What Is Estate Planning and What Does It Include?

Law

Estate planning is a process through which you determine how your assets will be distributed and managed in the event of your death or inability to care for yourself. It’s a personalized process, meaning that the specifics depend on the assets you own and the decisions you make.

Estate planning Orlando typically includes the following steps:

Inventory your Assets

What do you own? Make a list of everything from artwork and property to stocks and personal possessions. If it has value – even sentimental value to your children – it should be on the list. Take some time to consider where you would like it all to go.

Consider Your Dependents

Who do you need to care for? If you have minor children, you’ll want to name a guardian you trust and document how you want them cared for. Additionally, consider the finances. Do you need to start a college fund for your kids? Is there enough insurance to take care of their future needs?

Determine Who’s In Charge

Who do you want to make decisions on your behalf? This includes everything from your medical care to making financial decisions should you be incapacitated.

Seek Help

Estate planning is often done more effectively with the help of a professional. You’re still in charge of the decisions, but a professional can provide guidance. For example, if you’re nervous about giving power of attorney to someone, you can talk about these concerns with an estate planner. They can then help you determine the best course of action, such as choosing a limited power of attorney.

Estate planning can be a daunting task, but doing it can provide you with peace of mind. Take some time to consider what moves you would like made and plan to reassess periodically to ensure nothing has changed.

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