Turn To An Insightful, Understanding Estate Planning Attorney In Gainesville
Estate planning allows you to decide how you want to live now and whom you would like to benefit from your assets later. Most estate plans include a power of attorney, health care directives, one or more trusts, and a last will and testament.
It is so important to appoint trustworthy people who can help you if or when you need it throughout your life. It is also essential to prepare a plan that distributes your estate in the manner you want when you are not here. For both of these reasons, it is best to ask the assistance of an estate planning attorney. Contact the Law Office of Marilyn C. Belo, located in Gainesville, to make the necessary appointments and create a plan that meets your needs and wishes.
For Protection During Your Lifetime
There are a number of different types of tools that can be utilized to protect your wishes, assets and legacy for the future. Below are some examples of estate planning tools I often recommend to my clients.
A simple or complex will allows you to tell your loved ones how you want your property distributed after you die. In a will, you can appoint the person you want to manage and ultimately close your estate. Your will may incorporate a trust to ensure that your spouse or a loved one with special needs who receives public benefits will continue to receive those benefits despite receiving an inheritance. If you have put most or all of your assets into one or more trusts, you may create a “pour-over will” to account for any assets that fall outside those trusts, such as income that your estate receives after your death.
Through a will, you can also identify charities or other entities that you want to benefit from some or all of your assets after death, such as a city or a business or organization that you helped found.
A trust allows a third party to hold assets for the benefit of a beneficiary. There are many types of trust, and each has a unique purpose and benefit. Not everyone needs a trust; however, trusts can be useful for the management and control of assets during life and allow for a smooth transfer of ownership upon death. Trusts can also provide safeguards for beneficiaries who are still children or need someone else to manage their assets.
A Living Will
In a living will, you tell your loved ones and medical providers the extent of interventions you do or do not want at the end of life. It provides the opportunity to articulate your values, your spiritual beliefs and philosophy about the end of life and, in this way, provide comfort and guidance to your loved ones at a potentially difficult time.
A Durable Power Of Attorney
A durable power of attorney is a powerful document that can help you remain independent during your life. It can save your family members much trouble and expense at a time of critical need. With a power of attorney, a principal appoints an agent to act on behalf of the principal under certain circumstances can be an effective tool allowing you to plan for some time when you may be unable to manage your affairs and may need someone whom you trust to act on your behalf.
A Health Care Directive
A health care directive contains your instructions to medical providers regarding whom you want to speak for you if you cannot provide informed consent for your own medical treatment. It allows your agent to assist in medical decision-making if you are seriously ill, injured, in the late stages of a life-limiting illness or at the end of life. Planning ahead by creating a health care directive allows your voice to be heard when you cannot speak for yourself.
For Distribution Of Assets After Death
Some people hope to help their beneficiaries avoid probate court by creating trusts and putting all assets in those trusts. Others incorporate trusts into their wills.
What Types Of Estate Planning Documents Do You Need? Let’s Get Started On Those.
You may feel overwhelmed at the thought of the thorough estate planning that you know you should have. At the Law Office of Marilyn C. Belo, you can opt for a la carte services to keep it manageable. For example, you may want to create or update your will right away and then take your time to add more components.
Working closely with you, we can together create an estate planning strategy that will feel just right. To schedule a consultation with me, call (352) 448-4500 or send an email inquiry through this website.