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Estate planning involves creating a plan, updating existing will

| Feb 14, 2019 | Estate Planning |

The new year offers a number of opportunities for people to plan for their futures. Unfortunately, although people in Florida often focus on business planning and retirement planning, for example, they often neglect estate planning. Here are a few tips for planning an estate successfully this year.

First, now is an ideal time for people to develop their estate plans if they do not currently have plans in place. Meanwhile, for those who have wills in place, now is a good time to review them. The reality is that planning an estate is a process that should ideally be ongoing, as people’s financial situations and wishes can easily change over time. Specifically, it is generally a wise move to take a look at an existing estate plan every five years at least.

In addition, asset owners may want to consider setting up trusts. A common misnomer is that trusts are only for people who are ultra wealthy. However, the truth is that anybody can set up a trust. Trusts are beneficial in that assets that pass through them are not required to go through the time-consuming and costly probate process.

Creating estate plans can understandably seem overwhelming because comprehensive estate plans feature multiple components. However, estate planning is critical for ensuring that a person’s assets end up in the intended hands when he or she passes away. An attorney in Florida can help people to develop well-thought-out estate plans or to update existing estate plans, making sure, in both cases, that their wishes and best interests are reflected.