Estate planning isn’t limited to property and money. On the contrary, there is any number of aspects to consider for your estate plan, such as:
- Designation of beneficiaries
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Directions for guardianship
- Medical power of attorney
- Transfer of Accounts
- Power of Attorney
- Transfer of Deeds
- Care of a pet
- Living will
- Trust
To begin, make a list of everything you own and everything you owe. Included with your personal inventory should be copies of essential documents that reflect your assets and debts.
Estate plans let you determine what happens to your assets in the event that you pass away. Yet it can also serve to establish what happens in the event that you become incapacitated for a time. As such, those you name would be able to act on your behalf without having to go through a court of law. Therefore, it’s important to secure a backup plan outside of death. If you are hospitalized or ill for any reason and you can’t address your responsibilities, a loved one can do so for you. One of the main reasons people secure estate plans is to ensure the care and protection of children and dependents. As such, you want to make sure that there are provisions in place that detail their care. Moreover, you’ll want to provide details about anyone you remarry to ensure that your assets don’t automatically go to someone outside of your wishes.
As you can see, what might be in your estate plan reaches far beyond simple personal assets. This is why it’s so important to secure the services of a qualified Estate Planning attorney in Florida.
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