who you would want to make health care decisions for you if you are not able to express your wishes at the time, as well as who would you trust to be able to manage your financial matters for you if you are not able to do this. All of these decisions require coordination and communication, and estate planning can help you formulate your wishes should you no longer be able to care for yourself.
Estate planning is also important because you want to ensure that your estate administration takes place quickly and easily. You must ensure that those who come after you know what they need to do and provide them with resources to help with the task. An estate plan can give you, and those you care about, peace of mind and security for the future.
Everyone's situation is different. Just as you are unique, your estate plan should be unique to you and customized for your particular life situation and asset plan. Protect what matters most to you by completing your estate plan.
The decisions that you make in estate planning not only require the assistance of a knowledgeable attorney but also an attorney that is compassionate and will understand your situation and help you achieve your goals.
Give us a call. We can help.
Law Office of Shawn C. Newman, P.A.
710 Northeast 26th Street
Wilton Manors, FL 33305-1238
Phone: (954) 563-9160
Serving all of the greater Fort Lauderdale area and Broward, Palm Beach, and Miami-Dade counties in Southern Florida.