Planning for what will happen after death is not enjoyable for most people, but failing to do so can leave friends and family in a difficult position or even lead to conflict among heirs. Taking the time to establish and maintain a comprehensive estate plan in Florida can make things easier for loved ones when the time comes, and it can give the planner peace of mind. When developing an estate plan, it’s important to be sure that the relevant information is available to heirs and that the right beneficiaries have been designated.
When a person dies, he or she might have several different types of assets that will pass via different mechanisms. Important documents like the deed to a house, motor vehicle titles and mortgage paperwork should be kept in safe places and their locations made known to the executor of the estate or trusted family members.
A person might also have digital assets that can only be accessed with the correct usernames and passwords. A person who is making an estate plan should create a detailed list of digital assets and how to access them. There are services available to organize and protect digital holdings. A master list of all important accounts, kept in a safe place, is a good idea in many cases. It should contain all of the person’s usernames and passwords along with other information required to access investment accounts.
People who have questions about the estate planning process in Florida might want to speak with a professional . A lawyer with experience in estate planning law might examine the facts of the client’s situation and suggest trusts, powers of attorney or other planning instruments to ensure the efficient transfer of assets to heirs. A lawyer may be able to draft documents for the client or change the ownership structure of certain assets to minimize tax liability.