When you have a family or a business, or both, you must have a plan in place should something happen to you that causes permanent injury or death. Though this isn’t something many people enjoy thinking about, it’s necessary to protect you, your family and your investments.
What is Estate Planning?
You may be wondering what is estate planning Ponte Vedra Beach FL going to do for your family. There are multiple parts to organizing your estate, such as who takes care of your children, what happens to your assets if you have debt and how your property gets distributed.
Who Cares for Your Children?
If you are no longer able to raise your children, you need to decide who you would want doing that. Discuss this plan with that person and other family members, so people are aware of your decision. Having the appropriate paperwork in place means that family members don’t have to go to court to petition for custody, there are no arguments over who should raise the children, and your kids won’t end up in foster care.
What Happens to Your Belongings?
Another part of estate planning is documenting what happens to your possessions upon your death. Having many valuable items and a large family who wants them can create chaos and lead to ugly court battles. Having every item accounted for in your will makes it much easier to distribute these items to whomever you choose.
How Do Bills and Taxes Get Paid?
Planning for how your debts get paid is another crucial part of estate planning. After your death, creditors can petition to collect their money from your estate. To do this, your estate goes through probate, which is a meeting in the courts to approve who gets paid what after your death. Any remaining money goes to your family.