Have you been thinking about what will happen to your Florida estate if you’re unable to manage it? This question is one many adults have. Many people believe that estate planning is only for wealthy individuals, which isn’t true. Instead, planning an estate is a smart move for anyone who wants to leave something behind to their loved ones. But, before you start, it’s good to have a game plan. With that in mind, here is how to properly plan your estate.
Having a will or trust
One of the most important things to have while planning your estate is a trust or will. Regardless of your net worth, having a will or trust in place ensures that you’re in control of who gets what you leave behind. It’s incredibly important to make sure your will or trust is clear. Considering that, it might be wise to have a professional help you create this document.
Writing a letter of intent
Considering the importance of an estate, most people planning out what they’ll leave to others also writes a letter of intent. While it might sound complicated, the idea behind a letter of intent is simple. This letter details how you plan on distributing a particular asset. You might also use this letter to specify funeral arrangements or similar requests.
Preparing a power of attorney
Another estate planning tip is to consider naming someone under a power of attorney. This person can manage your financial and health care affairs if you become incapacitated. It’s also wise to pick another backup agent if your original choice can’t accept this role.