Think of an estate plan as a security blanket for a Florida resident’s possessions as well as for family or loved ones. What happens when a person becomes seriously ill? Upon death, how much of one’s estate is distributed among their family or loved ones? All questions can be answered in a carefully crafted estate plan.
All factors considered should focus on creating an effective plan. The most difficult challenge is setting up terms and knowing where to start. Fortunately, with professional guidance from an experienced attorney, the more beneficial an estate plan will be.
Planning for the future does not have to be a daunting task. The estate planning process can be broken down into steps, geared towards proper asset-planning in a simple manner. Once an individual decides to meet with an estate planning attorney, it will be that much easier in completing the plan and moving forward.
To get a head-start on planning, a person can follow these seven (7) practical and straight forward steps:
First, narrow down what belongs to the party. An estate is important and the more one owns, the more meticulous the plan should be.
Second, once everything one owns is identified and itemized, list who gets what. Beneficiaries can either be family members, loved ones, cherished organizations or close friends. A Last Will & Testament also states, lists, or names who will take custody or guardianship of one’s minor children, if applicable. A Declaration of Preneed Guardian for Minors can be used for this purpose as well. Be sure to update the Last Will after significant life events, like marriage, divorce, birth or death of a child, or retirement and the like.
Third, avoiding the arduous process of probate, or trust administration, can be the goal of forming a trust, designating beneficiaries on accounts, or preparing a Lady Bird Deed for real property in Florida, particularly for a homestead primary residence. Upon an unexpected illness or death, the trust, designated beneficiaries, or Lady Bird Deed guarantees the estate will be handled correctly according to the stated terms.
Fourth, healthcare programs are meant for financing assisted living and nursing homes, depending on whenever one might require special housing or medical facility arrangements. Whenever the situation arises, a person will be glad they have a healthcare plan in place.
Fifth, especially if an individual and/or couple have young children and/or own a house, purchasing a life insurance policy financially benefits those left behind after death.
Sixth, with all the proper paperwork kept in one specific place helps the maker of the same to stay organized and easier for those who follow.
Seventh, an experienced estate plan attorney can guide the individual every step of the way. The attorney can educate clients and aid in fine-tuning the subject estate plan while maximizing its benefits for the creator of the said plan and their loved ones or beneficiaries.
The foregoing is a brief and general overview of the various steps to consider when preparing an estate plan in Florida.
If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.