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Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

Components of a comprehensive estate plan

When Florida residents become mentally incapacitated or pass away, their estate plan determines what happens to any assets they own. The plan may also account for who raises their children or how medical decisions are made. An estate plan should contain a Health Insurance Portability and Accountability Act release, a will and a living trust. It should also include a power of attorney and a health care directive.

Staying organized is critical to making sure an estate plan can be executed properly. People should create a list of all of their assets to make it easier for an executor to account for them. Beneficiary forms should be updated to ensure that the right people have access to money in an IRA or the death benefit from a life insurance policy. It may also be a good idea to create a list of family or friends who should be notified if anything happens.

In addition to keeping a log of physical assets, it may be a good idea to keep a log of digital assets as well. For instance, individuals may leave a list of their bank account passwords or the passwords to social media accounts that they own. Creating such a list may make it easier for a trustee or executor to access them as needed.

An estate plan may be beneficial regardless of how old a person is. Comprehensive estate planning documents can give both owners and their heirs piece of mind along with asset preservation and protection. These documents should be periodically reviewed to take into account any changes in family or financial circumstances, and an estate planning attorney can be of assistance in that regard.

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