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The 3 elements of a basic estate plan

On Behalf of | Sep 2, 2022 | Estate Planning

No matter what your age is or what stage of life you’re in, you need to put an estate plan in place to detail your wishes and provide peace of mind for your family.

A basic estate plan consists of only three elements that together answer most of the questions your family may have in the event of a tragedy.

1. A Will

In the event of your death, a will provides three functions for your family in their time of need.

It distributes your assets according to your wishes.

Without a will, the Florida probate court will distribute your assets according to state law instead of the way you may want.

It names a guardian for your minor children.

You can appoint the right people to be guardians for your children, the primary reason young parents write a will.

You can appoint your own executor.

Choosing someone you trust can provide peace of mind for your family.

A will is only triggered upon your death; the next two documents are critical when you are alive but cannot make decisions for yourself.

2. Advance Health Care Directive

This document articulates your wishes regarding life support, feeding tubes and other medical interventions if you become critically or terminally ill.

3. Durable Power of Attorney

This document allows you to name someone to act as your agent if, for instance, you are in a coma. Without this document, the court may appoint a stranger instead.

By putting a basic estate plan in place with these three documents, you can provide peace of mind for yourself and your loved ones.