Estate planning checklist florida4/13/2024 ![]() ![]() Step #5: Designate BeneficiariesĬhoosing beneficiaries may seem like a no-brainer, but it's more complicated than you think. That's why you must have an attorney help you write the will to ensure that your affairs are handled as you intended. Your will also includes your decisions regarding beneficiaries and power of attorney. Wills are powerful documents, but they can be contested in court if someone in your family claims you were not of sound mind when you wrote the will. Most people are at least familiar with the concept of a "last will and testament." Essentially, a will is a directive that explains your wishes regarding: Speak to a trusted legal representative about your situation, and they can help you make a wise decision. As a part of the POA selection process, consider when you'd like a power of attorney to become effective and how much decision-making power you want them to have. Before you create a will, start thinking about who you would want to make medical and/or financial decisions on your behalf if you become unable to do so yourself.Ī POA can become effective at any time, even if you are available and not incapacitated. Powers of attorney can be far-reaching, so it's critical that you choose someone you trust. The payout from these policies can help bridge the gap and give your family financial peace of mind so they can focus on carrying on your legacy. It's also important to ensure that your loved ones are taken care of through auto, homeowners, or life insurance policies. This isn't always true, but assets that go through probate may not end up with the same value as you originally intended to leave to y our beneficiaries. ![]() Your loved ones can easily inherit debt, and any debt left over may be paid for by selling your assets in probate court. Joint ownership is a major headache during estate planning, so it's best to avoid it if possible. In other words, you should review any title documents that might indicate ownership to be sure that what you have are things you own. Before you draw up the estate planning documents with a lawyer, you'll need to have your assets organized and well-documented.Īdditionally, you will need to designate ownership of these assets. Cars, real estate, inheritance money, and investments are all assets that can be a part of your estate plan. One of the most time-consuming steps in the process is collecting documentation for your assets. Keep reading for a step-by-step estate planning checklist. Estate planning can be tedious, but you can build a strong future for you and your family when you have the right tools.
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