Four Frequently Asked Questions About Estate Planning In Tampa
Estate planning is an important matter and helps to ensure you and your loved ones are properly protected in case of unexpected events in the future. However, many people are uncertain of what creating an estate plan requires or whether they actually need one. Our experienced Tampa estate planning attorney provides answers to some of the most frequently asked questions.
- What are some basic estate planning documents everyone needs?
Your estate plan is based on various circumstances specific to your life, including your loved ones, the amount of property, money, or other assets you possess, and your goals for the future. There are a variety of different documents you may want to put in place, but the basics include a will and advance directives.
A will provides an inventory of all property, assets, and debts, designates beneficiaries, and determines how distributions are made. Having one in place acts as a guide through Hillsborough County Probate Court proceedings and helps save time and money.
Advance directives include items such as a living will, which determines the type of care you want in the event you are incapacitated and unable to communicate your wishes on your own. Having advance directives spares your loved ones from having to guess what you would have wanted or make major decisions during what is already a difficult time.
- I’m young or do not have any property or assets. Do I still need a will?
Everyone should have a will, regardless of age, health, or assets. As stated above, it acts as a guide and saves time in dealing with probate court proceedings and determines who gets possession of whatever assets you do have, such as your car, home, or personal items. It also helps in conveying any final wishes you have.
- I do not have a lot of money. Why do I need a trust?
It is a common misconception that only people with a lot of money need a trust. The fact is that having one plays an important role in Medicaid planning, helping to reduce the costs of any long-term or nursing home care you may eventually require. A trust also can protect assets from lawsuits and help parents with young or special needs children ensure they are provided for properly in the event anything happens to them.
- I created a will years ago. Does it need to be updated?
Your will should be updated regularly to reflect changes in your personal life or financial status. Gains or losses in income or assets and purchasing a home or other property should prompt changes in your will, as should births and deaths in your family and any marriages or divorces, whether it involves you or other family members.
Get The Answers You Need From Our Experienced Tampa Estate Planning Attorney
At Strategic Counsel Law Group, L.C., we provide trusted legal guidance in estate planning and can help you put the appropriate documents in place. Call or contact our Tampa estate planning attorney to request a consultation today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
medicaid.gov/medicaid/eligibility/index.html
