Estate planning is essential for everybody, but especially for Tampa Bay Baby Boomers. A well-executed estate plan provides for your family after you are gone and ensures that your wishes are carried out. Your plan will speak for you when you can no longer speak for yourself, so it should be as thorough and detailed as possible.
Born between 1946 and 1964, in 2020, Tampa Bay Baby Boomers today are between 55 and 74 years of age. According to some studies, almost 60 percent of them support their adult children, so providing for future generations is a primary concern.
If you are in the process of planning your estate or thinking of revising your estate plan in the New Year, let us share two critical aspects for Tampa Bay Baby Boomers to think about with you here in our blog.
1. Create a Durable Power Of Attorney
A durable power of attorney allows your agent to make decisions for you in the event you are no longer mentally competent. This is critical for Tampa Bay Baby Boomers. It must already be in place while you are still able to make your own decisions.
Due to the sweeping permissions granted under a durable power of attorney, it is essential to choose an agent you trust. Choose a person who you trust to follow your instructions, as well as the law. Bear in mind, this should be somebody who can make decisions that are in your best interests, as opposed to his or her own.
2. Trust Agreement Versus a Last Will and Testament
A last will and testament sets out how your assets are distributed after you pass on. A trust agreement can give authority to a third-party to manage your assets on behalf of your heirs. If you have concerns about probate or how your assets may be managed after you are gone, you might wish to consider a trust agreement over a last will and testament. With your estate planning attorney, you may also wish to choose a trust agreement that can mitigate tax issues your beneficiaries might face at death.
There are many different types of estate plans that Tampa Bay Baby Boomers may need, but since every situation is unique, your estate planning attorney is the best person to advise you on the matter. We encourage you not to wait to reach out today to schedule a conversation with an attorney on our estate planning team.