Estate planning can be an overwhelming process for many Florida residents. One of the most overwhelming parts is getting all of the documentation together to start the process.
The good news is, this is often the hardest part. After that, the hardest part is remembering to update your estate planning and documentation with every major life event.
What things should my estate plan include?
Your estate plan should serve two purposes. the first purpose of an estate plan is to lay out finances and say who should inherit them when you’re gone.
The second purpose of an estate plan is to provide a roadmap for your family and loved ones in case something should happen to you. As such, your estate plan should address what happens if:
- You become incapable of making decisions
- You die suddenly
- You have minors in your care when you die
Who gets to make decisions for you?
Most estate plans will have an advanced directive or similar documentation. This documentation spells out what should happen if you become incapable of making your own decisions and how you should be taken care of.
Your advanced directive answers the hard questions, like at what point should you be allowed to pass away peacefully. There will be other documentation that addresses who gets power of attorney, for both your finances and your health – or in other words, who gets to make the health decisions and who gets to make the legal/financial decisions.
Why is it important to create an estate plan?
Creating an estate plan early and revising it often is essential to having all of your finances in order for your family should something happen. So it’s important to have the right documentation in the estate plan at all times.