What are the basic steps necessary to build an estate plan?

Everyone benefits from thinking ahead and planning for what could happen with their property and medical care in the future. No one wants to consider their own mortality or what will happen after their death, but estate planning is prudent for every Florida adult, regardless of age or income level. Building a strong estate plan starts with a few basic steps.

The first step is to review all assets and identify what things should go to a specific person or place. After this, it is crucial to think about the needs of beneficiaries, specifically long-term needs. This could determine the direction of an estate plan and identify whether a specific type of trust is necessary. This is an estate planning tool that allows someone to designate assets for a specific use without having to go through probate.

At this point, it is useful to draft directives that will allow one to have more control over potential medical needs in the future. Health care directives and living wills provide the opportunity for one to decide what will happen in terms of health care and final wishes in case of a severe illness or injury that prevents speaking.

These steps are the foundation of a strong estate plan that allow a Florida adult to look to the future with confidence. It is beneficial to walk through this process with the help of an attorney who can provide guidance and support at every step. Everyone has different goals and objective, which is why it is important to create a custom-tailored plan to suit these unique priorities.