Everyone should have an estate plan. It doesn’t matter how much (or how little) money is in your account or whether or not you have any valuables worth passing down. It’s less about wealth and more about you and your family’s security. Make sure you have everything accounted for by reviewing this essential checklist of documents that every estate plan should have.
Need help creating your estate plan? Your trusted team of local estate planners at Maggi Tax Tampa specializes in professional estate planning services near you!
A Last Will and Testament: What No Estate Plan Can Do Without
When most people in Tampa think of estate planning, the first thing that comes to mind is a last will and testament. To some, this is the most important part of an estate plan because it carries out all of your wishes after you pass away.
A last will and testament typically includes:
- The name of the testator, or creator of the will
- A list of beneficiaries to inherit the assets
- An assigned executor to carry out the will
- A designated guardian for any existing dependents
- Details on the distribution of assets
- Any other final wishes or instructions
- Witness signatures
Your will may have to go through probate to confirm the legality of the terms before being carried out. While this might not always be the case, it’s best to be prepared.
A Living Trust: Keeping Your Assets Safe and Secure
Your will covers most of the important aspects of your estate plan, but you still need a trust to keep your listed assets under management. A revocable living trust lets you keep investable assets in your possession to control while you are alive, but ensures that they reach the right beneficiaries upon your death. A revocable living trust is a viable way to avoid probate in Tampa.
What Is An Irrevocable Trust?
To guarantee the protection of your assets, you can use an irrevocable trust to keep them away and safe until your estate plan is set in motion. In an irrevocable trust, your assets are permanently transferred into a trust with no way to reverse it.
Your Powers of Attorney: Make Sure You’re In the Right Hands
What if you find yourself in a situation where you aren’t able to make your own decisions? The government could do it for you, but they’re very likely to shift the decisions in their favor. By designating a power of attorney in Tampa, you can leave these decisions to someone you can trust. A complete estate plan will list a financial power of attorney and healthcare power of attorney to protect your monetary assets and honor your medical preferences.
Secure Your Estate Plan With Maggi Tax Tampa. Schedule a Consultation Today!
You never know what each day will bring. Creating your estate plan as soon as possible is a smart move that can secure your livelihood and protect your family in dire situations. Reach out to Maggi Tax Tampa today at (727) 799-1701 to schedule a consultation for comprehensive estate planning services with tax planners near you.
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