Essential Steps for Developing an Estate Plan

Florida estate planning can be overwhelming. It involves piles of paperwork, new language, and every choice feels much bigger than you ever thought. If you do not get your affairs in order, you are just setting up your family for headaches later on.

Start early. Plan and be organized. Make plans that fit your life, not what you assume someone else thinks you should have. “Once you learn the process, it doesn’t seem so intimidating. Each step becomes a small box you check, not this big mystery,” says Ana Veliz of Veliz & Associates, P.A. 

This guide does exactly that, step by step, helping you move along the right path.

Create an Inventory of Your Assets

Not even the person knows how much they have until they itemize. Start by creating a detailed list. Put down your home, your cars, your jewelry, and everything. Savings accounts, retirement, life insurance, and whatever else is under your name.

Include digital assets, such as photos and passwords. Once you have it all right in front of you, it becomes ever so much simpler to determine what you should protect and who you should grant access to should something go awry.

Name Your Beneficiaries and Keep Everything Up to Date

Once you have settled your assets, the next step is determining who gets what. Do not leave this to chance; make it clear. Your beneficiaries may be anyone or anything, including your family, a close friend, or a charity you care about. Just make it plain. That way, there will be no confusion or disagreement later.

Take a glance through your retirement accounts and life insurance policies. Make sure the right people are even listed. Too many people never update their paperwork, and later it causes their loved ones headaches.

Select the Appropriate Type of Estate Plan

Now that your property is delineated and you know who you would like to receive it, it is time to determine the appropriate plan. In Florida, you have a few significant choices: the will, the living trust, or both occasionally.

A will specifies who receives what and whom you name as guardian for your children, but everything still goes through probate. That takes time and involves public records, so it isn’t the ideal choice.

A living trust remains private, allowing your beneficiaries to avoid probate and receive the inheritance sooner. It requires additional effort to set up and maintain, though. Others blend and mix, trusting the big items and the will for the little, and any last preparations.

Your situation actually determines this decision. Have a large, mixed family? Do you own your own business? Do you have someone dependent on you who has special needs? You will likely incline toward a trust. If your finances are simple, however, a will usually suffice.

Work With an Established Florida Estate Attorney

Estate planning advice is most effective with legal assistance. It helps eliminate misunderstandings and prevent errors. You will not have to wait until the eleventh hour to consult a lawyer. In fact, many individuals engage one early on as they organize their property, particularly when things are complex or the family tree branches off somewhat.

An experienced estate planning attorney will write your documents, consult with you throughout life as it happens, and identify problems that you would have overlooked yourself. They will even teach you how to skirt taxes and handle court paperwork should you have to go through probate. If you need to make adjustments to your plan later, simply call them.

Do not settle for just anyone; hire a local lawyer who delivers strong results and reviews you can depend on. Make sure they speak plain English, so you always have a clear sense of where your plan is heading.