Everyone, regardless of income or net worth, needs an estate plan. An estate plan will enable your wishes to be carried out on issues such health care, transfer of assets, and care for dependents. A clear plan can prevent conflicts and is best made before crisis strikes and emotions run high.
Typical parts of an estate plan include a letter of last instruction, a will, health care directives, and a durable power of attorney document. Preparation should include making an inventory of assets and checking existing beneficiary designations.
Understand that property is transferred by different legal mechanisms. Generally, contracts such as life insurance, pension plans, and annuities are transferred by contract. In other words, your beneficiary designation. Joint ownership property will pass to the surviving owner. For other types of assets a will can allow you to decide the beneficiaries. A person who dies without a will has their assets transferred according to state law.
Three Hillsborough County residents shared their experiences and explained how estate planning affected their life. You can view the videos at https://www.youtube.com/playlist?list=PLOHNu9vGpEFCvffWe2P_5wJCOBIydID0k
The estate planning checklist on our web site can help make estate planning manageable and inexpensive. Download the checklist at http://hillsborough.ifas.ufl.edu/tampa-bay-saves/estate-planning.shtml