The Beginner’s Guide to Estate Planning

It is crucial to prepare for the inevitable, especially if you wish to look after your loved ones once you are gone. To ensure that your final legacy is handled in accordance with your wishes, you should put serious thought and effort into your Estate Planning — first and foremost by hiring a Jurado & Farshchian attorney. We have proudly assisted numerous clients in devising clear and effective estate plans that reflect their last wishes while minimizing the time, expense, and hassle of distributing their assets to heirs.

If you have not yet begun planning your estate, start by reviewing the following list of crucial do’s and don’ts in Estate Planning.

Do Prepare a Will

If you were to make only one estate planning document, it should be a will. This is perhaps the single most important part of any estate plan, because no matter what the size or composition of your estate is, you need to set forth a legally-binding directive for how you want it distributed and to whom.

Do Consider All Your Options

A will is one of only several legal instruments you may need for your estate plans. A Florida living trust, for example, offers a range of benefits over a will, such as protecting certain assets from probate and giving you control over the trust agreement for as long as you live. A living will allows you to specify what medical care you will receive in the event that you incapacitated. Our attorneys will work closely with you to determine which documents should be part of your estate plan.

Do Think Carefully About Who Will Execute Your Estate Plan

You must entrust someone with the legal authority to serve as your personal representative when you are gone. This individual will be responsible for carrying out your wishes as set forth in your will, namely the gathering and distributing of your assets to heirs and beneficiaries. In the case of a living willor power of attorney, you will be granting an individual the right to make important decisions on your behalf.

Needless to say, these matters are not to be taken lightly, so you must think very hard and carefully about who is qualified to fill this role. The person you choose should be trustworthy as well as competent at the task at hand. You should talk to the candidates and make sure they are willing and able to serve as you would wish. Whoever you choose, we will be ready to assist them in winding down your estate in accordance with your wishes.

Do Not Wait to Begin Estate Planning

It can be understandably difficult to think about end-of-life arrangements. However, there is no point in delaying the inevitable — sooner or later you must determine what will be done with the assets you have spent a lifetime earning, and how you will look after your loved ones. It is better to start planning your estate while you remain clear-headed, as there is no telling what the future may hold. Whenever you are ready, Jurado & Farshchian attorneys will be available to work with you in formulating an estate plan.

Do Not Be Complacent

Estate planning does not end with the signing of your estate documents. For as long as you live, you will need to stay on top of your plans and update them accordingly — if you get married or divorced, acquire a new property, or have another loved one you wish to add as a beneficiary, to name a few examples. A good rule of thumb is to review your estate plan at least once a year to make sure it includes everyone you want to include.