According to many large financial institutions, over half of the current population of retirees have plans to leave an inheritance behind for their children and grandchildren. However, most of these individuals lack proper estate planning, choosing instead to depend on having the time to create a will to ensure that their final wishes are carried out.
While having a will in place is a great place to start, it doesn’t address many of the issues that arise before you pass away such as having someone designated to make financial and medical decisions on your behalf in the event you are no longer able to make them on your own. And, it also doesn’t address the potential for discord in the family after you have passed on. By creating an estate plan, you can avoid many of the issues that may arise.
So, when should you plan your estate? According to Ally Glaser, Estate Planning Attorney Miami Beach, Fl, the best time to plan your estate is now. Approximately 70% of Americans die intestate, which means that they pass away without having either a trust or a will established. This means that all decisions made regarding who distributes your assets and how they are distributed becomes the responsibility of the court system.
Ms Glaser suggests that people see an estate planning attorney as soon as possible in order to set up five of the most important documents you’ll ever need. These include:
Revocable Trust- Establishes a trust where all your assets are collected will be distributed after your death. When establishing a trust, you can ensure that your heirs receive their inheritance as per your wishes, on a schedule you provide to ensure they don’t receive too much too soon.
Pour Over Will-This document appoints someone to become the guardian of your minor children in the event you are unable to care for them anymore due to injury or illness. It also allows your assets to move into a trust upon your death and documents your final wishes for your remains after death.
Power of Attorney-This document appoints someone to handle your finances if you become unable to do so due to injury or illness.
Health Care Surrogate-This document appoints someone to make medical decisions on your behalf in the event you become unable to do so due to injury or illness. This may or may not be the same person who holds your power of attorney.
Health Care Directive- This document outlines your wishes as it pertains to certain medical procedures. This document can be used by your healthcare surrogate to make decisions regarding your medical care in the event you are unable to do so due to injury or illness.
Having these documents in place ensures that you are protected and that your wishes will be carried out both before and after you pass away.
About Ally M. Glaser
Ally M. Glaser is an estate planning attorney and Probate Attorney Miami that help those in the Miami Beach, Fl area and surrounding counties with their estate planning needs. For more information regarding Ms. Glaser’s practice, please visit http://www.allyglaser.com/estate-planing/ ~ http://www.allyglaser.com/probate-administration/.
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