If you’re ready to draw up an estate plan, you may be overwhelmed by the process. Estate planning is essential for preparing the security of your future, family, and property. Knowing all of that, it can be hard to start estate planning out of fear that you won’t do it “right.” Fortunately, when you partner with an experienced lawyer trained in the details of estate planning, you can navigate the process with ease and satisfaction. The experts at The Millman Law Group will help you through every step of the following estate planning checklist and fine-tune any essential details.
Organize Your Assets
One of the more time-consuming steps in estate planning is collecting documentation for your assets. Your assets include cars, real estate, and any inheritance and investments. Before you can start drawing up estate planning documents, you will need to gather your asset information. Be sure to find any titles that indicate ownership, so you can guarantee that you indeed own your assets.
Evaluate Your Debts
It’s important to know what debts you have, so you can understand how they may affect your estate plan. Your loved ones can become responsible for paying off your debts by selling your assets in probate court. You can also discuss with your lawyer ways to avoid probate court and pass on assets without enduring that time-consuming process.
Power of Attorney
Before creating your will, think about who you would want to make medical or financial decisions on your behalf if you are incapacitated. The Millman Law Group will help you navigate the powers of attorney that can outline who has control over your health or finances in these situations. The different types of POA can also determine when these powers become active and which powers are granted.
Finally, one of the most crucial steps on your estate planning checklist. A will acts as a directive that outlines your wishes regarding the distribution of your assets to your beneficiaries, and more (you may even want to create a Trust plan to help avoid the probate process). Working with an attorney to draw up your will is the best way to ensure that your affairs will be handled as you wish.
Choosing beneficiaries may be more complicated than you think. You will want to ensure that you trust the people you choose to take care of your property, investments, and business assets and that they are capable of managing them. If you decide to leave an asset or investment to a minor, extra steps may be included, like creating a trust.
An attorney’s expertise will help you cross off every item on your estate planning checklist. They can also help you avoid probate court and extra expenses whenever possible. If you’re eager to plan for your future, contact The Millman Law Group today.
Estate Planning 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.