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It's time to talk to your family about estate planning

When Florida residents decide to create estate plans, they are taking the first steps toward ensuring their future and the future of their loved ones. After taking that crucial first step, it is important to take the next step in the process, which is to discuss the contents of that estate plans with loved ones. While such a conversation may be uncomfortable, it can prevent future disagreements that often arise from simple misunderstandings.

According to advice from a large investment company, the first conversation you should have concerning your estate plan is with the individual you have made responsible for your future finances. If you have given a family member or friend a power of attorney that will take effect should you become incapacitated, it is important that he or she understands your financial situation. It is also important that they realize the massive responsibility they have been given.

The second conversation you should have is with the person you have appointed to administer your estate upon your death. The appointed individual should be aware of your intentions for your assets. Additionally, he or she should be able to answer questions your beneficiaries may have.

In addition to discussing your estate plan with the individuals who will be responsible for you and your estate, you should also discuss your estate plan with your family members. By having an estate-planning discussion with loved ones, you will be able to set expectations and, hopefully, prevent your family members from fighting over your estate in a Florida court. If you have questions about estate planning, or you want someone to help you explain your decisions to your family, you can seek the help of an experienced legal professional.

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