How Hard Is It to Make an Estate Plan?

Evidently, most people think it’s very hard to make an estate plan. Over two-thirds of Americans have no estate plan whatsoever in place. Most people in this group have never even tried to make an estate plan. Although an estate plan is a bundle of complex legal documents, and these documents must be properly executed, it’s not hard to make an estate plan.

In fact, in as little as one office visit, a St. Petersburg estate planning lawyer can set up a basic estate plan that has the essential components discussed below. A basic estate plan is usually the beginning of a relationship between lawyer and client. As this relationship strengthens, a St. Petersburg estate planning lawyer adds additional items to the basic plan and deletes other ones, to closely match an individual’s needs and goals and ensure that the individual’s death does not ruin these plans.

Will

Most people use a will for non-property matters, mostly inheritance and succession items. These items are particularly important if the testator (person who makes a will) has been married before. In most cases, divorce completely cuts off inheritance and succession rights, and in many cases, that’s not the intended result.

Quite frankly, lack of planning in a certain area usually means a lack of interest in that area. When people die, non-interest is not the message they want to send to their heirs and potential heirs.

Without a will, the state makes all important inheritance and succession decisions. Intestacy laws reflect the general desire of most people when they die, not the specific desire and plans of a specific person. Leaving these matters to the state is simply leaving too much to chance.

Trust

Most basic estate plans include a general property trust document. Usually, the trust is empty at the time, which means the document has no legal force and effect. Instead, it’s basically a placeholder document. As the relationship between a client and a St. Petersburg estate planning lawyer continues, they breathe life into the testamentary trust.

In general, settlors (people who make trusts) may choose between living and non-living trusts. In general, a living trust gives the settlor more control over the corpus (property in the trust), and a non-living trust has better tax advantages.

All trusts are private. When people die, their property is public record, unless they have a trust and the property passes outside probate court.

Additionally, specific trusts serve specific purposes. A trust allows a settlor to set inheritance conditions or designate specific property for a specific purpose.

Power of Attorney

This document usually has two components, a general power of attorney and a medical power of attorney.

A general power of attorney gives a trusted individual the ability to manage a maker’s affairs in certain situations. Once again, the maker has almost complete control of the terms and conditions. A medical power of attorney usually contains instructions for what life-saving interventions, if any, should be administered in certain situations.

When circumstances change, the power of attorney, along with the will and trust, can be amended at almost any time.

Work With a Dedicated Sarasota County Lawyer

Making a basic estate plan is almost as easy as ordering a pizza. For a confidential consultation with an experienced elder law attorney in Sarasota, contact Drude Tomori Law. We routinely handle matters throughout the Sunshine State.

Source:

plannedgiving.com/legacy-box/wills-and-estate-planning-statistics/