Getting Financial Affairs in Order for Your Estate Plan
If you’re worried about financial matters related to your estate planning efforts, the following are some steps you can take to make sure that your financial affairs are in order:
- Name a financial power of attorney. This person can give you the authority to handle your finances should you become somehow incapacitated and unable to manage your money yourself.
- Arrange an inheritance plan. This will allow you to protect the property that you leave behind to your children. Establish a trustee to handle your property and estate, especially if you have minor children. Should you die before your children reach adulthood, you need someone to be able to manage the finances and property that you leave to them.
- Keep your documents stored safely. Any documents related to your estate plan should be stored securely in a locked safe or file. It is a good idea to leave copies with your attorney as well. The executor of your estate know where they can find these documents when necessary. These documents could include wills, trusts, insurance, bank account and retirement plan information, stock certificates and more.
- Consider taking out a life insurance policy. Life insurance is a good idea for people that are homeowners, have young children or could potentially owe a large amount in debt or estate taxes upon their death. This protects your family from a huge financial hit should you suddenly pass away.
These are merely a few of the items you should take into consideration when formulating an airtight estate plan focusing on your finances. For more information and guidance, contact a Florida estate planning attorney with the law office of Philip A. Baumann, P.A.