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Estate planning facts that everyone should know

On Behalf of | Dec 23, 2022 | Estate Planning

If you have ever thought about what might happen once you’re no longer around, you’re not alone. Creating a Florida estate plan is a good way to prepare and protect your property and heirs. These are some facts you should know about estate planning.

It’s for everyone

Everyone should have an estate plan regardless of their age. Many things in life are unpredictable; you could get seriously ill or have an accident that renders you incapacitated and unable to make decisions about your healthcare. A person could unexpectedly die young and not be able to leave their assets and property to the people they would have intended to inherit them. Estate planning lets you do those things regardless of your health.

You should choose more than one beneficiary

When you have a retirement account, IRA or 401(k) or life insurance policy and intend to leave the proceeds from them to a spouse, child or another family member, you should always add a second-choice beneficiary. This is necessary because if your primary beneficiary passes away before you or dies shortly after you the money from your accounts could go to someone you did not anticipate, like the state.

Trusts are good legal tools

A trust is a good legal tool to have if you need to keep certain assets separate from your estate. You might want to do this if you plan on leaving something specific to your spouse, child or even for charity. Depending on the type of trust you establish, anything held within might be able to bypass probate and estate tax. If you’re setting up a trust for minor children, a trustee can oversee it and ensure that they receive their assets once they reach the adult age you choose.

Estate planning can provide you with much-needed peace of mind. You can ensure that your wishes are carried out and that your family is secure.