What Every Effective Estate Plan Should Have

Creating an Estate Plan is one of the most important decisions you will ever make, and something that should be done sooner rather than later. However, given what is at stake, it is understandable to find yourself unsure of where to even begin. Your hard-earned assets and the well-being of your heirs are on the line, which is why must be careful not to leave any crucial details out.

To help get you started, here is a quick rundown of what every effective Estate Plan should contain and how Jurado & Farshchian’s estate planning attorneys can help.

A Will

The cornerstone of any good Estate Plan is a Will. No matter the size of your estate, this legal document is pivotal for setting forth how you want your assets distributed and to whom. Your Will must also name an individual to serve as your personal representative (also known as an executor) who will be responsible for carrying out your final wishes and winding down the estate. Needless to say, the individual you choose — as well as any substitutes or alternatives — should be someone you know and trust to be honest and competent. It is advisable that you consult with your candidates to make sure they are up for the task.

The language of a Will must be clear and precise to prevent any ambiguities or disputes that may hold up your estate. Our attorneys have drafted numerous airtight Wills for estates of all sizes and can assist you to ensure that your Will reflects your exact wishes.

A Florida Revocable Living Trust

Depending on what you have in mind for your estate, a Florida Revocable Living Trust may be an invaluable part of your Estate Plan. Unlike a Will, this legal instrument can protect certain assets from the time and expense of probate. As the name indicates, a revocable living trust allows you to continue controlling the trust and its assets for as long you live, giving you the flexibility to alter the trust terms, change the trustee, or add and remove assets. You can even rescind the trust altogether.

A Living Will

Like a Living Trust, this document is not required for every estate plan but is highly advisable, as it allows you to plan for when you are incapacitated from a sudden medical emergency. A Living Will specifies who can act on your behalf regarding sensitive financial, medical, or personal decisions, including what sort of medical care you will receive. This document is crucial to ensuring that important medical decisions are made according to your wishes .