In Tamarac, 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.
Most notably, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can actually take on such responsibility.
What Type of Estate Plan Do I Need in Tamarac, Florida?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some basic considerations in making this decision, however, are your health, age, and the amount of assets involved.
For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.
There is one group of unmarried people for whom estate planning in Tamarac, Florida is absolutely crucial: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take several steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Individuals who are elderly and/or have a large amount of money in Tamarac, 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 involves, but it's crucial.
Do I Need a Tamarac, Florida Estate Planning Attorney?
Estate planning in Tamarac, Florida is not always confusing, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.