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Nobody can escape the inevitable. Although death is usually not a comfortable subject, it is important for any adult, despite income or age, to make preparations for one’s own death or incapacitation. The best way to do this is through a good estate plan which ensures one’s assets will be distributed to one’s intended heirs. There are a variety of estate planning documents which are generally included in an effective estate plan in Florida or in any other state.
One of the most important documents in a good estate plan is a last will and testament. This legal document details how one would like one’s assets distributed during the estate administration process. Without this essential document, state law will dictate how assets are distributed. However, it is important to make sure the beneficiaries are clearly stated when drafting this document.
A good estate plan not only deals with one’s death but also addresses the potential of one being incapacitated. One document designed to address this is a power of attorney. This legal document designates a person of one’s choosing to make financial decisions when one is not able to due to incapacitation. Another important document, a living will, designates a person who will make decisions about use of life support in the case of incapacitation.
These are just a few of the possible options available for estate planning in Florida or in any other state. Other legal documents may include various types of trusts which could aide in minimizing tax liabilities. However, when deciding which legal documents one should include in an estate plan, it is important to have a thorough understanding of all applicable laws in order to tailor the estate plan to one’s particular situation.