This process is the comprehensive planning of an individual’s assets and personal being (Living Will). There is no specific time period to prepare your estate plan. Everyone is different. However, due to the uncertainties of the future, the earlier you plan the better it is for you and your loved ones. The key to preparing your estate planning is being ready to think about how you would like things to flow in the future. Estate Planning is created for each individual’s goals, minimize estate taxes, if any, and avoid probate for your family later in life.
Tools involved in Estate Planning:
2. Living Will
3. Power of Attorney
4. Designation of Health Care Surrogate
5. Trusts (if applicable)
Some people avoid preparing their Estate Planning because they do not like discussing death. Some people are even superstitious about talking about death. But it is very important that you discuss your estate assets with someone in your family, close friend, or at least make a list for your family members, especially if you have never prepared your estate planning or have not updated your Will in 2 -3 years.
Here is a website link to a Yahoo article and video of why it is important to discuss your assets with someone you trust.
Lim & Company, PL is a Jacksonville Estate Planning attorney’s office here to make your wishes come true so that you can rest in peace.