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Gainesville, FL Estate Planning, Will & Trust Law Blog

Friday, December 28, 2018

Estate Planning...A must whether you have a little or a lot!

Estate Planning...A must whether you have a little or a lot! 

 

While everyone is celebrating during this holiday season, the manner of these celebrations can vary based on differing family traditions, religions, and geographic regions. Estate planning is no different - protecting your family’s future must be customized to fit you and your family’s unique needs. No matter your level of wealth, it is important to understand that the reasons for estate planning are universal.

 

Estate Planning Basics

 

There are several reasons why an estate plan is necessary for everyone. Among a plethora of reasons, a few of the more conspicuous ones include protecting beneficiaries, tax planning, protecting assets from creditors, and avoiding complications in the event of incapacity. Estate planning gives you the tools to specify what happens to you and your assets should you become unable to handle your own affairs while also providing you the ability to decide how your assets are to be distributed after your passing.

 

Regardless of your motivations for establishing your estate plan, one important need is appointing the right fiduciaries (agent under a power of attorney, trustee, preneed guardian, and health care surrogate) who will make medical or financial decisions for you when you are unable. After your passing, other fiduciaries (personal representative and successor trustee) should be provided for by you in your estate planning documents in order to help ensure your estate is administered properly and in the manner in which you desire. 

 

The creation of a will or trust provides the blueprint for who receives your property and how. The “how” of that blueprint opens up a vast array of possibilities ranging from an outright distribution of your property to a multigenerational dynasty trust. While also directing how your assets will be distributed, a will serves many other functions including appointing a guardian for the care of your minor or special needs children or family members. Finally, consider what values you want to pass along to family members, friends, or other loved ones which can be spelled out in a number of ways such as an incentive trust.

 

 

Do Not Wait 

 

Life can be full of surprises - what you leave behind for your family and loved ones should not be left to chance. Contact us today to learn more about your options.


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From our office in Gainesville, the estate planning firm of White, Crouch & Mills, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.



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