Long-term legal and financial planning requires one to consider his or her potential needs and wishes for the future. This could include what happens to personal assets after passing, who should oversee the closure of the estate, specific medical preferences and more. While there is no cookie-cutter plan that will be suitable for everyone, certain common elements are important components of any complete estate plan.
Start with a will
A will is one of the most important estate planning documents one will have, and it is likely the first step to take when creating a comprehensive estate plan. A will outlines what happens to happen to personal property after passing, and it can name someone to act as the executor of the estate. In the creation of a will, a Florida adult can also appoint a guardian for minor or disabled children who may need care if the parent passes away.
Health care planning is another critical element in a complete estate plan. A living will is a document that provides the ability to outline specific types of medical care one may want in case of incapacitation. Through a health care power of attorney, one can appoint a person to make important medical decisions on his or her behalf in matters not outlined in a living will.
Confidence in the future
A complete estate plan gives the ability to face the future with confidence. Failure to have a comprehensive strategy could reduce control over important matters in the future. It will be beneficial to discuss needs with a Florida estate planning attorney to determine what should be in an individual plan.