As COVID-19 spreads across the world, mortality is on many people’s minds—and so should the important task of estate planning in Miami, FL. No one wants to consider the inevitability of death, but as unpleasant as it may be, setting up your estate is a kindness to those who survive you. After all, there are certainly people who will grieve your passing, and the last thing they’ll want to have to do is determine how to handle your affairs on their own.
Why now is a good time to plan your estate
There’s never a bad time to create an estate plan, but with COVID-19 affecting our loved ones, our finances and our routines, more people than ever are wondering what their families would do if they were one of the virus’s victims. In a time when everything feels beyond our control, making provisions for your estate is a practical way to cope with uncertainty—there’s no better time than now.
Estate planning overview
Estate planning in Miami, FL includes, but isn’t limited to a will. A will alone is a useful tool, but if you want to shield your assets from tax liability and make it easier to transfer property to your heirs, there are other options.
A trust, for example, is one way to retain control over an asset, but will allow your survivors to inherit without having to go through probate court. You also should consider who you’d like to have medical and financial powers of attorney—people who can make health care decisions and manage your money if you become incapacitated.
A health care directive is also an important part of your estate plan. Many people make the mistake of adding their end-of-life wishes to the will, which isn’t read until after you’re gone. Making plans for your health—and what to do with your remains after your passing—should go into a separate document. You should also make plans to cover funeral expenses and any other post-death wishes.
If you have insurance policies, bank accounts and other assets you’d like to pass automatically to your heirs, consider naming them as beneficiaries. This will make it easier for the assets to transfer and save them from going through probate.
Ultimately, you have broad power in your estate plan to do as you see fit with your assets, and an attorney can help you make sure you’ve covered all your bases. They’ll also be able to advise you on estate tax considerations, making a smart plan that will serve you and your beneficiaries well.
Get help with estate planning in Miami, FL
When you’re ready to set up your estate plan, call Ruben J. Padron, PA. We can help you evaluate your assets and set up all the necessary estate planning documents, including trusts, powers of attorney and living wills. We pride ourselves on being thorough and up to date on the latest legal developments. Call today to arrange a consultation and get started on your estate plan.
Categorised in: Estate Planning