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Estate planning is an essential part of future planning

On Behalf of | Jun 14, 2018 | Estate Planning |

People in Florida generally prefer not to discuss the possibility of passing away. Likewise, they prefer not to think about how their deaths may impact their loved ones. However, addressing these topics during the estate planning process is a critical part of planning for the future.

A person’s estate is essentially the accumulation of all that he or she owns. This may include the person’s jewelry, artwork, investments, life insurance, furniture, savings accounts, checking accounts, real estate and car. Thus, an estate plan features instructions regarding what should happen to all of these assets when the owner of these assets passes away. Estate plans may also provide burial instructions or help with laying out plans in the event that the plan creator becomes disabled.

A comprehensive estate plan features multiple essential components. First, it includes a will, which outlines how a deceased person’s assets should be distributed and who will serve as his or her children’s guardian. Other important components are an advanced medical directive and durable power of attorney. The former describes the medical procedures a person wants or does not want if he or she becomes incapacitated. Meanwhile, the latter spells out who will handle an individual’s financial affairs if he or she can no longer manage them on his or her own.

Death is understandably a difficult and sensitive subject to discuss. However, not engaging in estate planning as a result may cause a family to be unprepared for unexpected tragedies. An attorney can help asset owners in Florida to establish their estate plans early on and then readjust their plans throughout their lifetimes. The attorney’s ultimate goal is to ensure that asset owners prepare well for their futures and leave legacies for the individuals whom they love.

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