Mindy Felinton
Lantana Estate Planning
If there is one thing you should prioritize in your life, it’s planning your estate. Laying out the right plan will come in handy when you are no longer capable of making decisions or gone from the world. When most people hear about estate planning, they immediately think about a will, and that’s where they get it wrong. However, an estate plan consists of much more than drawing up a will. It is important to understand what comprises an Lantana estate planning so that when you decide to get one in Lantana, you will be ready. A qualified professional can help you with the various components of estate planning.
Will
It helps to know that the people you left behind will meet your last wishes, in the event of your death. That can only happen when you have a will. A last testament is useful in dividing your assets among beneficiaries. You must have heard cases of people fighting over the property of a deceased person because there was no will. To avoid leaving a mess behind, you can have a professional help you create a will for your beneficiaries.
A will is particularly vital if you have children who are minors. You must leave instructions of who will take care of your children in case something happens. A Lantana estate planning professional will also help you find an executor for your will. An executor is a person that will see to the fulfillment of your wishes.
Power of Attorney
A power of attorney is also an aspect of estate planning. It is the appointment of a proxy who will make decisions on your behalf in case you are not able to. In situations where an individual suffers incapacitation of any kind, the person with the power of attorney has a legal right to decide on matters like finances pertaining to the said person. You should find out about the types of powers of attorney that you can use.
Trusts
Another feature you should think about when getting Lantana estate planning services is a trust. A trust is a way of passing assets outside of probate. This means that in the event of your demise, it goes directly to your named beneficiary. The reason you should think about trusts is because they don’t require long processes during the transfer of assets to beneficiaries. A trust is also a good way to ensure that your loved ones have the protection they need.
Other Aspects of Planning
There are other features of estate planning like an advance medical directive that gives a named individual the power to make medical decisions on your behalf. Life insurance is also another part of planning your estate that you have to consider. A life insurance policy will provide a financial cushion to your beneficiaries when you die.