No matter the size of your estate, it is always a good idea to set up an estate plan protecting your assets and the future of your family. Your estate, whether it is large or small, is made up of everything you own, from finances, digital assets to your personal belongings. To ensure that they are protected or managed properly after you pass away, an effective estate plan is necessary as it will allow you to designate an individual(s) to inherit your assets, or manage a trust. If an estate plan is not created, you could be putting your assets at risk, tying them up in probate court leaving your family to pay taxes and fees.
Before you decide to consult with an estate planning attorney, there are a few documents to gather:
1. Last Will & Testament: The legal document that states how and where you would like your property and assets distributed after you pass away.
2. Living Will including the Advanced Medical Directive: If you become terminally ill or require life support, a health care proxy will designate a health care power of attorney and ensure that your wishes are followed.
3. Financial Power of Attorney: If you become physically and emotionally unable to carry out your financial affairs, a financial power of attorney will allow you designate the person of your choosing to manage your finances, even after your death.
4. Living Trust: A living trust can be prepared to transfer property to beneficiaries. Unlike a last will, a living trust is not usually subject to probate court, fees or taxes.
Other Documents to Consider:
- Marriage and/or divorce papers
- Family medical history
- Personal medical history
- Pensions & retirement accounts, Bank Accounts, Mutual Fund Accounts, 401K accounts, Individual Retirements Accounts
- Do Not?Resuscitate (DNR)? order
- Bank, money market, mutual fund accounts
- Housing, land and cemetery deeds
- Stock certificates, savings bonds & brokerage accounts
- Proof of loans and debts owed
- Partnership and corporate operating agreements
- Life insurance policies
- List of usernames and passwords (Digital Assets), safe deposit information
Though the task of organizing these documents can prove to be difficult and confusing, they are necessary in effective and efficient estate planning. The risk of not being prepared can cause additional tension and stress for your family once you pass. To ensure that your family has the best chance of staying out of probate court, make note of the essential documents need to begin planning for your estate in Jacksonville. The Law Office of Douglas A. Oberdorfer, P.A. has extensive experience meeting the needs of clients and providing the compassionate legal counsel that they deserve. Whether you have a large or small estate, the future of your assets is at stake, so be sure plan ahead.
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Source: http://www.usblawg.com/estate-planning/estate-planning-tips-consider/
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