What is an estate plan?

On Behalf of | Sep 11, 2019 | estate planning

There are very few certainties in this world, but one thing that all Florida residents can count on is that they will eventually reach the end of their lives. Many individuals choose to take control of how their assets and wealth will be distributed after they die by creating estate plans. This post will look at what estate plans may include, but all readers should talk to their own estate planning attorneys about how best to create their own individualized plans.

When preparing an estate plan, a person should generally know what will be included in their estate. Many financial assets, such as bank accounts, investments, real estate, stocks, and others may survive a person who has passed on. Personal assets, such as cars and jewelry, artwork and other collections, may also be available for distribution to beneficiaries when a person dies.

An estate plan may include different testamentary documents that explain how and to whom certain assets should be given. Through a will, a person may dictate which items and assets should go to which of their family members and friends; an estate planner may set up a trust to avoid some of the costs of probate and taxes that can apply to estates. The laws concerning the formation and execution of these documents can vary and readers should seek legal help to ensure that their testamentary documents are compliant.

No one wants to plan for the end of their life, but those who do can ensure that their wishes are met and respected. Estate planning is an important process for everyone to take on, and attorneys who work in this field of law are well-positioned to guide their clients through the necessary steps to protect their wealth and assets.