It’s very important to inventory what you have – tangible and intangible.
It’s important to think about your family’s needs in terms of life insurance
Naming someone to make medical decisions if you can’t and carry out end of life decisions makes for peace of mind when the time comes.
Powers of Attorney let someone make financial decisions, and in Florida they go into effect as soon as the documents are complete. It’s essential to appoint someone you trust..
Unimaginably important in the unlikely eventuality they’re needed.
Do you have enough life insurance? If you’re married, does your spouse, who may not work outside of the home or who earns substantially less, have sufficient insurance to cover the expense of finding paid help to shuttle back and forth to school; to babysit, and a myriad of other things.
Information needs to be passed to your family when they need it, and eventually they will need it.
Check these on a regular basis. Remember minors are not able to inherit liquid assets; check so you’re sure you’d still name them. If you’ve been divorced, be sure your former spouse isn’t named on anything you don’t want them to have.
Inventory your Stuff
tangible personal property (books, clothes, jewelry, etc.)
intangible property – money, investments, retirement, etc
You and your family will be better off
About Will contests – it’s important to consider what motivates the idea – and to check out the feasilbility of pursuing it. It’s expensive, and probate litigators are unlikely to work on anything but a cash-in-advance basis with no promise of success.
DIY’s are not advised, at least not by me. If a person wants one, be sure to get it reviewed by an attorney.
People don’t consider the impact of not having a designated person to help with finances if you’re not able to do it yourself – things as simple as paying bills – until you’re not able.
Leaving assets to minors because good counsel may not have been asked for an offered. Minors cannot directly inherit – it’s costly and emotional if proper planning isn’t done.
What about guardianship of minor children when there’s been a divorce – this can certainly be problematic.
Both of these programs are confusing. It’s important that people moving into their 60’s get educated so as to make informed decisions.
We have a unique perspective on estate planning that serves our clients well. We thoroughly review not just your assets and your wishes but your legacy. We ask the questions “What’s in the best interest of this family, how do we achieve those goals and what kind of legacy do you want to leave behind?” After answering these key questions, we help you determine the best course of action for your family going forward.
