VanNess & VanNess, P.A.
352-436-4333

How to create a comprehensive estate plan

While Florida residents and others who have a will should be commended for taking that step, an estate plan is more than just that one component. Ideally, it should be considered a comprehensive strategy to protect assets in retirement and beyond. For example, a possible component of an estate plan is to pay for a funeral well before it happens. This may include buying a coffin and a tombstone.

As part of an estate plan, multiple family members should be named to a committee to carry out the terms of a revocable trust if an individual becomes mentally incapacitated. Doing so may avoid the need to spend time in court to name a guardian. To maintain good relationships with a spouse and other close family members, it may be worthwhile to have separate lawyers creating the estate plans for each spouse.

Separating the planning will help ensure that each partner has a legal representative looking out solely for their interests. In addition to preserving relationships, it may reduce a person's anxiety by taking away as many unknowns as possible in such a plan. Finally, individuals should overestimate how long they will live as a means of preserving assets. A 65-year-old man can expect to live until 84 while a woman can expect to live until 87. However, some people who are 65 today may live to see 90 or even 95.

The loss of a loved one may be a difficult event from a financial and emotional standpoint. However, there are ways that individuals can reduce the burden of their passing on family and friends. By creating a will, creating a trust or using beneficiary designations, it may be possible for final expenses to be paid and assets to be transferred to beneficiaries in a timely manner.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Discuss Your Case With An Experienced Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

1205 N. Meeting Tree Blvd.
Crystal River, FL 34429

Toll Free: 866-697-6221
Phone: 352-436-4333
Crystal River Law Office Map

250 International Parkway
Suite 340
Lake Mary, Florida 32746

Toll Free: 866-697-6221
Phone: 352-436-4333
Map & Directions

Office Location