Planning what happens after you die can be difficult to think about, but it’s of vital importance to make sure that it’s something you handle long before it becomes a problem for your loved ones. With that thought in mind, it’s important to know at least the basics as you begin to plan for what will happen in the event of your death. Here are some basic questions and answers that you should consider when planning your estate in Tampa.
When you approach a Tampa estate planning lawyer, it’s important, first, to understand what you’re looking for. A good estate plan will provide the terms and conditions for what happens to your possessions and holdings after your passing. This includes not just your material belongings, but also things like propert, 401k accounts, life insurance policies, investments, and anything else that needs to be transferred. Making sure that these properties and holdings are properly planned for is what your Tampa estate planning lawyer will make sure to cover for you.
It’s important to establish an estate plan ahead of time because of the cost and hassle it will save you in the long run. It’s somewhat common to forego an estate plan—many people do so simply because they think they don’t have a lot to pass on. Even in the rare instances where this is true, having a plan established can help your loved ones avoid the probate process.
Put simply, probate is a sometimes lengthy public court proceeding that is designed to determine what should happen to someone’s property when they pass away. Probate can be a costly process that will tie up your belongings after your passing, preventing them from going to the loved ones you want them to until the court decides the proper thing to do. Avoiding probate is not only important because it is quicker, but also because it can be a costly process, and can cause unwanted family chaos if every member of your family doesn’t agree with what the court decides.
No matter what actually happens after you pass, approaching an estate planner in Tampa is definitely the right thing to do. Keep your family in mind should—should the unthinkable happen, you want to make sure they’re cared for.