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What are the benefits of estate planning?

On Behalf of | Oct 1, 2021 | Estate Planning |

It’s very important to plan for your future. If you want to make sure your Florida estate is taken care of and your assets get passed down to those you want to get them, you should start estate planning now. You should know about the benefits you can get from doing so.

It lets you take care of your dependents

With estate planning, if you have dependents and you unexpectedly pass away, you can keep your dependents protected. When you plan ahead, you can ensure that you have a guardian in place who will take responsibility for your minor children. Without the proper planning, a judge can end up picking a guardian.

You can choose who is in charge

In the event that you become ill or disabled and are suddenly incapacitated, estate planning allows you to decide who will make decisions on your behalf. The person you designate under a power of attorney can make financial decisions for you and pay your bills if you can no longer do it yourself.

You can decide on medical treatments

Estate planning allows you to choose an agent who can make sure that your wishes regarding medical treatment are met. If you can’t make those decisions yourself, the agent will make sure your wishes are carried out.

It lets you update your beneficiaries

If you don’t plan your estate, you run the risk of your initial beneficiaries being the ones who inherit your assets and financial accounts in the event of your death. Estate planning allows you to update your beneficiaries when there’s a need for it. For example, if you divorce and then remarry, you can update your documents to leave your estate to your new spouse rather than your ex-spouse.

You can establish a trust

Proper estate planning lets you establish a trust to hold your assets and decide who gets what and when they can receive it. In some cases, a trust can avoid estate taxes.

Estate planning offers these benefits to you and your loved ones. It’s worth looking into your options so you can protect your estate and your family.

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