Estate planning is the process of managing, allocating, and protecting your assets and property. It is vitally important to have a functional estate plan for your future, since it will tell your loved ones what to do should you fall ill or pass away. Without an estate plan, you could be putting the future of your estate, and legacy, at risk.
By working with a qualified estate planning attorney, you can create the optimal estate plan for your needs. Your estate plan might include:
- Will. Your Last Will and Testament reveals how your assets will be distributed when you pass away. It can also be used to designate guardians for minor or disabled children.
- Durable Power of Attorney. This document allows you to designate a person to make important financial decisions for you if you become incapacitated.
- Healthcare Surrogate Designation. You can easily designate a healthcare surrogate, or someone who will make health-related decisions for you, if you become incapacitated. You can elect to have certain care given to you after health issues occur.
- Living Will. A living will enables you to leave instructions for your health treatment in the event you become unable to care or communicate for yourself. Your healthcare surrogate will use this document as a map for your care.
- Universal HIPAA Release. This document allows your healthcare surrogate to access and share your health records in the event you become incapacitated.
- Life Estate Deeds. When you need to allocate real property (real estate) to your loved ones, you can do so through enhanced life estate deeds. A life estate deed will keep the property under your control until your passing, then will transfer the property automatically to your loved ones without the requirement of probate.
- Trusts. There are many types of trusts, but they all share one thing in common: they exercise control over your property after you become incapacitated or for a period of time after your death, rather than property being placed directly into the hands of your heirs.
The Law Office of Amy L. Phillips, PLLC has helped countless clients set up their estate plans and protect their future. We can assist you in drafting a will, creating powers of attorney, and ensuring transfer of property with ease.
To get in touch with an estate planning attorney today, simply contact the Law Office of Amy L. Phillips, PLLC by phone at 863-268-8292 (FL) and 412-643-3999 (PA) or [click here] to set up your first fully confidential consultation.