While your Dunedin estate planning attorney can explain that the foundation of any estate plan is to provide a plan for how your property is distributed at your death, he or she can explain that estate plans involve many more principles than this. A Dunedin estate planning lawyer can help you devise a plan in case you become incapacitated and plan for other potential events that can significantly impair your finances. Here are some documents that a Dunedin estate planning lawyer may advise will be part of your estate plan.
When most people think of estate planning, they think of wills. Rather than having the state decide how to dispose of your property, a will lets you make these decisions. However, your Dunedin estate planning lawyer can explain that wills also allow parents to name a guardian for their children. Additionally, you can name an executor to oversee the process.
Another tool that you can add to your estate plan is a trust. Trusts provide for the lawful transfer of property. Trusts can help provide for the management of assets during your life and upon your death. Trust assets are shielded from the probate process. Additionally, you can set parameters around when property should be transferred from the trust to your beneficiaries, unlike with wills.
Power of Attorney
A Dunedin estate planning attorney may recommend that you include a power of attorney as part of your estate plan. This legal relationship allows another person to make financial decisions on your behalf. They can operate while you are ill, when you become incapacitated or both.
Health Care Directives
A health care directive allows you to pre-determine how you want things to proceed when certain situations occur. For example, you can instruct medical providers not to provide you with life-sustaining treatment through the use of a living will. Additionally, you can designate a health care proxy who will have the legal right to make health care decisions on your behalf.
If you would like more information on what you should include in your own estate plan, contact the Coleman Law Firm at 727-461-7474.