Creating a will is an important step every person can take to protect their assets and document their wishes for distribution. However, too many people make the mistake of thinking that a will is all they need for a solid estate plan.
Naming the executor of an estate, or personal representative, is not a decision people should make lightly. This role comes with considerable responsibility and legal obligations, and it is not unusual for this person to be at odds with the other people affected by an estate plan.
Divorce and remarriage is no longer an unusual occurrence. In fact, countless families across Florida are comprised of remarried parents who share children and stepchildren. For many people, this is the very picture of happiness.
Millions of people tuned in to watch the Super Bowl last weekend. Some watched for the commercials, others watched for the game. But many people watched just for the halftime show.
Many people understand the importance of having a comprehensive estate plan to address vital aspects of their lives. Individuals often realize that they need to create, for instance, a will or power of attorney to ensure their wishes are carried out when the time comes.
There are a number of reasons why every adult should have an estate plan, and we have discussed many of these reasons in previous posts on this blog. Broadly speaking, an estate plan gives you control over your care and the distribution of your assets.
Creating an estate plan is probably not something you think about on a regular basis, especially if you are young and still building your wealth, your family and your future. However, before you dismiss the option to create an estate plan or put the process off again, you might want to reconsider.
When we talk about creating a will or updating your estate plan, we often discuss doing so in the context of protecting your loved ones. That can lead people to start thinking about who truly will be affected by their plans.
Many people have strong views on the type of care they want or don't want to receive if get very sick. You can preserve your decisions with a living will which informs medical professionals of your wishes in the event that you cannot express them yourself.
Creating an estate plan is a wise decision and critical step in protecting your wishes, your family and your property. However, it is only one part of the process; you must also review these documents regularly to ensure they remain accurate and valid.