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There are various strategies available for those looking to create an estate plan. The legal documents one wishes to utilize in his or her estate plan will depend on one’s own personal estate planning goals. However, there are several estate planning documents that should be in everybody’s estate plan in Florida or in any other state.
One of the most important estate planning documents is a will. This document should be the first aspect included in one’s estate plan. The will directs who should receive what assets after a person has passed away. It also provides an executor who will be responsible for management of the estate administration process. The designated executor should be informed of being chosen for this important position.
Another essential document is the durable power of attorney. This legal document is designed to deal with one’s estate if a person is still alive but incapacitated and unable to make decisions for oneself. The power of attorney document gives a third party the legal authority to make personal and financial decisions while one is not able to do so due to incapacitation. Like choosing an executor in a will, one should think carefully when considering who should be given the authority to manage one’s affairs via the power of attorney document.
In addition to these two legal documents, there are a variety of other estate planning documents people should consider in Florida or in any other state. However, which documents and specifically how the documents will be used will depend upon each individual’s situation. Also, it is important to continually update one’s estate plan in order to reflect any major life changes.