Practical steps to effective planning for the future
There is no one-size-fits-all estate plan, and the thought of making decisions regarding what will happen when you pass could be intimidating, causing you to delay your estate planning efforts. In reality, every Florida adult could benefit from an estate plan, regardless of age, health status or the size of the estate. By having a plan in place and certain documents drafted, you can feel confident regarding your future medical care and what will happen to your estate after you pass away.
Creating a plan that will provide protection now and years into the future can be a daunting task, but there are specific steps you can take that will allow you to have confidence regarding the security of your interests. Getting your affairs in order now will benefit your loved ones and ensure that you get the final say over certain critical matters.
Prepare and plan ahead
You do not have to be wealthy in order to benefit from the protections provided by a complete estate plan. The first step in creating your long-term strategy is to identify your goals, such as giving to charity, caring for loved ones or addressing certain medical needs you may have in the future. Some of the steps you can take that will help you prepare for what is ahead include:
- Take inventory of your estate and the specific physical assets you will want to distribute.
- Take an inventory of the non-physical assets you will want to address, such as bitcoin or your social media accounts.
- Make a list of the debts you currently owe, including mortgages and lines of credit.
- Review your retirement accounts, and update your beneficiary designations as needed.
- Identify a specific, responsible person who can act as the executor of your estate.
Taking these steps can provide you with the framework you need to create a complete estate plan that will provide both protection and long-term security for years to come.
Why you should not delay
Life is unpredictable. You may not need the documents in your estate plan for months or years, or they may be important tomorrow. By having them in place, you can feel confident regarding what will happen to your property and what kind of medical care you will receive in the event of your incapacitation. If you are unsure of what questions to ask or other steps to take to start this process, you may want to seek insight from a professional regarding your options.