At Candela Law Firm in Tampa, FL, many of our estate planning clients experience a great deal of relief after setting up their will. Although it's a difficult topic to confront, arranging your end-of-life planning will be immensely helpful to your family when you pass.
We’ve outlined the top 4 reasons why estate planning is so important, no matter your age.
1. Determines who will raise your children
If you have minor children and you pass away unexpectedly without a will in place, the court will make a determination regarding guardianship for your children. This will have major effects in your children's lives.
Think about all the choices that can affect a child's upbringing: religious preferences, dietary and lifestyle choices, participation in music or sports, etc. Whoever the court appoints as guardian will influence how your child is raised.
By appointing your preferred guardian in your will, you’ll have peace of mind knowing that your children will be in good hands in your absence.
2. You can decide how your property will be distributed
Verbal promises hold no legal weight when it comes to allocating your assets. Through estate planning, you can legally decide how your assets and property will be distributed. This includes everything from liquid cash to valuable family heirlooms.
By making these decisions before you pass, you can help your family avoid disagreements and legal complications. If you’re the head of your household, you can also ensure that your family members are provided for in your absence by setting up a trust.
3. Outlines your wishes regarding medical care
If you become incapacitated and are unable to make decisions regarding your medical care, your family may have to make difficult decisions for you. One thing many people don’t realize is that you can outline these decisions ahead of time using a document called an “advanced healthcare directive,” which is also known as a “living will.”
In this document, you can set forth your wishes regarding:
- Whether you’d like to be put on life-support, if needed.
- If you want a Do Not Resuscitate Order (DNR).
- Your preferences for medical treatments, such as feeding tubes and ventilators.
- Whether you will receive palliative care.
- Whether to donate your organs.
- Other important medical decisions.
4. Saves time and money for your family
All estates must go through the probate process. However, if you already set up a will, this can make the process faster and easier.
When dealing with the grief of losing a loved one, it will undoubtedly be difficult for your family to navigate the legal system. You can ease this burden through estate planning, which will help your family save time and avoid legal fees in the long run.
Talk to an attorney about estate planning in Tampa, FL
Even if you are young and healthy, estate planning can help your loved ones avoid legal complications if the unthinkable happens. At Candela Law Firm, our attorneys are ready to help you prepare for the future with customized estate planning.
Contact us today to schedule a consultation at our office in Tampa, FL.