5 Estate Planning Tips for Young Families
Estate planning may not seem like a concern for young families, but the truth is that no one knows what can happen at any time. It is always a good idea to plan ahead when it comes to a family’s estate. A Florida Estate Planning Attorney can help you with the endeavor of creating an estate plan to protect your family’s future. Here are a few estate planning tips you should be familiar with that can help in the process.
Be very prudent when you are deciding who is going to be the guardian of your children in the event that both parents are deceased before they reach adulthood. There are many factors you need to consider, including the physical location of this individual, as well as his or her lifestyle and religious and moral beliefs.
Designate a person who will be managing any assets that are going to be given to minor children.
Determine how personal possessions are going to be distributed and to whom. Many people do not think that is worth planning for this, but the truth is that this could actually end up being an issue.
Figure out who is going to be responsible for managing your estate, such as administering the estate, paying debts, and closing any bank accounts. It is important to give this responsibility to someone whom you feel can handle it.
Do not only focus on what could happen after you die but who should be making health decisions when you are still alive and on the brink of death.
If you have questions about estate planning in the state of Florida, consult with one of the Florida Estate Planning Attorneys that are available at Bakalar & Associates.