Estate Planning Attorney Tampa| Three Key Estate Planning Tips

Estate Planning Attorney Tampa | Estate planning doesn’t usually land atop your to-do list until absolutely necessary. It is, however, important to prepared for life’s sudden changes. If you’re ready to tackle this task, check out these three quick tips.

Start Early

It is never too soon to plan for life’s unexpected moments. A car accident could render you incapacitated tomorrow. Who will make medical decisions for you if you are in coma? Estate planning documents such as a health care surrogate and living will can solve this issue.

There are tax advantages to passing on your wealth well in advance of your death. You can make annual gifts without the recipients having to pay taxes, as long as the dollar amount doesn’t exceed a certain threshold. Talk with an estate planning attorney to learn more about this approach.

Collect All Paperwork

One of the easiest things you can do is gather your important documents and let a trusted person know where they are or how to get to them. Keep a list of important account numbers, passwords and usernames in a protected place, and tell that trusted person where they are. Don’t put a will in a safe deposit box unless someone is able to gain access with a key or signature on file. And remember, choose a backup for that important role. Start on this task as soon as possible so you can tackle it a little bit at a time until everything is assembled.

Stay Up to Date

Even if you have already addressed estate planning previously, it’s a good idea to evaluate your situation from time to time. The value of your assets may change significantly depending on the types of investments you hold, or you may need to make changes to your list of beneficiaries. Working with an experienced estate planning attorney will make changing the details of your estate plan a breeze.

Once you get started, you’ll likely find that estate planning is easy and actually gives you great peace of mind. If you need help estate planning, or confused about where to being, reach out to us at Mortellaro Law for assistance.