Estate fiduciary is the process of managing and protecting your assets in the event of death or incapacity, ensuring that they are distributed according to your wishes. In order to make sure that this transition goes as smoothly as possible, here are a few strategies worth considering:
Make a Will
Creating a legally valid will is an essential part of any estate plan. A will not only provides instructions for the division of your assets, but it also details who should act as guardians for any minor children. Without a legally valid will, the distribution of all assets is subject to state law, which may not be in line with your wishes.
Prepare Powers of Attorney
Power of attorney documents can grant specific individuals the authority to act on behalf of another in certain situations. This is especially important if you become incapacitated and are unable to make decisions yourself. Having these powers in place ensures that your wishes will be followed, even when you cannot speak for yourself.
Take Care of Property Ownership Issues
It is important to establish who owns certain types of property and how it will be shared or distributed in the event of death or incapacity. This may include real estate, investments, cars, boats, jewelry, and other items that are owned jointly or separately. ‘
Get Professional Help
It’s always a good idea to seek the help of a financial advisor or estate planning attorney, who can provide guidance on how best to manage your assets and create an effective transition plan. Talking to a professional will ensure that all necessary steps are taken so that your wishes are carried out properly.
It’s an important step in creating an effective estate plan as they can provide advice on how best to manage your assets and ensure that all necessary steps are taken. With their assistance, you can be confident that your wishes will be respected and your loved ones are well taken care of.
No matter the size of your estate, it is important to create a plan that reflects your wishes and protects those you love.
If you are looking for a financial advisor, schedule a consultation with Cold Harbor Financial! Our team is committed to proactively addressing the needs of our clients and building loyal and long-term relationships with them. We have been providing a high level of professional guidance and personal client service since 1990.
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Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
