J. Kelly Kennedy, Attorney/CPA, PLLC

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Attorney and CPA

Seeking advice from professional advisors during estate planning

Taking the time to think about the future is important for residents in Florida and other states across the nation. Individuals and families should take the time to address what will happen to their assets and property upon their deaths. While it is not an easy topic to discuss, it is important these issues are addressed so their estate is not improperly devised in the event of their death.

Estate planning could provide the comfort and asset protection an individual is looking for. In most cases wills and trusts are utilized to serve these purposes, but drafting these documents is not always an easy process. An individual is not only concerned about making sure the documents are enforceable but also include the necessary information. Because these documents could become very detailed, the drafting process often requires the guidance of professional advisers.

Legal and financial advisors do not only provide advice in the drafting process but also conducts an analysis of the assets included in the estate plan. Trust and insurance considerations also need to be addressed, and professional advisors could help ensure they take the proper steps.

While individuals understand how they want their property to pass to their beneficiaries at their death, they might not grasp how to ensure it is carried out this way. In addition, there could be some complications or pitfalls down the line, so addressing these potential concerns in the drafting process could help avoid costly problems for their beneficiaries.

Those seeking to draft an estate plan should understand the types of documents that could benefit them. Furthermore, they should understand the process involved, so they can take the proper steps to avoid problems and ensure they have an enforceable estate plan that also protect their rights and interests.

Source: Herald-Dispatch, "Estate planning may require professional advisers," Oct. 6, 2014

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