When it comes to estate planning, many people imagine a multi-million-dollar estate involving land, many heirs, and trusts. In reality, estate planning encompasses much more than that. Estate planning can include any of the following: Last will and testaments, medical advance directives, powers of attorney, trusts, guardianship nominations, beneficiary designations, and deeds.
Even if you do not own real estate, you still need estate planning. Estate planning is for anything you own, which could even be a small bank account or a vehicle. If you are to pass away without a last will and testament, leaving items such as these, you are still likely setting up your beneficiaries for problems. You may also need essential documents such as a power of attorney, living will, and/or health care surrogate. These documents provide for medical and financial decision-making if you are incapacitated. If you are single, these documents are of even more importance, so a person has the legal authority to act for you medically and transactionally.
Estate planning is also crucial if you plan to leave any assets to a minor child, whether the child is your’s or not. It is prudent not to leave a minor child (under 18) a sum of more than $15,000 without consulting an estate planning attorney. Even if you have minor children but do not have any real estate or other assets, you want to ensure, at the very least, that you have a legally named guardian so the court does make that decision for you.
In summary, estate planning isn’t just about wealth, it’s about taking control over what matters most to you. Estate planning is relevant in all stages of life. By establishing an estate plan, you can safeguard your wishes and ensure you and your loved ones are cared for.
Cheers to peace of mind and smooth sailing ahead!
Tara David, Esq. of Estate Law of Florida, P.A. is located at 2211 E. Sample Road (Suite 101) in Lighthouse Point. Visit elflorida.com, email [email protected], or call 954-951-7274 for more information. Tara David offers complimentary consultations for estate planning, guardianship, and probate matters.