Have you recently inherited assets? When you receive an inheritance it is a big deal.  It does not matter whether you were expecting it or not, you need to take the inheriting of any assets seriously. In fact, regardless of the amount, you want to make sure that you are taking the steps you need to protect this new asset and have the guidance you need.

Now we realize that with this inheritance it can be an exciting opportunity to think about your future and the goals you have for yourself and your loved ones. However, the most important point to make is that you are protected. Did you know that, according to research less than 60% of Americans have an estate plan and if you fall into this category it is now more important than ever to create your Florida estate plan. In fact, you may have just witnessed the importance of Florida estate planning through the actions that led to your recent inheritance.

Wondering where to get started? Let us share three estate planning tips to take when it comes to Florida estate planning and how to get started protecting yourself and your family after receiving an inheritance.

1. Do you know if there are any restrictions on your inheritance? You should be aware that there may be restrictions on your inheritance. For example, have you inherited an amount now but are waiting to receive a second amount of this inheritance as a result of reaching a certain age? Are there any conditions which might need to be met before you can use it in full? This is information your Florida estate planning attorney will need as you work together to create your legacy.

2. Do you know if you have any special circumstances that might impact you and your inheritance? Be aware that there may be specific circumstances for you that impact your Florida estate planning as well as how you may use this inheritance. For example, do you have a significant number of creditors? Do you have business obligations that need to be met? Are you divorced, or considering getting married, and need to know how to protect this asset? Any and all of this information should be shared with your experienced Florida estate planning attorney as you begin working together.

3. As you think about your inheritance and begin your estate planning, what are your short-term goals, your long-term goals, and your goals for your legacy? This is a great time to think through what you want to accomplish with your Florida estate plan. Who do you want to provide for? How do you want them to be protected? What do you care about? What legacy do you want to leave? These are all key questions to begin answering as you create or update your Florida estate planning.

Finally, we highly recommend that you locate and meet with a qualified Florida estate planning attorney. As you start to think about your own estate plan and the inheritance you want to leave to others, it is essential that you find the right Florida estate planning attorney. Part of your planning process may be considering the circumstances that led to your own inheritance and what you do, or do not want, for your heirs as a result. Be sure to discuss this and more with your Florida estate planning attorney as you work together to reach your estate planning goals. 

Planning for the future is critical to ensure that your goals for the end of life are achieved. We know this article may raise more questions that it answers.  We do telephone, computer, and face-to-face appointments. Our face-to-face appointments are held outside in the open air (frequently selected by clients for document signing) and inside our office conference room. We follow all CDC guidelines. Our office procedures adhere to COVID-19 safety protocols and are designed and enhanced by medical review and air quality engineering.