Estate Planning In Tampa: How To Prepare For The Year Ahead
A new year provides the perfect opportunity to reflect on your goals, review the prior year’s events, and ensure your affairs are in order for the future. While many people make resolutions about fitness, diet, or finances, one of the most important and often overlooked areas is estate planning.
A well-crafted estate plan helps to ensure your loved ones are protected, your assets distributed according to your wishes, and unnecessary stress or legal challenges avoided. Whether creating a plan for the first time or updating an existing one, taking steps now will give you peace of mind and confidence heading into the new year. Our Tampa estate planning lawyer explains how to prepare for the year ahead.
Consider How The Past Year May Have Impacted Your Estate Plan
Having a legally valid will and other estate planning documents in Tampa helps avoid potentially contentious, time-consuming, and costly Hillsborough County Probate Court proceedings and provides other benefits. Whether creating new or updating existing documents, consider changes over the past year that could impact your estate plan. These include:
- Financial changes, such as getting or losing a job or coming into an inheritance;
- Making money through investments or starting your own business;
- Getting married or divorced;
- Having children or grandchildren;
- Divorces and marriages among children and other family members;
- The death of a loved one;
- Any fallings out with friends;
- Severe illnesses or other unexpected health issues;
- Buying a home or other significant property.
Tampa Estate Planning Goals For The Year Ahead
Having an estate plan in Tampa protects you and your loved ones. However, according to the American Association of Retired People, over half of all adults do not have a valid will or other important estate planning documents. To start the new year on the right step and protect your financial security, set these goals for the year ahead:
- Create or update your will: A will acts as a guide through probate court proceedings, providing an inventory of all assets, designating beneficiaries, and determining how distributions get made.
- Look into creating a trust: This allows for more detailed distributions than a will, such as if you have small children or other vulnerable family members. It can also help in applying for Medicaid, which offsets the cost of long-term care.
- Establish Powers of Attorney: This authorizes someone you trust to handle your personal and financial matters if you are incapacitated.
- Create advance directives: These dictate your wishes regarding potentially life-saving medical care in emergency situations, providing clear instructions for care providers and sparing your family from having to guess what you would have wanted.
To Protect Yourself And Your Loved Ones In The Coming Year, Contact Our Tampa Estate Planning Lawyer
Estate planning plays a major role in protecting you and your loved ones when the unexpected happens. Bubley & Bubley, P.A. provides trusted legal guidance, helping you put the appropriate documents in place and ensuring they are updated properly. To schedule a consultation, contact our experienced Tampa estate planning lawyer today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
aarp.org/pri/topics/work-finances-retirement/financial-security-retirement/wealth-transfer-inheritance-wills/
