Estate Planning | 10 Helpful Tips
Estate Planning | Estate planning is essential for anyone that wants to protect their family and their assets. Here are ten estate planning tips.
1) Make a Will. This is the most important tip. Without a will, you have no control over how your assets will be
distributed. Your assets will instead be distributed according to Florida law, which could result in some needy family
members being left out in the cold, or assets otherwise being distributed unfairly. Dying without a will can also force your family to be involved in more length probate proceedings and cost them more money in taxes.
2) Keep Your Will in a Secure Place. Typically, the best place to keep your will is in the possession of your attorney or
locked in a safe place at your home. Never leave your will in a hidden spot where others may not find it.
3) Consider the Tax Implications. Some gifts are exempt from estate taxes, and you can minimize your family's tax burden with a strategic plan.
4) Carefully Consider Specific Gifts. Think about what specific property individuals will benefit the most from and adjust your will accordingly.
5) Select a Qualified Estate Executor. The executor is the person that administers the estate of a decedent. You can
choose this person in your will.
6) Make Sure You Review and Update Your Life Insurance Policy. The beneficiaries in these will receive payments
regardless of what your will states. Keep this in mind.
7) Make Sure You Review and Update Retirement Plans and any Payable-on- Death Accounts. Just as with life
insurance policies, these are not subject to your will.
8) Make a Living Will and Appoint Power of Attorney. Plan ahead for the possibility that you will be unable to make
decisions someday.
9) Consider Forming a Trust. An attorney can help you understand this option in full.
10) Have an Experienced Attorney Handle Your Estate Planning.
Don’t wait! We can assist you with all of your estate planning legal needs. Call to schedule an appointment with one of the top estate planning attorneys Tampa has to offer! Tampa office at 813-367-1500 or send us your questions online.
