Mindy Felinton
Boynton Beach Estate Planning
It’s very important to get your life in order. Preparing for a death is never something anyone likes to do. In fact, many cringe at the very thought. However, Boynton Beach estate planning is a very crucial part of life and in order to properly prepare for your death, you have to begin planning while you are alive and well.
Below we have outlined some common question that we get asked by clients every day. This will hopefully give you some idea of how to go about the planning process, especially for those who have not started doing it yet.
What is the difference between a power of attorney and a living will? Is it okay to have one without the other?
The power of attorney is designed to put someone in charge of making financial, especially when the person is unable to. This is usually a close family member or partner.
The living will is designed as a statement indicating the person doesn’t want to be kept alive, regardless of the circumstances. Both of these are quite crucial.
Which items are not subject to probate when concerning Boynton Beach estate planning?
Assets such as a life insurance policy and retirement assets are not subject to probate. There is also another way to avoid the probate process. It’s called a Revocable Trust. This is your best option to get avoic probate and issues surrounding it.
What is probate? I have heard it being mentioned before with Boynton Beach estate planning.
This is a legal proceeding. It requires court intervention. This is when the assets are divided up to the heirs, be it family, friends or the spouse. There is one major drawback to this though. Before the assets are given out, all debts must be paid off. Every creditor must be settled. This usually takes about 6 months. Once this is all done, then the remaining assets can be divided up. Probate is also part of the public record.
Planning your estate is critical. If you do not plan for anything at all, your assets could get divided up in a way you wouldn’t want to see it divided. Take control of your life, even before your death. Please start planning your estate now.