Estate Planning
Estate planning is the process of taking the steps necessary to designate who you want to assist you in your affairs and who you would like to receive your property after you pass away. Estate plans can be simple or complex, and they change as you experience changes in your life—a young, single person has different needs than an aging, divorced parent. Without an estate plan, a guardianship may be required if you are unable to manage your affairs, and your property will pass according to your state’s intestacy laws. Forming a coherent, comprehensive estate plan is critical to help avoid family conflict during very stressful times—by clearly expressing your wishes, your family (and the courts) know what you wanted.
The most common estate planning documents almost everyone needs are a Last Will and Testament (commonly referred to as a Will), Durable Power of Attorney, Designation of Health Care Surrogate, and Living Will. Older people and parents of young children will also benefit from a Declaration of Preneed Guardian for themselves or their children. Those with more advanced planning needs may also want or need a trust.
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Last Will and Testament
A Last Will and Testament is used to specify who should receive your property after you pass away, and parents of young children can also specify who they would like to serve as guardians of their children.
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Trusts
Trusts can be used for a variety of reasons, such as to avoid the need for probate, to make distributions to a loved one over time, for tax planning, and to ensure continued qualification for public benefits like Medicaid.
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Power of Attorney
A Power of Attorney grants another person the ability to make specific decisions on your behalf. These can be very broad or limited based on your wants and needs, and they can remain in effect even if you no longer have the ability to manage your own affairs.
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Designation of Health Care Surrogate
When you begin to need more assistance, its essential to have a health care surrogate designation to ensure that when the time comes, your loved ones can step in. This allows your surrogate to be your advocate while navigating the healthcare system.
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Living Will
During the most challenging times for you and your family, when your health is declining, be sure that your loved ones know how you want to be cared for. Your living will is your opportunity to be clear about your end of life plans for your doctors and family.
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Declaration of Preneed Guardian
In the event that you or your children need a guardian, specify who you want to serve in that role and ensure continued care. Planning ahead with a declaration of preneed guardian protects your loved ones.
Schedule a Free Consultation
Want to learn more about what estate planning may be best for you? Schedule a free consultation with a Gainesville estate planning attorney today.