What Do You Need to Include in Your Estate Plan?

Your estate plan reflects your wishes regarding how the assets you’ve worked so hard to acquire over your lifetime will be distributed upon your death. In other words, it reflects your financial legacy, and if neglected, your estate will be distributed according to Florida’s laws of intestacy rather than in accordance with your wishes. Now is the right time to consult with an experienced Riverview estate planning attorney.

A Will

Your will sets forth exactly how you want those assets that aren’t addressed in a trust and that don’t have beneficiaries attached to be distributed when you’re gone. If you have no will, those assets that aren’t otherwise addressed will flow to the relatives that Florida identifies as being in line to inherit. Your will should assign an estate administrator who will manage the execution of your estate when the time comes. Wills go through the probate process, but they guide the results.

A Financial Power of Attorney

By assigning financial power of attorney (POA) to someone, you authorize that person to handle financial decisions on your behalf in the event you become incapacitated. Financial POAs can also be set up to go into effect when you can’t be present to sign financial documents, such as when something like the following applies:

• You have to be out of town when a contract needs to be executed.
• You conduct business in different areas, and you can’t always be where you’re needed to further your business interests.

The person to whom you assign financial power of attorney is required to make decisions that are in keeping with your best interests – as guided by your direct input – and this authority remains in effect only while you’re alive.

A Revocable Living Trust

A revocable living trust can replace many aspects of a will, and in the process, it helps to streamline matters. A revocable living trust allows you to put specific assets into the trust’s ownership. In so doing, you assign a trustee who is charged with managing how the assets you’ve included will be distributed – which must be in accordance with your wishes – upon your incapacitation or death.

A living trust bypasses the probate process, which can save your beneficiaries time, money, and effort at a difficult juncture in their lives. While a living trust has several advantages over a will, it shouldn’t entirely replace your will. Including every asset you own in a trust generally isn’t feasible – unless you update it on a very regular basis. As such, your will can address those assets that may fall through the cracks, and they’re often called pour over wills for this reason.

Make the Call to an Experienced Riverview Estate Planning Attorney Today

The knowledgeable estate planning attorneys at Mickey Keenan P.A. – proudly serving Riverview, Florida – harness the full force of our impressive experience and keen legal skill for every client we represent, and we welcome the opportunity to also serve you. Your estate plan is important, so please don’t wait to contact us online or call us at 813-669-5471 for more information about what we can do to help you today.