Estate planning in Brandon can help people without children ensure that their wishes are honored, that someone is authorized to manage their finances and/or healthcare, and that their assets are ultimately passed down to someone of their choosing.
Estate planning in Brandon is important for everyone. Many people mistakenly believe that estate planning only directs where you want to leave your money and property. And, if you don’t have kids to leave your assets to, why bother? People who believe this are not aware that estate planning does so much more.
Estate planning does put your financial affairs in order, but a well-crafted plan also provides instructions regarding your medical care and end-of-life decisions. In our culture, it is common that children will take care of their parents when the parent is no longer able. If someone experiences a medical crisis and is incapacitated, adult children will typical take on the responsibility of medical and financial needs.
However, if you do not have children of your own, you need to prepare in advance to select and legally document your healthcare advocate. Adults without children sometimes choose a close friend or relative, such as a niece or nephew, to become their advocate.
You will also need to be sure that someone takes care of your financial interests while you are incapacitated. You can do this by assigning someone as Power of Attorney. You may decide to name the same person for your healthcare advocate as well as Power of Attorney, but it is not necessary. You just need to make sure that the people serving in these roles are very responsible and will make good decisions until you return to health.
Another option is to set up a trust and name a bank, trust company, or estate planning attorney in Brandon as trustee. For this to occur, you would move your assets to the trust and the trustee would then take care of your financial tasks such as paying bills and processing medical claims. You can even have them hire a geriatric care manager that will conduct periodic evaluations and manage your medical needs.
Thinking about becoming incapacitated and the end of your life is uncomfortable. However, once it is done you will experience a peace of mind that you didn’t even know you were missing. If you are ready to create your plan, give us a call at 813-438-8503 and we’ll set up a consultation.