North Tampa Estate Planning Attorney
No matter what your estate planning goals may be, it is important to find a North Tampa law firm that can help you put them into action. Having a basic estate plan in place can give you peace of mind about your own planning and reduce the possibility of conflicts down the line. It also gives you the opportunity to outline your plans for the future so that these can be respected should the need arise. Read on to learn more about the essential components of a basic estate plan.
Last Will and Testament
Your will is your chance to articulate what you want to happen to your property after you pass away. The will is considered the most basic of all the tools in your estate plan, but this does not mean that it should be overlooked or put together without careful thought. In order for a willís guidelines to be carried out, the document itself must be valid. Ensure that your will is developed and annually reviewed by a North Tampa estate planning attorney. A level of protection above the Simple Will or Last Will and Testament is a Living Trust. The Living Trust provides you with more control of your assets which lists how and when payments are disbursed to beneficiaries. During your consultation with our Pasco Estate Planning attorney or North Tampa Estate Planning attorney, we will discuss the Living Trust and determine if it is beneficial to you.
Power of Attorney
Power of attorney refers to a legal document in which you have named another person to manage your affairs if you are not able to do so for whatever reason. The person appointed to act on your behalf is known as an agent, and this individual should be selected with care. Consult with our estate planning attorneys to get specific advice on how a power of attorney will protect your interests.
If you have specific opinions or requests regarding your end of life care, they should be outlined in a living will. If you become unable to communicate your desires in the middle of a medical crisis, your living will serves as an official document outlining what you would like to have happen to you. Having a living will makes your intentions clear and limits the potential problem of loved ones offering conflicting opinions about your care. Make sure that you have taken the time to consider all options, and have your attorney annually review your living will to ensure it communicates your wishes.
Health Care Surrogate
A health care surrogate and a living will are not the same thing. If you select a health care surrogate, that person is empowered to make decisions on your behalf should you become incapacitated. If you decide to go this route, selecting the right individual is critical and should be discussed with your estate planning specialist.