What You Need To Know When Creating Estate Plan In Florida

Florida, the sunshine state, is always the ideal choice when people choose a place to spend the remainder of their life after retirement. The tax friendliness of the state is also one of the aspects apart from the sunshine and warm weather attracting people to the state. The state of Florida offers many legal tools to help people to minimize taxes protect their property and ensure a comfortable future for themselves and their loved ones.

With proper estate planning by Boca Raton Estate Planning Attorney, you do not have to worry about things like that will make financial or healthcare decisions if you become incapacitated or what will happen to the property you own after your death. The Loughlin Law P.A in Florida provides compassionate and extraordinary legal service to the clients. The Loughlin Law P.A in Florida offers personal and friendly treatment people deserve. Still, people are not aware of the estate planning process.

Here is an estate planning guide to help you learn about the elements involved in estate planning. No one knows what will happen in the future. Many unexpected situations can arise at any time. That is why people want to control their properties and assets. Here is what you need to know.

What includes in estate planning?

An estate plan consists of many things you cannot even imagine. They o not include only the will to transfer property or divide assets after your death. A comprehensive estate plan includes various documents to provide you with benefits in life. The list of documents your estate plan will need –

  • Will
  • Trust
  • Directions of guardianship
  • Power of attorney
  • A power of attorney for a medical emergency or a living will
  • Pet care
  • Deeds or transfer of accounts in case of death
  • Nomination of beneficiaries on certain accounts

You know about the document you need to create an estate plan, but have you wondered whether you need an estate plan or not. Let’s find out the answer to this question.

Do you need to create an estate plan?

No one knows what is there in the future, so everyone needs to do estate planning. People have a misconception about estate planning. Everyone thinks people with many assets and money to distribute need to create an estate plan. It does not matter whether you have children or you are single. However, if you have children, you should make an estate plan to decide what will happen after your death. 

The same thing goes when you have assets, property, or pets. Some estate plans are more comprehensive, but they have the same benefits.