With 2018 soon to be in the rearview mirror, now may be a wise time to look at an existing will. Likewise, asset owners in Florida may want to review the other documents in their estate plans. This is just as important of a step in estate planning as actually creating the documents in the beginning.
Especially during the holiday season, creating a will or trust may not necessarily be on an estate owner's long list of things to do. However, estate planning is absolutely critical for protecting a person's assets long term. This is why it may be beneficial to take this more seriously as the New Year approaches. However, here are a couple of common estate planning faux pas to avoid in Florida and elsewhere.
When family members lose a loved one, they naturally may have a hard time coping with the death from an emotional standpoint. However, dealing with the legal aspects of their loved one's passing can also be complicated. Here is a look at what the probate administration process involves in Florida and a timeline for completing it.
In trying to avoid an uncomfortable conversation, many people put off making a plan for their end-of-life wishes. However, creating an estate plan to address your assets and medical needs gives you control over what happens in the future. Planning ahead with these documents is an important part of caring for your family and will give you peace of mind in knowing that you have your affairs in order.
People in Florida generally understand how important it is to plan ahead financially -- for example, by planning for retirement. However, it is also critical to engage in estate planning in the event that one passes away unexpectedly. Taking things a step further, it is a wise move to plan how to store estate planning documents and information in case they are needed during a major emergency.