New study highlights Floridians motivations for estate planning
Estate planning is extremely important for Floridians. A new study from industry leaders has honed in on the top three reasons people engage in estate planning. The number one reason surveyed was the desire to avoid probate. The next two reasons cited for an individual’s decision to undertake estate planning were to prevent discord amongst beneficiaries and protect those same beneficiaries from mismanaging their inheritance.
These reasons, though, are secondary to the act itself. As populations in places like Florida continue to age, they will experience less estate planning and more estate probating.
While avoiding probate may be the number one reason people engage in estate planning, many of these estate plans will still require some degree of probate proceedings. Avoiding probate altogether require much more than a simple trust prepare a decade ago. Rather, it requires diligent work and upkeep to one’s estate plan.
If probate does become necessary, beneficiaries can challenge the wills and trusts that may be relevant to their rights. Again, a decade old will may not be sufficient to prevent the discord among family members or protect an heir from mismanaging assets. This is because as circumstances change so to must an estate plan.
Local Lee County estate planning lawyers know how to amend, addend, alter or recreate estate planning documents that may have grown tired and out of date. Their expertise can help you achieve whatever aim you may have. From avoiding probate to keeping the family in line, local estate planning experts will make sure your goals will be realized.
Source: Wealth Management, “The Shift From Estate Planning to Estate Probating,” Mary Bailey, Oct. 20, 2014