Most people understand the importance of estate planning, but they’re unsure of how to take action.
If you’re one of the roughly 50 percent of Americans who have yet to create an estate plan, it’s time to formulate a strategy and act on it as soon as possible.
Why Do You Need an Estate Plan?
Despite the fact that there’s no legal requirement to create an estate plan, there are many benefits of doing so. For example, you can outline who will receive your assets upon your death, name a guardian for your children, and take steps to reduce the tax implications on your loved ones.
While no two people take an identical approach to estate planning, here are some of the things to include:
- Asset distribution: There are two questions to answer in regards to asset distribution. What’s the best way to distribute your assets? Who do you want to leave your assets to upon you death? A will and/or trust can ensure proper distribution of your assets, but you must decide who to name as your beneficiary.
- Incapacity planning: Incapacity can strike at any time. Even if you’re young and healthy, an accident or illness could result in a situation in which you’re unable to manage your own life. Incapacity planning allows you to decide on things such as who would make financial and medical decisions on your behalf.
- Retirement planning: Your retirement plan and estate plan should work together. For example, have a plan for who will receive access to your retirement accounts in the event of your death.
- Long-term care planning: This takes on many forms, such as deciding how to pay for long-term care, buying long-term care insurance, choosing a nursing home, and applying for Medicaid.
At The Edwards Law Firm, P.A., we take great pride in helping people from the Jacksonville, Florida area reach their estate planning goals. Contact us online or via phone for more information on our services and how we can help.