Whether you are a recent college graduate or an established professional, it’s never too early to start thinking about estate planning. Unfortunately, there are many misconceptions about estate planning, like that only the elderly or wealthy can benefit from this process. However, if you’re ready to begin estate planning, understanding what you can do to make this process easier is crucial. The following blog explores the steps you can take before meeting with a Pasco County, FL estate planning lawyer.
What Can I Do to Begin Estate Planning?
When you are ready to begin estate planning, one of the first things you can do before meeting with your attorney to plan your estate is to take inventory of your assets. This helps make the process of writing a will easier, as you already know what you own. The first list will include tangible assets, like real estate, cars, valuable collections and personal belongings, such as jewelry or photographs. The other list of non-tangible assets should encompass bank accounts, life insurance policy information, stocks, bonds, investments and business ownership.
Once you have your assets listed, you can begin thinking about which assets you would like to leave to your beneficiaries. Having an idea of who will receive what assets makes it easier to write your will, as these are often challenging considerations for many.
Finally, you’ll want to consider what medical treatment you would like to receive should you become incapacitated and unable to advocate for yourself. Setting up a medical power of attorney can help give you peace of mind that a person of your choosing understands your medical wishes and will make these choices on your behalf. Generally, the document you create granting the person authority can also be used to detail your wishes.
Why Do I Need a Lawyer to Help Me?
With many online estate planning websites offering free forms, many assume hiring a lawyer is unnecessary for this process. However, this is far from the truth. Enlisting the assistance of an attorney to guide you through this process is vital. Because estate planning is so complex, there are many errors someone unfamiliar with this process can make that will invalidate their plan. As such, working with an attorney ensures your plan is legally binding, the language used adheres to Flordia state law and your plan accurately reflects your wishes.
Additionally, working with an attorney allows you to update your estate plan with ease. As your life changes, your plan will too. Ensuring you have an experienced lawyer to help you make the necessary changes is crucial.
At the Law Offices of Matthew J. Jowanna, our dedicated team understands how essential planning your estate is to you. As such, we are committed to helping you through this process so your wishes are accurately reflected. Contact our firm today to learn how we will assist you through this process.