Components of a Comprehensive Estate Plan
When many people think of estate planning, they think of writing a last will and testament, commonly called simply a will. While a will is a critical part of any estate plan, it is far from the only document that will benefit you and your family. The following are some documents that are often components of a comprehensive estate plan that accomplishes your goals for the future.
Will – A will is a cornerstone of an estate plan, and having a will makes the probate process much easier for your family and beneficiaries. You can use a will to distribute property as you see fit, as well as to name someone who will care for your children should it become necessary.
Trusts – Even though a will can distribute your property, a trust can do so without added benefits. Trust property does not have to go through the probate process, and you can set out conditions for distributions, such as distributing funds over time or requiring beneficiaries to graduate from school before they receive funds. Certain types of trusts can also protect beneficiaries with special needs, help you make charitable contributions, and have tax benefits.
Power of Attorney – Some people have incapacitating injuries or illnesses before they pass away. If this happens, you want someone you trust to make decisions and handle your affairs. You can use a power of attorney to designate individuals to make financial and legal decisions, as well as to manage your healthcare and end-of-life decisions.
Contact an Estate Planning Lawyer in Boca Raton for More Information
If you want to discuss which legal tools are right for you, consult with the Boca Raton estate planning attorneys at Rubino Findley, PLLC. Contact us online or call 561.220.4213 to set up an appointment and begin planning to protect yourself, your property, and your family.