Judy-Ann Smith Law Firm, P.A
Estate Planning Services
Take time now to plan your estate for the wellbeing of your family members. If you become seriously ill or pass away suddenly, you have eliminated uncertainties and maximized the value of your estate.
Judy-Ann Smith Law Firm, P.A estate planning services will help you plan today to make sure your beneficiaries are protected and your wishes carried out.
Make informed decisions about the ownership and distribution of your assets during your lifetime and into the next generation. Your estate plan should be a reflection of your life at any given time. If there are changes, such as the birth of a child or change in marital status, your plan should be revised to reflect the changes. It’s a good idea to review your estate plan and will at least every three to five years.
5 Hardest Questions to answer when planning your estate
Who will your beneficiaries be?
While your spouse is the most obvious choice as the primary beneficiary, children, grandchildren, your favorite niece or nephew, or even your favorite charity will need to be outlined as a beneficiary if that is part of your estate goals.
If you have young children, who will be appointed as their guardian?
If your spouse survives you, he or she would of course take on this role. But in the event you and your spouse die in an accident together, you will need to determine who will look after your children.
Who will be the executor of your estate?
The executor is the person who will be responsible to carry out your estate plan. While it may seem like an easy task to carry out, many issues can still arise. There are many options to consider including professional third parties.
How to distribute the inheritance to your beneficiaries?
Depending on the type of assets you’re leaving each beneficiary, you many need to split up an asset between two or more parties. Furthermore, when leaving money to your children or grandchildren, you may not want them to receive their inheritance too soon or all at once. In this case, you would want to look at trusts.
Who has power of attorney now?
While the executor or your estate will have legal control once you die, there might be circumstances where you need someone to manage your finances and act on your behalf while you’re still alive.
Estate planning is a key step in the preparation of:
• Your will, which is the legal document that details how your estate and possessions will be handled after your death.
• A personal directive, which gives direction about your health and maintenance if you are incapable of doing so.
• An enduring power of attorney, which appoints someone you trust to look after your financial and legal matters if you are unable to do so.
Completing an estate plan can be an uneasy process for some but taking the time to plan now will help ensure the best for those you leave behind.
We’ll walk you through the planning process and help you identify key areas that should be covered in your legal documents. We are also able to provide referrals for lawyers, who specialize in trusts and estates, to complete the legal documentation.
Ask about our trust and estate planning services
To find out more about our trust and estate services, please contact us.