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End of year good time for estate planning

It is natural for people to feel pressured to plan their calendars strategically at the end of the calendar year, especially because the holidays keep families busy. However, one important task to complete that might not have been accomplished earlier in the year is estate planning. A couple of tips may help individuals in Florida to engage in thorough planning in time for 2017.

If a person passes away without an estate plan, surviving loved ones must deal not only with the emotional turmoil surrounding the person's death but also with any financial issues. Dying with no plan increases the chances that those left behind will suffer relational damage, which usually cannot be reversed. This is a situation that understandably nobody wants for his or her family members.

The best time to focus on estate planning is when there is no pressure to create a plan. When there is pressure, people tend to make decisions out of fear rather than concentrating on what moves will ultimately be best for their family members when they pass away and leave assets behind. Over-planning has the potential to open up an estate to avoidable and unnecessary financial burdens.

Addressing estate planning now can make it possible to enter 2017 with some peace of mind. They will know exactly where their assets will go when they die, and they will know how their financial and medical affairs will be handled in the event of incapacitation. A Florida estate planning attorney can help to ensure that the client's desires and best interests are upheld throughout the process.

Source: cnbc.com, "Overcomplicating an estate plan can really hurt", Bijan Golkar, Nov. 21, 2016

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