No one wants to think about what will happen after a loved one dies in Florida. However, to best prepare your loved ones, it’s instrumental to set up an estate plan ahead of time.
What is an estate plan?
An estate plan is a set of documents that will tell the courts and your loved ones what should happen to all of your things after you die. This can be comprised of a traditional will alone, or include things like life insurance policies and trusts.
There are many different estate planning tools for you to take advantage of. Not all of them will apply to you, but your estate plan must have a few essential documents:
- A will that spells out what assets go to who
- Something that addresses who is your financial power of attorney should you be unable to make your own financial decisions
- A health care directive and living will for your loved ones to follow should you become incapacitated.
How does estate planning help families?
The biggest reason for estate planning is that it helps protect your beneficiaries. Your beneficiaries are people who are going to receive your assets after you’re gone – typically, family members or children.
Setting up an estate plan takes the burden off of your family members. Instead of worrying about probate or having to make medical decisions on your behalf, a well-detailed estate plan will address all of those questions for them. It also ensures that your last wishes are followed to the very end and can even reduce estate taxes for your loved ones.
Setting up an estate plan before you need it will ensure that your family doesn’t have to worry about anything should something happen to you. Instead of fretting over assets and probate, your family will be able to spend their time with you and properly grieve.