5 Tips for Successful Estate Planning
When it comes to successfully planning for the distribution of your property upon your passing, there are many factors to keep in mind. The following are five key tips for establishing a plan that tends to the important areas of your estate:
- Plan ahead. Work with an estate planning lawyer to ensure your assets and property will be passed down according to your wishes. A skilled legal professional will help you decide which documents are needed to effectively handle inheritances, debts and other issues that may arise. When creating a will, you may also decide to declare an executor who is responsible for overseeing the closure of your estate.
- Protect your children. If you are the parent of a child who is a minor, it is especially important that you have a will in place. Your will should detail who is to become your child’s legal guardian in your absence.
- Decide whether to avoid probate. Work with your attorney to decide whether avoiding probate is right for you and your circumstances. Should you determine that it is best for your estate or certain parts of your property to avoid probate, you have the option of creating a living trust, which also allows you to keep your estate mostly private.
- Determine who will receive your retirement funds. According to the law, your spouse has a right to claim funds in your 401(k) retirement plan. If you do not wish to pass down this money to your spouse, it’s important to mention in your will who should inherit the savings.
- Ensure your documents can be found. Although it may sound obvious, many people die without ever telling their family members the location of their estate planning materials. If you are putting forth the effort to create a will or living trust, ensure that at least one trusted individual knows where you keep them.
If you would like more information on creating a will or living trust to protect your loved ones and assets in the years to come, consult the knowledgeable Florida estate planning attorneys at the Charles Law Offices.