Hillsborough County

11256 Boyette Rd, Riverview, FL 33569

Pasco County

2236 Ashley Oaks Circle, Ste. 102 Wesley Chapel, FL 33544

Main Phone

(813) 850-0025

You Have Reached the Family Law Offices of Summerfield Law, Riverview & Wesley Chapel, FL

Estate Planning Tips

estate planning for high-net-worth individuals

Estate Planning Tips

Essential Estate Planning Tips and Reminders

We’ve enclosed a list that outlines some important estate planning reminders. If you haven’t reviewed your estate plan in the past year, now would be a good time to do so. If you don’t have an estate plan, please contact our office to find out why proper estate planning is so important. If you have elderly parents or siblings, discuss estate planning with them, as well! 

Key Components of a Comprehensive Estate Plan

  • A Living Will and Durable Power of Attorney are essential parts of any Estate Plan. These documents ensure that your health care and financial decisions are in trusted hands should you become unable to make them yourself.
  • Keep all important documents in a safe place, such as a safety deposit box or a fireproof box, to protect them from theft, loss, or damage.
  • Give a copy of your Living Will and Durable Power of Attorney to a trusted loved one, so they are readily available when needed.
  • Consider digital assets: Who, besides you, can access information on your computer? Ensure a trusted loved one has access to your passwords and PINS.
  • Indicate, in writing, your preferences for your social media accounts and other digital presences after your passing.
  • Keep copies of bills from all creditors, utilities, insurance companies, etc., in the same place as your other important documents. This helps your executor or trustee in managing your affairs.
  • Make copies of life insurance, retirement accounts, IRAs, bank accounts, and annuities, ensuring your loved ones know where your assets are located.
  • Inventory your household assets and attach a list of specific gifts to your will. This clarifies your wishes and prevents potential disputes.
  • Regularly review the beneficiary designations of all your insurance policies, retirement accounts, and investment accounts. It’s important to update these, especially after life events like divorce or the death of a spouse.
  • Consult with a professional before naming “my estate” as a beneficiary, to understand the tax and legal implications.
  • Many assets like life insurance and retirement accounts can be “non-probate” assets if prepared properly, meaning they bypass the probate process.
  • Don’t forget to make arrangements for your pets, ensuring they are cared for after you’re gone.
  • Preplan your funeral and burial/cremation to relieve your family of the burden of making these decisions during a difficult time.
  • Stay informed about the estate tax exemption. While it is currently part of the tax code, changes in legislation can impact estate taxes.

Why Updating Your Estate Plan is Crucial

Regularly updating your estate plan is crucial to ensure it reflects your current wishes and circumstances. Changes in family structure, like marriages, births, and divorces, can significantly impact how your estate is managed and distributed. It’s also vital to review and update your estate plan in light of changes in laws or financial status. An outdated estate plan can lead to unintended consequences, disputes among beneficiaries, and potential legal challenges.

Protect Your Legacy and Family

Proper Estate Planning is not just about distributing assets; it’s about protecting your legacy and ensuring your family is taken care of according to your wishes. It provides clear guidance to your loved ones during a challenging time and can prevent disputes and misunderstandings. By planning ahead, you can save your family time, money, and stress.

Proper Estate Planning will save your family time and money. Call our office for a free consultation. Our expert team is ready to assist you in creating a thoughtful and comprehensive estate plan that reflects your unique needs and goals.

Share This :
Close Popup

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Close Popup

Make an Appointment