Did you know that, according to a 2022 survey, 1 in 3 Americans do not have a last will and testament or a living trust? The survey reports that the primary reason why Americans do not have a will or trust in place is because they do not believe they have enough assets. We want to address this thinking, right now, in this blog we have written for you. We will discuss four reasons you should prioritize the creation of a Florida estate plan to protect your assets and your wishes. In addition, we highly recommend working with an experienced Florida estate planning attorney.
1. There will always be taxes. By creating your Florida estate plan you may be able to minimize the amount of taxes your estate may have to pay. The taxes will depend on the size of your estate and the location of your property. Be aware that the tax burden may be more if the proper estate plan is not put into place.
2. Provide for your children. There are many reasons why estate planning is important if you have minor children. If you were killed in an accident, who would take responsibility for your minor children? With your last will and testament you can designate who you want to take responsibility for your children. Without a will, the court will probably make that decision for you. Another reason is that you want to be able to decide how your assets are distributed to your children, whether they are minors or adults, in the event of your death. If you die without an estate plan, the distribution of your assets will likely be governed by the laws of the state of Florida.
3. You want the probate of your estate private. Are you concerned about the public nature of probate? Are you anxious to keep your affairs more private? By working with your Florida estate planning attorney you can take advantage of a variety of estate planning tools, other than a last will and testament, that can help you accomplish this goal.
4. Incapacity can happen to anyone, so plan for it. Were you aware that estate planning is not just about what happens to your assets when you die? Equally important, your estate planning can involve creating tools for the possibility that you could become incapacitated and not be able to make your own decisions or communicate them for yourself.
We believe in a collaborative approach to helping our clients. This means that our assistance does not end with just legal help. We work closely with other senior providers to make sure all our clients’ needs are taken care of from start to finish. Our mission is to make sure every family feels that they have been taken care of, have peace of mind and have someone to lean on during difficult times. Please feel free to contact our office to schedule a meeting time.