Did you know that 55% of Americans die without a will? Dying or becoming incapacitated without an estate plan can leave behind a difficult legal and financial mess for your loved ones to clean up.
If you’re like most people, you’re probably reluctant to plan for your own death. It’s an uncomfortable topic for everyone. But when you consider that creating an estate plan now could save your family a lot of time, stress and money in the future, you’ll appreciate its value.
The Time to Plan Is Now
You’re never too young or too old to begin estate planning. Schlegel Law Group has experience helping Orlando area individuals create their custom estate plan. We make the process as quick and easy as possible.
Here are some of the components of an estate plan on which we can assist:
- Will – A will is an essential, simple document that everyone should have. This document states who will inherit your property. If you have minor children, it will name a guardian to care for them should something happen to both parents.
- Trust – By placing your property in a living trust, you’ll greatly simplify matters for your heirs. Your estate won’t have to go through probate court, which can a time-consuming and costly process.
- Health Care Power of Attorney – This document grants another person decision-making authority over your health care should an emergency occur and you’re unable to make medical decisions for yourself.
- Living Will – Usually created along with a health care power of attorney document, this form states how you wish to be treated should you become unable to communicate. It includes important decisions like whether your organs can be donated and whether to leave you on life-support indefinitely.
Financial Power of Attorney – The individual named in this document is someone you trust who can handle your finances and property should you become incapacitated.
- Business Succession Plan – If you’re the sole owner of a business, you should have a succession plan. If you own a business with others, you should have a buyout agreement.
These are some of the elements of a comprehensive estate plan. Depending on your individual circumstances, you may want to add further components.