Using Estate Planning to Protect Your Family
What are the basic estate planning tools that you can use to protect your family – and your assets – no matter what age you are right now?
Will – if you die without a will or a living trust in place, your assets will be divided up according to state law. And you might not like it. Are you on a second marriage? Just been through a divorce? Without a will designating how your assets will be distributed, you will be leaving a mess for your heirs to clean up.
Financial Power of Attorney – this allows you to designate a responsible party to handle your financial affairs in case you become incapacitated.
Living Will – a living will or a healthcare power of attorney designates someone to make major healthcare and/or end-of-life decisions for you when you cannot, according to your wishes.
Beneficiary Forms – even if you name the beneficiaries of retirement accounts or life insurance policies in your will, if those names are not on the account or policy’s beneficiary form, they will not receive them.
Title Your Assets – if you have set up living trusts for your spouse or children, you must be sure to retitle the assets in the name of the trust or the living trusts are invalid.
Need to learn more about protecting your family through careful estate planning? Contact our Jacksonville Florida estate planning law firm.
