There is no one-size-fits-all approach to planning for the future, but there are certain things any Florida adult will be wise to include as part of his or her overall strategy. Every estate plan is different, but there are certain documents that will allow one to feel confident about the future and his or her long-term interests. With the right plans in place and the appropriate documents drafted, one can have a measure of control over certain legal and financial matters that will arise in the future.
Don’t leave these out
Many adults delay the estate planning process because they believe it is unnecessary for them at this stage in life. Perhaps they believe they need a certain amount of wealth to justify an estate plan, or they may believe they are too young to require one. In reality, most adults will benefit from having even a simple estate plan in place as life is unpredictable and the unexpected can arise at any time. Some elements that may be critical parts of any plan include:
- The last will and testament
- Health care and financial power of attorney
- Revocable living trust
- Updated beneficiary designations on most accounts
- Advance health care directive and living will
A careful look at one’s individual situation and goals will determine which of these will be most important when creating a complete estate plan.
Considering the future
When creating an estate plan, it is important to keep one’s focus on what will make the most sense long term. There is no single solution to this, but there are certain things that will be beneficial to most people. A Florida estate law attorney can carefully evaluate the individual situation to determine the specific things that should be included in a plan.