In New Smyrna Beach, 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.
Generally, 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.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in New Smyrna Beach, Florida?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
Individuals who are, for various possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good New Smyrna Beach, Florida estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are very old, and have a considerable estate in New Smyrna Beach, Florida, you should definitely come up with an estate plan if you haven't already. Admittedly, this involves confronting some unpleasant and morbid subjects, but it is still very essential. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a New Smyrna Beach, Florida Estate Planning Attorney?
Because estate planning in New Smyrna Beach, Florida can involve some difficult legal and financial issues, it is crucial to undertake this task with the guidance of an experienced attorney who specializes in estate planning.