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Why is Estate Planning Important?

Death comes to all of us. For some, it may be expected – after a long life or a protracted illness – but with others, maybe not so. It is life’s great uncertainty principle. But nonetheless it never fails to come – as the consistently unwelcome intruder on life. That’s why planning the proper transfer of your property and your assets is so important. In short, good estate planning makes good sense.

Dennis D. Camp specializes in the legal details of estate planning and can assist you in making sure your estate is in order. A lifelong resident of Marion County, Florida, Dennis D. Camp also administers probate.

Legal experts say establishing a plan is key to ensuring your estate is distributed according to your wishes – as opposed to the dictates of the judicial system, which has little to do with the amount of your assets or indebtedness, or your age.

Harvest Financial Advisors president Marc Henn told U.S. News & World Report, “Many people will say, ‘Well, I don’t have a lot of assets, therefore I don’t need an estate plan. Maybe you only have debt, but it still applies. If you want the people around you to appropriately deal with your finances, a plan is still just as important.”

Who Should Establish an Estate Plan and What Should It Include?

Estate Planning Is Important for Younger People With Children

Establishing an estate plan is also important for younger people, especially when the care of young children is at stake. “The less you have, the more important every bit you’ve got is to you and the people you care about,” said Lawrence Lehmann, a partner at Lehmann, Norman and Marcus L.C. in New Orleans, in U.S. News & World Report. “If you don’t have much money, you really can’t afford to make a mistake.”

The most important things to include in an estate plan, are: life insurance policies, a last will and testament, a living will, health care surrogate, and a power of attorney. Life insurance policies – included in your estate plan – can cover lost earnings or income and funeral costs.

If you have your attorney prepare a living trust as part of your estate plan, then your assets will be distributed smoothly and effectively. Your successor trustee can access bank accounts and sell homes and other property.

Powers of attorney, health care surrogates and living wills can be very valuable in the making of important medical decisions to ensure how you’re treated when you are unable to decide for yourself.

“Think of it this way: If you don’t have the health care directives in place, or have given someone that authority, who knows what could happen?,” Renee Porter-Medley, a certified financial planner and vice president of Key Private Bank in Naples, Florida, said in a U.S. News & World Report article.

Looking to establish an estate plan? Give Dennis D. Camp a call. He doesn’t charge for consultations; and he will give you a legal overview of your particular facts and circumstances. Office hours are 9 a.m. to 5 p.m., Monday through Friday. Legal services include: probate, estate planning (last will and testament, living will, medical power of attorney, power of attorney) and real estate.

Send an email to lawoffice@dennisdcamp.com, submit a contact form, or give us a call at 352-369-0664.