There’s no time like the present to get that estate plan in order
Memorial Day kicked off the unofficial start of summer, but what is more important is to remember America’s soldiers who were killed in the line of duty. Of course, not everyone has to be a service member to have an unexpected death. That is why it is important for people in Florida to be prepared with an estate plan that dictates how and who will inherit one’s property, what life-saving measures the person wants should they become incapacitated and who will handle their financial and health care decisions when they are no longer able to do so.
Unfortunately, there are various reasons why a person may not have created an estate plan. For some, it comes down to procrastination. After all, most of us expect to live a long life and therefore think we can put off estate planning until we are older. However, death is no respecter of age. It’s better to be prepared for the unexpected.
Another reason why a person may not have created an estate plan is because they do not think they need one. They may think only the wealthy need to worry about estate planning and that the only reason to create an estate plan is to avoid estate taxes, which may not even be an issue if a person only has modest assets. However, estate planning can help ensure the orderly passing of one’s assets to future generations. Estate planning can also address end of life financial and health issues. Estate planning can even be used to avoid probate. There are a lot of reasons for those with modest means to create an estate plan.
Finally, some people may put off creating an estate plan because they see it as too confusing. They may have a hard time deciding who should get what when they pass on. If they’re young parents, they may have a hard time deciding who to designate as guardian of their children. However, estate planning attorneys are available to help people make these important decisions.
As this shows, estate planning is important for everyone, no matter what their age or wealth. Those who have questions about how to begin the estate planning process can seek legal help to help them get off on the right foot, and can ensure that a legally sound estate plan is in order.
Source: recordonline.com, “Laura Medigovich: After Memorial Day, think about your estate plan,” Laura Medigovich, May 27, 2017