In Ormond 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 encompass personal issues that might come up immediately before and after a person's death.
Typically, the first thing a person thinks about when they think about estate planning is a will. A will dictates what happens 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 include a living will, which gives your doctors and relatives instructions concerning 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 Ormond Beach, Florida?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
Individuals who are, for different possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Ormond 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.
Other groups for whom estate planning is very crucial in Ormond Beach, Florida are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most crucial. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Ormond Beach, Florida Estate Planning Attorney?
Because estate planning in Ormond Beach, Florida can involve some confusing legal and financial issues, it is essential to undertake this task with the guidance of an experienced attorney who specializes in estate planning.