Those in Florida who made New Year's' resolutions to get their lives more organized might be overlooking an important step -- creating an estate plan. Estate planning is important for every stage of life and can help individuals better organize their assets, final wishes and more. Here are some important steps to getting better organized with an estate plan.
Before creating or revising an estate plan, individuals should first identify their goals. Is a person interested in protecting assets, creating a family legacy, establishing inheritances for heirs or something else? Once the main goal has been identified, it is easier to move on to the actual implementation of the planning.
It is important to list all assets and risks. This means not only detailing what property and accounts a person owns, but also how to protect those assets should something unexpected occur. This is especially important for those who hope to use assets to either provide for themselves during their later years or to leave behind for loved ones.
Depending on a person's main goal, avoiding probate might be a priority. While sometimes necessary, probate can be an expensive and time-consuming process. If passing on inheritances to heirs as quickly as possible is a priority, then avoiding probate should be also.
Estate planning is a highly unique process that is different for everyone. Depending on a person's goals, assets and more, the needed documents and processes can differ. For those in Florida who are uncertain of how to proceed with this important life step, consulting with an experienced attorney can be a smart first step toward creating the most comprehensive estate plan possible.