Many individuals in Florida have not taken the proper steps to protect their estates in the event that they pass away. Unfortunately, this means their estates might not end up in the intended hands in the future. Here are a couple of tips for completing estate planning in the most effective way possible.
First, storing estate plans in accessible places is critical. Keeping an estate plan in a security box beneath one's bed is no longer a smart option. Instead, it makes sense to store such a plan in a location that is secure yet accessible. For example, asset owners can now store their estate plans online. This keeps all important estate documents in a single location and makes them easy to retrieve no matter where surviving loved ones may live.
Second, it helps to break down one's estate planning steps into small pieces. Four important documents to include in a plan are a last will and testament, a power of attorney that addresses financial matters, a power of attorney that addresses health care matters, and an advance health care directive. The purpose of the latter is to outline what happens to a person in the event that he or she can no longer make health care-related decisions for himself or herself.
Estate planning in Florida can understandably be confusing and even overwhelming. This is true regardless of the amount of assets and wealth one would like to pass down to his or her loved ones. However, an attorney can provide the guidance needed to produce the most critical estate planning documents in a timely fashion before they are needed.
Source: cnbc.com, "These costly estate planning mistakes can be fixed", Lorie Konish, May 10, 2018