Many Florida residents like the idea of knowing what their future holds. Of course, it can be difficult to predict what exactly will happen in a person’s life, which is why planning ahead for various scenarios is wise. In particular, you and many others may want to begin creating your estate plans.
Though planning for the future is beneficial, many people often balk at the idea of starting their estate plans. They may think that they do not have much, so they do not need to leave instructions on what to do with their remaining assets. However, estate plans can address far more than just property distributions, and it may be in your best interests to look into their other uses.
What can your estate plan do?
When many people think of an estate plan, they may think only of a will and how it can help after a person’s death. However, many other tools can help create a comprehensive estate plan, and you may want to consider the following ways to use your plans:
- Distributing your assets: Yes, an estate plan can help you detail how you want your assets distributed, and you could use a will or even trusts to ensure that the distribution takes place as you want.
- Giving to younger generations: You can discuss money management with your younger loved ones to help them prepare for the future. You can also utilize certain tools, like trusts, to leave them assets without a windfall landing directly in their laps.
- Plan for health care needs: It is possible that you could end up in an incapacitating position at some point in your life due to an accident or illness. If so, you undoubtedly want a trusted person to make decisions for you, and you can use your estate plan to appoint a person and indicate your wishes for care.
- Give to charities: You may have a particular charitable organization that you hold dear, and it may interest you to provide some of your remaining assets to that organization after your passing. Fortunately, your estate plan can help you do that.
Of course, your plan can have many other uses, depending on exactly what you want to include. If you have specific wishes but are not sure how to ensure that they are legally binding, you may want to work with an experienced attorney when creating your plan.