3 Tips for a Successful Florida Estate Plan

Florida residents will have a lot of things to keep in mind while planning their estates. Some of these things are obvious steps that everyone knows they need to take in creating their estate plans — such as drafting a will and a power of attorney — but others may not be so obvious. By keeping the following three things in mind, though, estate planners will be well on their way to success.

First, remember to organize all of your estate and financial information. This will enable your family members to easily find important documents like your will and powers of attorney when you are not available to help them. Put everything together in a file folder and be sure to show your family where you have put it. Things to include in your estate planning folder include: contact information for family members, attorneys and other professionals; details about the location of different estate documents; life insurance and disability information; auto and home insurance information; credit card, bank, mortgage and financial account information; and login information for social media and financial accounts.

Second, talk to your family about your estate plan. Make sure that they know what to expect in terms of inheritances they will receive and what they will need to do following your death. This will help keep the continuity of your family and reduce the chance of disappointments and legal battles after you pass away.

Third, finish your estate plan. While this seems obvious, the fact is that numerous Florida couples never actually complete their estate planning process and they leave a lot of loose ends that are difficult for family members to sort out after they are gone. Do not let this happen to you. Finish what you have started and your family will be spared a great deal of turmoil and costs later on down the road.

Source: Nasdaq, “3 keys to estate planning,” June 15, 2015