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Some important tips when it comes to estate planning

Previous posts here have covered a range of estate planning topics for Florida residents to consider as they make their plans concerning distributing their assets and naming guardians for minor children. However, a recent article boiled it down to five tips that can be a great start for those who are getting prepared for the important task of drafting estate planning documents.

For starters, the article noted that it is important to pick the right person to administer your estate - and that the right person might not be a child or spouse. Pick a person who will be prepared to usher your estate through the probate process.

Next, the article notes that it is important to stay flexible when it comes to estate planning. You might begin the process with a few set goals, but other important factors might come up as you go through the estate planning process. Making sure that the plan isn't too rigid can be critical. After that, if any trusts are part of your estate plan, make sure that you take the necessary step of funding those trusts.

From there, the article suggested looking into death insurance, not life insurance. Death insurance is there to protect against a premature death, whereas life insurance policies can be much more expensive and have other uses. The last tip the article noted was to make sure that any power of attorney documents are actually acceptable to financial institutions and healthcare providers that are used by the person who is establishing the estate plan.

Source: thestreet.com, "5 Great Estate Planning Tips for the Rest of Your Life," Brian O'Connell, Feb. 22, 2017

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