Florida has a large number of retirees and many cases of COVID-19 already making waves in the state. With the virus causing more problems with those over the age of 65, it is important that your estate plan is up to date.
These common documents can help you ensure that your plan follows your wishes upon your passing.
Documents for while you are alive
Money Talks News provides the list of documents necessary to fully cover your estate. One way to avoid putting your loved ones through probate is by creating a revocable living trust. The trust manages assets, especially property, and can help distribute that to loved ones when you pass or while you are still alive.
Should you become sick with COVID-19 or some other illness, a living will outlines what you want to happen when you cannot make those decisions. A durable health care power of attorney designates someone to make medical decisions, while a durable power of attorney designates someone to handle your finances when you no longer can.
Documents for after you pass away
While few people want to think about dying, having a fleshed-out estate plan can help those you leave behind manage your estate and follow your wishes. A last will and testament is the most basic document to outline where your assets go. These assets go beyond the financial to include your mother’s china and heirloom jewelry.
Make sure any beneficiaries for life insurance policies, annuities and retirement accounts are up to date so the right person inherits those assets.