Confronting one’s own mortality isn’t pleasant, but taking steps now can ensure that one’s relatives receive the inheritance one chooses for them. Estate planning can also help a person set guidelines for how they want affairs to be handled in the event that they become ill and incapacitated. Changing technology means that a person may also want to set policies for how digital accounts are handled after death. In Florida, there are a few common items on the estate planning checklist.
First, a durable power of attorney can help individuals manage their property and bank accounts in the event that they are not able to. Finances, taxes and other monetary issues can be handled by the power of attorney that one chooses in the document. An advanced health care directive, often accompanied by a medical power of attorney, sets guidelines about one’s health wishes. Whether one wants to be kept alive through heroic measures or not will be decided in the health care directive and implemented by the medical power of attorney.
A living trust is a vehicle that can pass assets to one’s heirs and allows the assets to avoid probate. Again, the individual selects the trustees and sets the guidelines. Wills are the most commonly known estate planning tool. A last will and testament is a way for the person to communicate final wishes and make everything very clear for the heirs and survivors.
Even though it can be uncomfortable to create an estate plan, there are certain steps that can be followed to make the process a little more stress-free. Having everything settled can also ease the mind as well. In Florida, an estate planning attorney can help guide a person through the process of checking everything off the list.
Source: investors.com, “Estate Planning Checklist: Easy Stress-Free Steps For Getting Organized“, Michele Chandler, March 30, 2018