Who Should You Involve In Estate Planning?
Estate planning is an intricate process meant to protect your property, and your future. The decisions you make throughout the process are very personal, but this does not mean that you have to, or should, do it alone. In addition to working with a Daytona Beach estate planning lawyer, there are other individuals you should involve in the process, as well. Below are some important roles you will have to consider, as well as who you want to fill them.
Your Personal Representative
When you draft a will, you will name a personal representative. This individual will administer your estate according to the provisions of your will and with the oversight of the court. Personal representatives must:
- Distribute property to beneficiaries
- Secure bank accounts
- Manage properties
- Pay creditor claims
- Pay taxes
The estate administration process involves many moving parts and so, it is important to select someone you trust to carry out your wishes and follow certain instructions. Acting as personal representative can also be time-consuming. It is important to speak to anyone you are considering for the role to ensure they are willing and able to execute the different tasks.
Your Trustee
Trusts are very popular estate planning tools in Florida. A trust can help your loved ones avoid probate, make certain details of your estate confidential, and offer other benefits. Although a will becomes effective only once you pass away, a trust is effective during your lifetime. You can manage the property you place in the trust and name a successor trustee, who will manage and distribute the property according to your wishes after your death.
You must choose at least one successor trustee who will manage the trust. This role can also become complex so you may want to consider a loved one who can manage accounts and different types of property. Like your personal representative, you should also speak with anyone you are considering to act as trustee and make them aware of your wishes.
Guardians
You can choose a guardian to make decisions on your behalf in the event that you become incapacitated, or a guardian who will care for your children in case you pass away or become incapacitated. Being a guardian for a minor child or even an adult is a tremendous responsibility.
Although it is important to include guardianship in your estate plan, it is critical that you speak to anyone you are considering. You should ensure that they have the financial, physical, and mental capacity to act as guardian. Speaking to anyone you are considering in advance ensures that you are choosing someone who is willing to fill this very important role.
Our Estate Planning Lawyer in Daytona Beach Can Help
There are many factors to consider when planning for your estate. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you determine what tools are right for your plan, ensure they are executed properly, and provide the legal advice you need throughout the process. Call us today at 386-252-5170 or chat with us online to request a consultation with one of our experienced attorneys and to get the sound advice you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
