What is Estate Planning

Estate planning is a crucial process that involves preparing for the management and distribution of your assets during your lifetime and after your death. Here are the key components of estate planning:

1. Last Will and Testament (Will): A will outlines your wishes regarding asset distribution after your death. It designates beneficiaries and can also name guardians for minor children.

2. Living Trust: Similar to a will, a living trust specifies how your assets will be distributed upon your death. However, with a trust, your assets are placed into it during your lifetime, bypassing probate.

3. Living Will (Health Directives): Unlike a last will, a living will addresses health decisions. It allows someone to make choices on your behalf if you’re unable to, especially regarding medical matters.

4. Power of Attorney (POA): This document grants someone else the authority to make financial decisions for you if you become incapacitated.

Remember, estate planning isn’t just for the ultra-wealthy—it’s essential for everyone. Consider your family’s needs, review beneficiaries, and understand Florida's Estate Laws.