Creating a Florida estate plan leads to numerous benefits for you and your loved ones. For example, having an estate plan in place gives you more control over your personal and financial affairs. It also helps ensure that others honor your wishes if you become unable to express them, among other advantages. While you may think it takes a good deal of time to create an effective estate plan, this does not have to be the case.
According to Bankrate, you should be able to create a solid, effective estate plan by including just three main components: a will, an advance health care directive and a power of attorney.
Wills
Having a will helps you avoid dying “intestate,” which means it becomes the court’s responsibility to oversee the distribution of your assets. A will lets you say who you want to inherit your legacy. Also, if you die with any minor children, you may also use the will to outline who you want to care for them until they come of age.
Advance health care directives
Advance health care directives give medical professionals instructions with regard to your medical treatment in the event that you suffer incapacitation and become unable to tell them what you want.
Powers of attorney
A financial power of attorney gives someone you appoint access to your finances and the ability to make certain financial decisions on your behalf. You have some control over how much power you give someone when you grant them power of attorney.
You may always supplement your estate plan later using trusts or other estate planning tools, but having an estate plan that includes these three elements is a great place to start.
