Have you been avoiding creating your Florida estate plan? Do any of these reasons resonate with you? You think you are too young? You believe that you do not have enough assets? You do not want to even think about dying? You are single? You just keep putting it off? You are not alone in this decision to not create your estate plan. In fact, a 2021 Gallup poll reveals that only 46% of Americans have a last will and testament.
Are you aware that the reasons to not create an estate plan are all based on common misconceptions about estate planning.? Estate planning is important for all individuals over the age of 18. We would like to present three compelling reasons to stop putting off your estate planning.
Did you realize that your estate plan is a tool for unexpected occurrences? What would happen if you were seriously injured, or diagnosed with a serious illness and did not have the capacity to speak for yourself? This potential of catastrophic illness or injury is remote, but it could happen to anyone at any age. In the comprehensive estate plan you create with the guidance of your Florida estate planning attorney, you will create powers of attorney. In these documents you can choose an individual(s) you trust to make financial and/or medical decisions for you. Another important tool in your estate plan is a living will. The living will informs everyone, including your physicians and family, how much and which medical interventions you would want at the end of your life.
Your estate plan prepares and protects your family. In your estate plan, your Florida estate planning attorney can advise you of the importance of your last will and testament and one or more trusts for the care of your family. These legal tools will allow you to make certain provisions for your family. If you pass away, what will happen to your minor children? Your estate plan can take care of that situation. In your will you can designate someone you trust as a guardian to care for your young children after you die. In addition, your will and any trusts you create will also allow you to allocate money for the immediate and future needs of your children. Be aware that without an estate plan in place, the court will intervene when necessary. The court may intervene to appoint a guardian for your minor children or determine the best use of your assets for them.
Your estate plan lets you determine how your assets are distributed. When working with your Florida estate planning attorney in creating your estate plan, you make the decisions in regard to what happens to your assets after you die. This is because your will and your trusts allow you to specify who receives your assets. These tools also allow you to name a personal representative in your will or a trustee in your trust, to ensure your instructions for the distribution of your assets are carried out. Again, if you do not any estate planning documents, your property will be distributed as per applicable state laws.
At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.