Estate Planning | 3 Ways to Protect Your Assets

Estate Planning | 3 Ways to Protect Your Assets

Estate Planning | Whether you have a large estate or just a few assets, you have a right to protect what you worked hard to acquire. There are numerous tools available to help you reach the goals you want to achieve with your financial assets. Some of these tools you can implement on your own in just a few minutes while others will require professional help.
 

  1. Do The Paperwork

Whenever you open an account with financial value, you have the option to designate a beneficiary. Some account holders use the formal term “transfer on death” for a specific type of designation. By doing this paperwork when you open the account, you indicate who should have possession and control of the account and all its value down the road. If you didn’t make the designation when you opened the account, you can do it anytime by contacting the account holder and asking for the simple paperwork. This applies to all financial accounts including bank accounts, retirement funds, and insurance policies.
 

  1. Talk It Out

Talking to your close friends and family members may be a promising way to ensure that your assets are protected. While there is no guarantee that they will follow your instructions, having an open conversation allows your expectations to be equally heard and understood. Upon your death, family members will know how you want your assets to be handled. Having conversations and answering their questions is a great way to make sure all your expectations are clearly understood in advance.
 

  1. Estate Planning

If you have assets that you want protected in a certain way, or if you do not want to discuss financial matters with your family members in person, then estate planning is a formal, convenient way to make sure your expectations are closely followed. Estate planning also gives you some more complex tools, such as protecting your assets from creditors who will be seeking payment for your debts. Talking to a lawyer about your goals will help determine if an estate plan is right for you.
 

A will and trust are documents that a comprehensive estate plan is built upon. Do not let Florida intestacy laws decide for you. Following any change in life (e.g., divorce, birth of a child, or the death of a loved one), it is important to review your estate planning documents to ensure they are still consistent with your goals. Call Mortellaro Law at 813-367-1500 or complete our online form to schedule a consultation.

Schedule a Free Consultation

What You Need to Know

Irrevocable Trust Planning

Caregiver Guilt – What You Need to Know

Difference Between Elder Law and Estate Planning

VIDEO LIBRARY

Go to Top