Creating And Protecting Your Legacy

3 elements to include in a simple estate plan

On Behalf of | Jun 22, 2022 | Estate Planning |

When you die without creating a Florida estate plan, you relinquish a good deal of control over your personal affairs. Should you suffer incapacitation before your death and do not have certain plans in place, you again relinquish control over yourself in the medical sense. Having a simple estate plan helps you avoid these and other problems. It may, too, give your loved ones one less thing to worry about when you die.

According to Bankrate, having a basic estate plan that consists of just three main elements helps ensure that your wishes come to fruition and that your loved ones have something to reference when you die. When you create yours, consider adding the following components to it.

1. A will

A will is often the foundation of an estate plan. It dictates who inherits what, and it may also give your loved ones clarity into your wishes in other relevant areas.

2. A power of attorney

Giving someone power of attorney enables him or her to access your bank accounts and manage your financial and personal affairs. This helps ensure that you do not leave unpaid bills or debts behind, among other benefits.

3. An advance directive

There are different types of advance directives for medical care. Yet, what they all share in common is that they allow you to say what you want to happen to you medically if certain conditions come to be.

None of these estate plan components have to be complex or long-winded to help you plan for your future and make things easier on your loved ones.