Planning for the future can be a complex and often difficult process that involves considering what one wants to happen after his or her passing. It is not easy to think about what will happen in the future, but every Florida adult will benefit from having an estate plan in place. While every estate plan is different and unique, there are certain documents that are important parts of most long-term strategies.
There is much more involved with creating an estate plan than just planning for who will get assets from the estate. With the right documents in place, it is possible to plan for contingencies, incapacitation and the preservation of wealth for future generations. Regardless of specific goals, the following are important documents in all estate plans:
- Will — This document allows one to dictate the distribution of personal assets from his or her estate.
- Powers of attorney — A power of attorney is a document that allows one to name someone to act on his or her behalf in case of incapacitation.
- Living will — A living will or advance health care directive provides the opportunity to outline specific types of medical treatment someone does or doesn’t want.
An estate plan is not set in stone, and certain life changes, such as a divorce, could necessitate changes to an existing plan.
Create a plan that gives confidence
A complete estate plan should provide one with confidence for the future. It is helpful to work with an experienced Florida estate planning attorney to learn what documents are most important for an individual situation. Adults of all ages and income levels will benefit from developing a thorough and thoughtful plan for the future.