Disaster Preparation and Your Estate Plan

The Atlantic hurricane season began on June 1 of this year and lasts through November 30, 2018. Meteorologists expect another active season. As you recall, last year’s heightened storm activity devastated many regions across Florida — leaving death and extensive damage in its wake.

Still, severe weather isn’t the only threat to the safety and security of your property and loved ones. House fires, deaths in the family, and other unexpected events all have the potential to alter future plans.

Rather than take a dour view of what’s to come, it’s important to ensure your estate plan is up to date before and after major life occurrences. Here’s how to get started:      

Create a Detailed Strategy

Particularly following catastrophic events, it’s easy to forget material possessions and other assets. That’s why it’s essential to make an exhaustive list of physical and non-material property.

Take the opportunity to decide how these items will be allocated upon your passing. In addition, consider who will serve as executor of your estate. For many people, making such decisions is confusing and overwhelming. That’s why it’s best to work with an estate planning attorney in Daytona Beach who can help guide you through the process.

Protect Critical Documents

Ideally, this should be done well before any incident occurs. At a minimum, your plan should include a will (or living trust), a designation for the allocation of assets, and other essential documentation.

Storage options include a home safe, bank safety deposit box, or other options. It’s wise to remember, however, that in the event of catastrophic fire or flood, home-based storage setups could be irreversibly lost or compromised.

While you will still need access to the original documents, it’s a good idea to share copies with your wills attorney in Daytona Beach. This ensures the potential for recovery following a disaster.

Perform Regular Updates

As time passes, many life events take place that will require review and revision of your estate plan. That includes birth/death in the family, marriage/divorce, retirement, changes in beneficiary designations, and more.

This also applies to the acquisition of new objects. If, for instance, you collect or otherwise come into possession of antiquities or other valuable items, be sure to document this as part of your estate plan. Failure to do so could result in item loss or hasty sale well below market value.

A reputable attorney well-versed with probate in Volusia County can help you avoid this and other unsavory scenarios.

Enlist Expert Assistance

No one wants to think about facing a disaster, and many of us are hesitant to face details of our own mortality. The reality is that proper consideration and planning for both events is essential to the financial protection of your loved ones. That’s why it’s important to connect with a Daytona Beach real estate attorney who can help you navigate a variety of legal situations.

For approximately four decades, our firm has assisted Central Florida residents with all their questions and concerns in a variety of legal matters. That includes estate planning, guardianship, real estate, and more. Contact us today to begin or update your comprehensive estate plan.