Any Florida resident who wants to avoid having the state make important decisions about the distribution of his or her property after death can draft estate-planning documents. That will also spare that person's loved ones the burden of complicated decision-making after his or her death. Knowing that one's estate planning is taken care of can be liberating and give peace of mind.
The first step is to review the family and financial situation and focus on drafting a will to fit that structure. Instructions for distributing property to family, organizations, friends and more can be included. Furthermore, it will be necessary to allocate management of the process to an executor, who could a trusted person or the attorney who provides guidance with the estate-planning process. The executor will be responsible settling the estate according to the terms of the will, as well as for paying any taxes or outstanding debts that are due.
Preparing a will is also the perfect opportunity to make sure, should both parents die, that any minor children are raised by a guardian of choice rather than by whomever the state chooses. Life is unpredictable, and any person may become incapacitated and unable to make financial and health care decisions. Powers of attorney can designated trusted individuals to be in charge of these issues, rather than an unfamiliar party appointed by the court.
Other matters to consider involve establishing a trust to control funds after death, details of preferences related to final arrangements, desire to donate organs and more can be included in estate planning documents. With the support of an experienced estate-planning attorney, Florida residents can be guided through every step of the process. This includes reviewing beneficiary designations and other details at regular intervals to make sure important life events such as marriages, births and divorces are taken into consideration to keep floridaelderlaw.net/Estate-Planning.shtml">estate planning current.
Source: wmur.com, "Money Matters: Importance of estate planning", Marc Hebert, June 1, 2017