Levins & Associates, L.L.C.

Schedule a Free Consultation

Fort Myers 239-344-9471

Toll Free 888-312-0536

How to begin the estate planning process

If you are like many people in Florida, the thought of creating a will or a trust can be a daunting one. Sometimes the whole concept of estate planning is so overwhelming that it is easier to just put it off. However, this can leave you and your heirs at risk for not having your plans outlined properly before you die. Learning how to approach the process of creating an estate plan is important and does not necessarily start with determining which type of documents you may want.

According to Forbes, before you even try to choose whether a will or a trust is better for your situation, you should conduct a thorough assessment of your estate’s value. There are several calculations you should make in this process starting with your net worth and your basic portfolio spending level. When determining your net worth, you will want to ensure you have the most current statements for all tangible and intangible assets. Factoring in assets like life insurance benefits will also be important in this step.

An accurate picture of your spending should deduct all of your expenses, whether required or discretionary from your income. Income should be calculated from all possible sources including spousal support, investments, social security and more. These figures will then let you determine how much money you need to live on each year and how much surplus remains. From this point, you can choose how to allocate any surplus while you are still living or after you die.

You can learn more about how to being your estate planning by visiting our Florida trust and will administration website.

No Comments

Leave a comment
Comment Information