Posted by: Garcia & Cuadra, PA | August 16, 2016

Estate Planning Tips and Tricks

Estate Planning Tips and TricksWhen most people hear the words “estate planning” they either cringe, or try to change the subject. Sure, you may not think of it as the most thrilling of topics to discuss, but it is something that everyone needs to talk about at some point. Sooner is better than later because it is better to prepare for the worst and hope for the best than to pretend nothing bad can happen in Tampa. Read on to discover some tips and tricks for making this process easier.

1. Take Account of Your Estate

Though you may think an estate is a large, stately home in the countryside, it also means everything you own. Your assets do include any owned property, but they include other things, too, such as cars, boats, checking and savings accounts, investments, and personal possessions. Before you jump into the estate planning process, try to create a list of the financially valuable belongings in your name. Many Tampa residents forget to include things like life insurance, IRAs, and even jewelry. Consult with a professional to make sure you cover all of your bases.

2. Consider a Revocable Living Trust

A will provides instructions for dividing up your property once you are no longer alive or in a state to control it, and it does not necessarily preclude the probate process. For effective estate planning that avoids the probate process, consider a revocable living trust. This is “revocable” because you can change it during your lifetime if you change your mind about something or come into new circumstances. The document will need to be signed by the trust maker and a notary official, and you will need to name all of your property in Tampa and the trustee who will take care of it once you have passed.

3. Enlist the Help of an Estate Planning Professional

When you are not sure about what estate planning measures are best for you, calling in the assistance of a professional is the best move. The law is tricky, and you do not want to think you are set only to leave a complicated mess for your beneficiaries when the time comes. In Tampa, Garcia and Cuadra, P.A. is the independent accountant and tax advisor service you can rely on. We have helped Tampa residents with their estate planning preparation for many years and have caught many mistakes that have saved people a lot of stress. It is never too early– give us a call today to prepare at (813) 415-2431.


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