Florida Estate Planning is the process or preserving and protecting your assets and property and then arranging for them to be passed on to the family members, friends, or charities of your choice in the most orderly manner possible.
The goals of Estate Planning are to:
- Preserve your assets during life, and
- Eliminate uncertainties as to how those assets will be disposed at your death
Estate Planning May Involve:
- Last Will & Testament
- Trust
- Power of Attorney
- Health Care Advance Directive
- Living Will
- Property Ownership
- Gifting
- Special planning for minor children and loved ones with special needs.
Under Florida law, your estate consists of your real estate, personal property, such as cars, furniture, jewelry, pets, as well as bank accounts, stocks, and other financial assets. A good estate plan will consider both life and death issues. This will make the process easier for your family, as well as give you security in knowing how things will be handled in your absence.
Some of the issues your estate plan should consider include:
- How your children, reliant family members, or pets would be taken care of in your absence;
- Who will make medical and financial decisions for you if you are incapacitated;
- Whether you want to leave anything to friends, charities, family members, and anyone else who will not receive an inheritance under state law;
- Who will run your business;
- What life saving techniques and medical care would be taken to save your life;
- Where and how your remains will be handled; and
- Who will be in charge of carrying out your wishes.