End-of-life planning can be made so much simpler by keeping a few simple steps in mind. One does not have to be intimidated by estate planning, or feel that estate planning is simply for the very rich. The concepts of estate planning can be broken down into easy-to-approach chunks, and it is likely that many people in Florida intuitively have already begun to address this type of planning already. Those individuals in Melbourne who are ready to start estate planning may possibly wish to consider the following estate planning checklist.
The first, somewhat unofficial, step is to create a master directory. This directory serves as a collection of information about assets, liabilities, accounts, passwords and any other information that may be helpful for a person to know after another person’s death. Another step one can take is to designate beneficiaries on any insurance, retirement or bank accounts. A person can then choose to draft a will if desired. Another consideration is to name guardians for minor children so that they are cared for in the event of a death.
The latter half of the checklist includes naming a custodian for assets that could be owned by minor children. In the event that a person becomes incapacitated, having a power of attorney for medical and financial matters would be helpful. Along with that, some people choose to create a living will that specifies their wishes should they experience certain types of medical issues. For some people, the last step will include creating a trust. In certain cases, a trust will be the best protection for their assets.
People in and near Melbourne, Florida may consider the steps listed above when making their final plans. Estate planning can sound overwhelming, but when it is broken down can be more manageable. An estate planning attorney can provide more guidance to those who have more questions about the specifics of their unique end-of-life plan.
Source: news.morningstar.com, “An Estate Planning Checklist“, Christine Benz, July 27