Making The American Dream Attainable

Remember an estate plan as part of your financial goals

On Behalf of | Sep 1, 2023 | Estate Planning |

Financial planning can be hard to accomplish, especially these days when many people in Florida are simply living paycheck to paycheck. However, for those who are able to put together a cohesive plan for how they will handle their income, expenses, assets and investments, it is important to remember that an estate plan can be a key part of achieving financial goals.

As a recent news article noted, many people don’t even think about estate planning because they think they don’t have an “estate.” Well, as the article mentioned, an “estate” is essentially just your assets – real estate, personal property and bank and investment accounts, among other things. By having an estate plan in place, you are laying the groundwork for how those assets will be distributed upon your death, but you can also make a plan for how those assets would be managed if, for some reason, you become incapacitated and cannot handle your own finances.

For many of our readers in Florida, one goal in making financial plans is to make sure that designated beneficiaries get the assets they have worked hard to earn – they don’t want to leave it to state law to direct the distribution of assets. This is where an estate plan can be most beneficial.

Making a plan

Making a comprehensive estate plan may seem daunting, but it doesn’t have to be if you know what you are trying to accomplish. Just be sure to consider all of the variables: your current assets and income; how best to carry out your wishes; and your family dynamics, among other potential variables. And then, once you have an estate plan in place, be sure to update it as needed.