Estate planning helps ensure your assets go where you want them after you pass away. In Florida, it’s important to consider every detail so nothing falls through the cracks. It is helpful to know some commonly overlooked aspects of estate planning that you don’t want to forget about.
Updating beneficiaries
Many people forget to update beneficiaries on accounts like life insurance, retirement plans, and bank accounts. This can lead to complications if your named beneficiary is no longer the person you want to receive the asset. Review your beneficiary designations regularly, especially after major life changes like marriage, divorce, or having children.
Digital assets
Your digital life is just as important as your physical assets. Digital assets can include social media accounts, online banking, and even photos stored in the cloud. Make sure to include instructions for accessing these accounts. Create a list of your digital assets, along with login information, so that your loved ones can manage or close them as needed.
Planning for incapacity
Estate planning isn’t just about what happens after you pass away. It should also include plans for if you become unable to make decisions on your own. Consider creating documents like a durable power of attorney and a healthcare surrogate designation. These allow someone you trust to make financial or medical decisions on your behalf if you’re unable to do so.
Planning for pets
If you have pets, consider their care in your estate plan. Designate a person who will take care of them and set aside funds to cover their needs. Pets are often forgotten in estate plans, but they deserve proper care just like any other family member.
Paying for final expenses
Final expenses, like funeral costs, can add up quickly. Consider setting aside money or taking out a small life insurance policy to cover these costs. This can ease the financial burden on your loved ones during a difficult time.
Reviewing your plan regularly
Life changes, and so should your estate plan. Regularly review and update your documents to reflect any changes in your life, financial situation, or family dynamics. Keeping your estate plan up to date ensures your wishes are always carried out.
Estate planning in Florida involves more than just writing a will. By focusing on often-overlooked aspects, you can create a comprehensive plan that truly reflects your wishes. Taking these steps will help protect your loved ones and ensure your final wishes are respected.