Understanding Estate Planning
To many, estate planning seems too complicated so they continue to put it off. However, it is too important a task not to give it your attention. By working with a family law firm who specialize in estate planning in Largo, Florida or in your state, the process can be made easier. We understand that planning for the inevitable is not fun. But, it is something you should do for the loved ones you will leave behind. If you have not yet taken care of establishing plans for after you die, today’s blog should help you better understand what it entails and what you need to think about and discuss with your family law firm.
Estate Planning is More Than Just Establishing a Trust or Will
Previously we talked about how a will and trust are not just for the rich. They are an essential part of estate planning in Largo and throughout Florida in order to avoid a lengthy and more difficult probate process. If you realize it is time to get started, but are not sure what you need to think about and do in addition to calling an attorney, here is a brief list.
- Identify your assets including, but not limited to, cars, houses, jewelry, collectibles, bank accounts, and life insurance policies.
- Determine if your family’s needs will be provided for in the event of your death.
- Formulate a plan and appoint a guardian for any minor children and pets.
- Establish and make known your wishes in the event of you becoming incapacitated through conversation with your loved ones and a living will and/or medical care directive.
- Appoint an executor of your estate.
As you can see, estate planning includes speaking with more than just a family law firm. You need to discuss your plans and wishes with whomever will be involved in your estate plan. It is also a good idea to speak with a financial advisor. They will help you ensure that your family will be provided for after your passing.
You Should Revisit Your Plan at Least Once Every Five Years
Although wills and trusts do not have expiration dates, your life and circumstances will change. Families and relationships grow and change. Financials as well as assets change. Any one of those changes could mean that you and your family law firm should revise your estate plan.
Wagstaff & Pitelis Offers Estate Planning in Largo
As a family law firm, estate planning is just one of our areas of expertise. If you are looking for estate planning in Largo or elsewhere in the surrounding communities, call us. Our office is conveniently located in Largo and ready to serve you. Call (727) 584-8182 to schedule your appointment today or complete our contact form.