Many people are familiar with the term “will”. Leaving assets to one’s family is certainly a part of estate planning, but there are also other aspects to consider. In your search for estate planning Ponte Vedra, don’t forget about three important components to estate planning.
Time Is Not Always on Your Side
For many people, estate planning occasionally crosses their mind as something they should do, and this thought may increase in frequency with age. It is far too common, though, that estate planning remains on the To Do list and never gets checked off. One of the biggest gifts you can give family members isn’t the assets as much as it is the freedom from having to navigate probate. Avoiding probate means family members can follow a clear path that has been laid out for them instead of trying to find the path as they grieve a loss.
Your Financial and Health Decisions Matter
Estate planning is more than just a will. With planning, you can assign trusted people to make important financial and healthcare-related decisions on your behalf should you become incapacitated. The most loving, well-intentioned family members can be thrown into chaos and confusion without clear instructions as to who has authority to advocate for their loved one.
You Can Change Your Mind Anytime
One of the benefits of estate planning is that you can create something that is revocable. This means that you can always change the details and terms of the different components of your estate plan at any time should you so choose. The plan only becomes irrevocable upon death, which provides you will full discretion to make changes as you see fit.
There is a lot more to consider in estate planning beyond a last will and testament. By planning early and incorporating important elements, you can communicate your wishes, assign proper delegation, and lessen the burden on your loved ones.