With a new year approaching, residents in Florida start a host of resolutions intent to improve their lives. The new year is also a great time to rethink the estate plan. Whether a person has experienced a death, gone through divorce or married, now is a great time to see the estate plan with greater focus.
The U.S. News Money column recommends including 10 items into the estate plan. For starters, everyone should have a will that determines who gets what assets. These assets do not include items with a beneficiary such as retirement accounts or life insurance policies.
A person needs to designate an executor for the estate, create a plan for any minor children should the parent pass before they reach majority and look at their beneficiary designations. Some people may benefit from tax planning to avoid large estate taxes. Look at creating a living will, financial power of attorney, trust and medical power of attorney.
HomeLight recommends some little-known tips often overlooked by people when planning their estates. A living trust can help you avoid the pitfalls of the willing going to probate which may reduce the burden on family. Personal items with no monetary value can cause fighting after someone passes away.
Make a plan for any houses. Using professional help means the estate plan is specific to the person rather than a fill-in-the-blank form. Plan for palliative care now and be specific. Remember that every plan should include some contingencies because things rarely go exactly as planned.
The year 2020 reminds people to bring their life into clearer focus. Why not start with the estate plan?