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Estate planning can sometimes seem like an overwhelming and uncomfortable process, but it’s essential for ensuring that your assets and family are protected after you pass away. Forming wills and trusts, establishing advanced directives, and making final arrangements are all critical components that should be arranged under the consultation of an estate planning attorney. Here’s a look at these four essential estate planning steps.

Forming a Last Will and Testament

If you are over 18 and have personal assets, you should form a last will and testament, especially if you have minor children. A last will and testament is a legal document that explicitly states who will inherit your property when you pass away, and who will take guardianship of your children should you and the other parent pass away. Personal assets can be anything of value, including a home, automobile, bank accounts, and personal property.

Creating a Living Trust

A living trust serves two purposes: transferring assets to loved ones while avoiding an expensive and time-consuming probate court process, and allowing someone else to manage your affairs in the event that you become incapacitated. Your living trust can control all the assets you might list in a last will and testament. You can make yourself the primary trustee with a successor trustee who can take control of the trust if you die or become unable to manage your affairs. A living trust does not replace the need for a durable power of attorney.

Establishing Advanced Directives

You can establish advanced directives to govern both your financial and medical decisions should you become unable to do so yourself. Advanced directives include the durable power of attorney, designation of health care surrogate, and living will. With a durable power of attorney, you grant the right to someone else to manage your assets and financial planning in your absence. A designation of healthcare surrogate, sometimes referred to as a medical power of attorney, can decide your medical treatments and healthcare plans if you become incapacitated. A living will includes your end of life care instructions for your health care surrogate.

Making Final Arrangements

By making your end-of-life decisions early, you can prevent your loved ones from having to make them for you later. Final arrangements may include your wishes regarding burial versus cremation, as well as organ or body donation. You can also decide whether you want memorial services and can make financial arrangements in advance.

Estate planning is an essential component of elder law, and you’ll want a trusted estate planning attorney by your side as you make these important decisions. At Rooth & Rooth Elder Law Attorneys, we have more than 50 years of combined experience serving clients throughout the Seminole area. To discuss your needs, contact us today by calling 727-397-4768.