Have you put off doing any estate planning? Is it because it is not a priority right now? Or is it because your estate is not very big? Did you know that, according to a 2022 wills survey, less than one-third of Americans have an estate plan in place? What is interesting, though, is that almost two-thirds of Americans admit that having an estate plan is important. In addition, according to the survey, the primary reason why people do not have an estate plan in place, even though they believe it is important, is because they believe that they do not have enough assets. We want to encourage you to rethink putting off creating an estate plan. Therefore, we are going to discuss four important reasons for you to begin working with an experienced Florida estate planning attorney to create an estate plan to protect your family, your assets, your wishes and your legacy.
1. The need to minimize estate taxes. By creating your estate plan, now, you may be able to minimize the amount of taxes your estate may have to pay. It depends on the size of your estate and the location of your property, as to whether the tax burden may be very substantial if the proper estate plan is not put into place.
2. The need to take care of your children. Estate planning is vital if you have children. One of the most important reasons is that you can name in your will the trusted person(s) you want to raise your children in the event of your death. If you do not have a will with this information, the court will probably have to step in and make that decision. Another important reason is in the handling of your assets for your children. You, of course, want to decide how your assets are distributed to your children in the event of your death. However, if you die without an estate plan, the decision about the distribution of your assets will probably be governed by the laws of the state of Florida.
3. The need to keep everything private. Does the public nature of probate bother you? Would you prefer to keep your estate affairs private? Your Florida estate planning attorney can assist you in taking advantage of a variety of estate planning documents that can help you accomplish this task.
4. The need to plan for your incapacity. As you work with your Florida estate planning attorney and learn more about estate planning, are you learning that estate planning and Elder Law Attorney is not just about what happens to your assets when you die? For example, what would happen if you were suddenly incapacitated due to an accident or illness? Who would make medical decisions, pay your bills, take care of your business, and be in charge of your minor or incapacitated children? All of these questions can be answered in a good and thorough Florida estate plan.
Planning for the future is critical to ensure that your goals for your estate planning 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.