An estate plan is something that you should continue to update and address as time goes on. Your future is continuously evolving, and therefore, your plans and how you protect your assets may change as well. An estate planning attorney in the Clearwater area can provide guidance as you manage your personal affairs and prepare for the future. A lawyer can help you plan for how the distribution and management of your assets will be taken care of should you become unable to manage your affairs yourself.
With the assistance of an estate planning attorney in the Clearwater area, you can determine what you specifically need in an estate plan. For example, not everyone has a business they need to plan for, but you might. Therefore, it is best to get an individualized, personal consultation with a lawyer at Growney, McKeown & Barber, P.A. Attorney Katie Jackson helps clients establish wills, health care power of attorney, living wills, durable power of attorney, and more. These documents are the essential basis of a strong plan. However, your situation may call for more complex planning, which may include matters like taxes, business planning, and more.
Why Estate Planning is Beneficial
Seeing an estate planning attorney is not exclusively for those looking at retirement, those with high incomes, or those with a high net worth. In fact, most adults in Clearwater, whether they are just starting life on their own or whether they are thoroughly established, can benefit from a will. You do not have to be married, have children, or have high-value assets to benefit from talking to a lawyer. If you own a home, have a 401(k), or other assets that are not necessarily financial, those need protection.
What Estate Plans Do
A plan can establish who will manage your affairs should you become unable to do so at any point. You will also be able to leave instructions that outline how you want that designated individual to manage your affairs. These instructions may include how you want to distribute your assets after you pass away, or if you want to distribute your assets during your lifetime. Should you become incapacitated or otherwise unable to make decisions on your own behalf, your estate plan can establish who will make health care decisions for you.
What Happens Without an Estate Plan?
Those who forgo a formal plan will not have control over what happens to their assets after death or incapacitation. Wills and other documents, unless otherwise specified, will be left to Florida law, which may not necessarily align with your personal end-of-life wishes. Additionally, your surviving family must make tough decisions about your assets after your passing if you do not leave instructions. This can cause conflict and disagreement among family members. Instead of leaving the future open-ended, you can meet with an estate planning attorney to establish a will.
What Does an Estate Plan Entail?
An estate consists of the property an individual controls, owns, or may generate upon their death (such as life insurance). Specific assets may include:
- Real property like houses
- Personal property like cars, bank accounts, jewelry, and stocks
- Life insurance, IRAs, and pension benefits
- Obligations or debts one owes
- Businesses and related interests
How an Estate Planning Attorney Can Help
No matter where you are in the estate planning process — whether you are just beginning to think about writing a will or you have extensive assets that you need to add to your plan— an estate planning attorney can help protect you and your assets. By consulting with a lawyer, you can ensure your assets will be managed according to your wishes after passing. Understanding your options is important, and an attorney can explain your choices and help prepare official documentation.
If you live in the Clearwater area, call Growney, McKeown & Barber, P.A. today to speak with an estate planning attorney about your future plans. Our team can assist clients with wills, power of attorney, health care surrogate, probate, trusts, and more. From simple matters to complex, we use our experience and education to help clients in need. Call us today at (727) 384-3800 to schedule a consultation or contact us online to learn more.