Estate planning should be at the forefront of your mind if you have minor children
Estate planning is more complicated than drafting a will or trust. For this reason, hiring Millman Law Group can make this process a lot smoother. It can help you rest much better at night knowing that Millman Law Group can transfer all of your assets seamlessly to your heirs once you’re no longer here. It’s also comforting to know that you can designate provisions that will give your family access or control to your assets if you can’t do this yourself within your estate plan. While it’s true that estate planning has a lot of steps, this content will help streamline the process. Here are five must-have components to make the most out of your estate planning.
Wills/Trusts
A will or trust is not something that only wealthy people should consider. These are the two main components of every estate plan, even if you don’t have many assets. A will ensures that any properties you leave behind are distributed to your liking. Trust can help to streamline the distribution process to your heirs by avoiding the long court probate process.
Durable Power of Attorney
When you designate a durable power of attorney, it ensures that your desired wishes will play out if, for whatever reason, you can no longer make sound decisions yourself. Without a durable power of attorney, a court, while you are living, may have to decide what happens to your assets if you are not mentally competent. A durable power of attorney is a critical component of your estate plan.
Beneficiaries
You’ll want to name a beneficiary(ies)and a contingent beneficiary(ies) in your will. A contingent beneficiary refers to the person who will receive your assets if your first beneficiary passes away. If you do not have a Will and/or Trust, the state intestate laws will govern who gets your property.
Healthcare Power of Attorney
A durable power of attorney more so handles financial decisions. However, a healthcare power of attorney follows through with health decisions based on your wishes. Select someone you can trust and has your same stances on health care.
Guardianship Designations
Some wills or trusts have this clause, while others don’t. If you have children that aren’t 18 and older, you should pick a guardian, and you shouldn’t overlook this incredibly significant decision. A contingent guardian is another must-have component as well.
If you’re ready to make the most of your estate planning, give Millman Law Group a call today.
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.