Naples, Florida is the kind of place where many people move to and hardly any leave. As you’re enjoying the sun soaked beaches and beautiful climate, don’t let estate planning fall to the side. Whether you’re 30 or 80 years old, make a plan today. An estate plan will help prevent bickering among your loved ones and will ensure that your financial wishes are fulfilled. An estate planning attorney in Naples can guide you through the process and keep an updated plan on hand. You’d be surprised how many wills have been written yet cannot be found by family members! Estate planning is more involved than many realize, but these 5 simple suggestions will help clarify the process.
5 Tips to Estate Planning
1. Net Worth Doesn’t Matter.
Many people believe that estate planning is only for the rich. This couldn’t be further from the truth! Everyone should have at least a basic plan in place – those with few assets as well as multi-millionaires. Doing so will not only prevent family problems, but it will ensure that your financial and family preferences are met.
2. Where There’s a Will, There’s a Way.
As a central component of an estate plan, a will should always be developed, at a minimum. The will specifies how property is to be divided, and to whom it is to be given. However, other components of an estate plan should be considered as well, including assignment of power of attorney, a “living will” (i.e. medical power of attorney), and a trust, if you wish for a third party to hold assets on behalf of one or more of your beneficiaries.
3. Take Inventory.
The importance of taking inventory of assets is highly overlooked. Without inventory, your loved ones may be unaware of some of your assets, such as stocks, bonds, retirement savings, or other financial assets. The process of taking inventory may be tedious, but it is downright necessary.
4. Talk About Your Affairs with Your Heirs.
People often do not realize that the smallest things could have the greatest sentimental value, and thus can cause fights among loved ones if these things are not discussed with you first. Ask your loved ones about things that are important to them, and let them have a say in the division of assets, which removes an immense burden from your shoulders.
5. Submit Beneficiary Forms.
When you open an account with a financial institution, it is their responsibility to obtain a beneficiary form from you and keep it on file. Sometimes this process is overlooked, so it’s important to take initiative with your accounts and maintain current beneficiary forms. This will ensure that your assets are easily transferred to your loved ones.
If you are looking for an estate planning attorney in Naples with experience and quality service, look no further than Willis and Davidow. Visit http://www.willisdavidow.com for more information.
