What is The Estate Planning Process?
Don't Put It Off Until It's Too Late
Estate planning is something that nearly anyone will agree is important, but at the same time it is something that most people put off for as long as possible. Many people are simply uncomfortable discussing the issue of what will happen upon their passing, while others think that it doesn't apply to them.
All too often, they wait until it is too late. When an unexpected event such as a serious accident or a major illness occurs, they find the vital importance of estate planning being forced upon them by the circumstances they face.
Don't let this happen to you. Come to Jackson Law for help from our team of experienced Orlando estate planning attorneys. We can guide you throughout the entire process, working to help you make informed decisions and to select the options that will most effectively protect your family and secure your assets.
The Beginning of the Estate Planning Process
There are many different estate planning strategies available to meet the needs of your unique situation. The first step is to come to our office or call us for an initial consultation to discuss your priorities and to review your options.
We look at several factors, such as:
- Who you would like to name as your heirs
- Who you trust to oversee your affairs in the event that you become incapacitated
- Who you would choose as the executor of your estate upon your passing
We can also examine your financial circumstances to determine whether you need to establish a trust in order to avoid the federal estate tax and the probate process, or if a simple will would be sufficient for providing for the smooth transfer of assets to your family members.
Common Estate Planning Options
With a carefully prepared estate plan in place, you can move forward into the future with the confidence and peace of mind that come with knowing that you have taken measures to ensure that your loved ones are not subjected to unnecessary stress due to legal complications after you pass away.
Some of the most common options in estate planning include:
- Wills and Trusts, including irrevocable trusts and revocable trusts
- Power of attorney to appoint someone to manage your financial affairs
- Living will to specify your wishes concerning life support and end-of-life medical treatment
- Guardianship for minor children or for yourself in the event that you become incapacitated
Benefits of Estate Planning
In this way, estate planning is one of the most compassionate things that you can do for your family. It not only provides them with the benefits of your generosity, but also serves to prevent strife and conflict over inheritances by establishing clear and unequivocal directions concerning the distribution of your assets.
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