In Lantana, Florida, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
Usually, the first thing a person thinks about when they think about estate planning is a will. A will dictates what occurs to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
Perhaps most notably, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Lantana, Florida?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you have a life partner in Lantana, Florida, but aren't married to him or her, estate planning is necessary. If you want your partner to have most of the same rights and responsibilities as a spouse, it's typically possible with good estate planning. You should grant your partner power of attorney, so they can make arrangements for you in case you become incapacitated. Moreover, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
Individuals who are elderly and/or have a considerable amount of money in Lantana, Florida are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always includes, but it's crucial.
Do I Need a Lantana, Florida Estate Planning Attorney?
Because estate planning in Lantana, Florida is not always simple, the assistance of a reliable attorney will almost certainly be useful, and worth the cost. This is doubly true because of how essential the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.