3 Estate Planning Decisions You Don’t Have to Make
False dichotomies are a logical fallacy. When someone holds up a pear and says, “Is this an apple or an orange?” it is an unanswerable question, unless you say, “no.” Life is not as simple as the logic puzzle where every character in the story is either a knight, who always tells the truth, or a knave, who always lies. If you have been dating the same person for several years, you are not married, but you are not single; those are not the only two choices. There are many reasons that people hesitate to get started on their estate plans; the unpleasantness of pondering one’s own mortality ranks highly. Another aspect of estate planning that intimidates a lot of people is that they think you must make major, irrevocable decisions that will affect you and your family for the rest of your life and beyond. When you look more closely, you see that some estate planning decisions are neither as absolute nor as permanent as you had imagined. If you need help making decisions about your estate plan or, as the case may be, not making decisions, contact a Dade City estate planning lawyer.
You Can Have Both a Will and a Trust
When you start typing search queries about estate planning, Google will assume that you want to know whether you need a will or a trust, and it will probably be right. In fact, you probably need both. In most cases, drafting a will without establishing a trust causes fewer problems than setting up a trust without writing a will.
You Don’t Have to Give One Person Complete Control Over Your Children
If you have minor children, providing for them in your will is essential, even if you have little property for them to inherit. Since children cannot inherit property outright, you must appoint a guardian of their property, who will guard it for them until they reach adulthood. The guardian is the person who has access to the minor children’s inherited wealth, much as a trustee is the person who has access to the assets of a trust. The guardian of the children’s property is not necessarily the person who will live with them. For example, you can indicate that, if you and your spouse both die while your children are minors, your children will live with your sister, but your lawyer will be the guardian of the children’s property.
You Don’t Have to Make All Your Estate Planning Decisions at One Time
If you think estate planning is a big project, you are correct. In fact, it is a lifelong project. Not only is it challenging to finalize all your estate planning documents at one time, but it is also unwise to do so. Estate planning is a marathon, not a sprint.
Contact a Florida Estate Planning Attorney About Estate Planning for Indecisive People
An estate planning attorney can help you build your estate plan little by little. Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.
Source:
msn.com/en-us/money/personalfinance/i-didn-t-want-my-kids-to-inherit-a-mess-when-i-die-i-created-an-estate-plan-to-ease-the-burden/ar-AA1QFSfV?ocid=msedgntp&pc=ACTS&cvid=a5fa1f8429a9445cac5c262b347be3e9&ei=9
