At a certain point in life, you become aware of your mortality. While the prospect of eternal life is an appealing concept, life cannot exist without the possibility of it ending. With this said, as you progress in your career and begin accumulating wealth, there comes a time where estate planning becomes a reality. Depending on your age, you could already be at this stage, or you could be an individual who is beginning a career in your area of choice. Either way, once you reach adulthood, thinking of one’s estate is a worthwhile endeavor because you likely want to preserve your loved one’s quality of life. Individuals across the world begin estate planning every day, and for residents of Ponte Vedra, this is certainly no different. Starting the process of estate planning Ponte Vedra starts with creating a will.
Beginning Stages of Estate Planning
The contents of your will may vary depending on your age and your current stage of life. If you are a young adult with a partner and children, you may potentially include a guardian in your will if something were to happen to both you and your spouse. Establishing your power of attorney for both medical and financial decisions often comes next. In the event of you being unable to make medical decisions for yourself, this power of attorney will be able to act out your wishes on your behalf. In terms of financial decision making, the economic power of attorney will handle your finances if you either fall ill or begin losing your mental faculties.
With the threshold for estate taxes being relatively high, the majority of families will not have to concern themselves with estate taxes. However, it would be wise to begin arranging the payment of funeral expenses, so this is not a burden on your family once you have passed.