Writing a will and creating an estate plan often seems like something that can wait. Unlike taxes, there is no solid deadline for filing.
An estate plan is a valuable tool for communicating your legacy to your loved ones. When you put together a comprehensive estate plan, your friends and family can help support your wishes after your death.
Here’s what to consider as you think about creating your first estate plan.
A starting point
Although you could need it at any time, you may actually have many years before you need an estate plan. Rather than making this a reason for putting off creating a plan, think about your initial estate plan as a first draft.
An estate plan should change as your life changes. As you approach different milestones in life, such as having children, opening a business, or creating an investment account, contemplate changing your plan to reflect your life.
Consider your loved ones
An estate plan is not merely about distributing wealth and assets. An estate plan gives your loved ones an outline to follow as they fulfill your wishes.
Dealing with the passing of a loved one is stressful. An estate plan takes the guesswork out of what you want your loves ones to receive, and the way your estate can provide for them.
Staying up to date
In Florida, most estates will go through the probate administration process. When you have an estate plan, and it is updated as your life changes, it will be a thorough guide through probate.
Rather than making guesses about handling new assets that are not in an outdated plan, a more current estate plan will provide the answers your loved ones need.