Thinking about death is often uncomfortable, which is why many people do not have wills or trusts in place. However, estate planning is incredibly important for preparing for the future, including one’s death. Here are a few estate planning tips especially for those with adult children in Florida.
First, older asset owners may want to tell their adult children who their attorneys and accountants are. The same is true for any insurance brokers, bankers and financial advisors they may have. All of this information can be included with their wills.
In addition, older parents may want to make a list of all of their important login information so that their adult children can access their accounts in the event of their deaths. This type of list can also be included with a will. Alternatively, this data can be saved on thumb drives or stored using password managers. Older parents do not necessarily have to share their account balances with their children — just their account numbers is all the children need to know to avoid bigger issues down the road.
Although estate planning might seem like a morbid topic, it is critical for ensuring that an asset owner’s assets end up in the intended hands when he or she dies. Estate planning may also help asset owners to reduce their estate taxes in certain situations. Of course, the estate planning process is multifaceted and thus can quickly seem overwhelming and confusing. Fortunately, an attorney can provide the guidance needed to navigate this process confidently in Florida.