Creating a thorough estate plan is so intricate that we couldn’t fit all the valuable information you should know into one blog! Last week, we left off discussing the importance of hiring an estate planning lawyer, which of course, you can find here at Millman Law Group. We have the experience, compassion, and attention to detail you require to legalize an estate plan that meets all your specifications. Today we’ll talk about additional information, such as if you need a revocable trust and how to handle the possibility of being mentally incapacitated. Here is part two of creating an excellent estate plan.
Determine if You Want a Revocable Living Trust in Your Estate Plan
A will and revocable living trust have a lot of overlap. Essentially, with both, you can allocate funds. However, you have to pay attention to what specific assets and accounts you want to distribute. For example, an IRA trust would be necessary if you’re passing funds from an IRA account to a beneficiary. In addition, a will comes into effect when you are no longer living. However, you can utilize a revocable living trust while you are still alive.
Create a Plan for Mental Incapacity
Even if you’ve been relatively healthy all your life, being extra prepared for unexpected health changes is never a bad idea. Furthermore, while it isn’t pleasant to think about, an unanticipated accident could happen. For that reason, disability planning matters, as well as guardianship and a trust that could help take care of a minor child if something were to happen to you. In addition, a living will, health care proxy, medical power of attorney, and power of attorney are all necessary is if you’re no longer to make medical or financial decisions for yourself.
Think about Your Legacy
When developing an estate plan, you’re essentially thinking about your legacy. You have to determine what you want to happen to your businesses, what charities you’d like to donate to, funeral arrangements, and how to ensure that your spouse doesn’t have to worry about how to pay the bills after you’re gone. In addition, a dynasty trust can ensure that you pass wealth on to multiple generations. Estate planning is deeper than figuring out what assets go to who and when they receive them. An estate plan clarifies how you want people to remember you and what matters to you the most.
When it’s time to create the best estate plan, you can count on Millman Law Group.
An Estate Plan Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.