It can be extremely difficult to decide what will happen to personal property after passing. Most people do not want to consider their own mortality or discuss what will happen if they become incapacitated at some point in the future, but in reality, this is an important and necessary consideration for every Florida adult. By creating an estate plan, one is planning for the protection of his or her assets long-term.
How to start
The thought of creating an estate plan can be daunting. It can be difficult or overwhelming to think about starting this process, but the following may be helpful steps one can take in an effort to create a comprehensive and strong long-term strategy:
- Document and itemize all assets, including intangible assets
- Review all retirement accounts and update beneficiaries
- Make a list of all debts associated with the estate
- Consider the designation of beneficiaries and heirs
- Update life insurance accounts
All of these steps can help one make decisions that will allow him or her to take the first step in the estate planning process, which is drafting an official will.
Help at every step
If a Florida adult needs to create an estate, he or she will benefit from speaking with an experienced estate planning attorney. This legal guidance can be beneficial as one makes important decisions for the future and considers the steps that will be most effective long term. An assessment of one’s estate, finances, objectives for the future and other details can provide insight into the best way forward.