Leading Estate Planning Attorney Ana Veliz Explains Why Estate Plans Should Be Created Sooner Rather Than Later – Coral Gables, FL

Founder of the Law Offices of Ana M. Veliz, P.A. in Coral Gables, FL reveals why, in estate planning, it is so important for a person to get their affairs in order before it’s too late. For more information please visit https://velizlaw.com

Coral Gables, Florida, United States – August 14, 2023 —

Unlocking the potential of an estate plan’s potential could be a game-changer for a family – but many have not heard of one, or are unsure how to create one, revealed Florida Estate Planning Attorney Ana M. Veliz.

For more information please visit https://velizlaw.com

The Founder of the Law Offices of Ana M. Veliz, P.A. in Coral Gables, explained that Estate Planning involves creating a plan that sets out how and where a person’s assets will be distributed.

The Plan sets out how a person’s affairs should be managed if they cannot do so independently, either due to incapacitation or death.

Estate Planning is wrongly assumed to relate to finances and public perception is that it only applies to high-net-worth individuals. But Veliz emphasized: “Everyone should adopt estate planning, irrespective of their financial background. And it should be done as soon as possible rather than wait until it’s too late. People shouldn’t wait until old age to think about Estate Planning.”

She urged anyone wanting to adopt an Estate Plan should first create a list of all their assets – cash, cars, possessions, clothing and jewelry, property, land, investments, retirement accounts and more.

With all these assets in place, a person can seek specialist advice from an Estate Planning Attorney on how to put the Estate Plan into action. She said: “A Plan enables a person to exercise how their assets will be handled, by who and how when the time comes. Failing to plan for tomorrow could mean they won’t have a say in managing their assets.”

A well-thought plan lays out in writing exactly how a person’s wishes should be executed to the letter. This will avoid any misunderstanding or confusion among family or loved ones.

A Plan will include several documents. These include a Will, which expresses a person’s last wishes for the allocation of their assets. Powers of attorney that give an executor the power to handle that person’s financial affairs should be included, as well as a durable power of attorney that is similar to the financial one but allows a person to handle non-health or non-medical issues.

Veliz said including a Trust that enables a trusted party to hold assets and property for a beneficiary may well be considered. “The Plan should also have a Living Will referencing a medical power of attorney enabling an executor to direct a person’s wishes on medical issues.’’

This applies when a person becomes incapacitated and unable to make decisions independently.

“An Estate Planning attorney will also advise on how best to minimize assets affected by taxes and potentially circumvent the probate process for certain assets.”

She advised that an Estate Plan, while good on paper, can only be effective if a person discusses with the family their intentions. “Some of these conversations may be hard, but they are essential to ensure an Estate Plan and everything that flows from it is done smoothly. I advocate being as transparent as possible. That includes talking to potential beneficiaries of the plan’s outcomes and informing a person they will be a nominated executor.”

Storing the Estate Plan in a safe place is only a good idea if family and loved ones are told where it is and can be retrieved easily.

She added: “Once an Estate Plan is up and running, it should be reviewed usually every three to five years to ensure it is fit for purpose. Alternatively, the Plan should be adjusted accordingly when major milestones happen within a person’s life, such as marriage, children, or divorce. They should ensure a Plan syncs with their lives at that current time.”

Veliz concluded: “An Estate Plan is an effective tool at any time of life. Knowing that everything is accounted for if anything happens to that person gives peace of mind for the future.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Ana M. Veliz
Email: Send Email
Organization: Law Offices of Ana M. Veliz, P.A.
Address: 2600 S. Douglas Road Suite 710 Coral Gables, Fl 33134
Phone: (305) 703-5198
Website: https://velizlaw.com

Release ID: 89104365

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