Have you created your estate plan yet? If not, is it at the top of your list of things to do? Are you aware that, according to a 2022 survey, even though almost two-thirds of Americans know that having an estate plan is important, less than one-third of Americans have an estate plan in place? The primary reason why people do not have an estate plan in place is because they have just not gotten around to it. We would like to share with you four reasons to make it a priority to work with an experienced Florida estate planning attorney to create an estate plan.
1. Taxes may be kept to a minimum with a good estate plan. You may be able to minimize the amount of taxes your estate may have to pay by creating a Florida estate plan. If a good estate plan is not created and put into place, depending on the size of your estate and the location of your property, the tax burden for your estate may be very significant.
2. Children need your estate plan in place for their protection. If you have children, there are a myriad of reasons why estate planning is important. For example, you will want to identify in your will who you would like to raise your children in the event of your death, otherwise, a court will probably make that decision for you. Also, you want to be able to decide how your assets are distributed to your children 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 Florida.
3. Privacy is important to protect. You like to keep your life private. You also want to keep the probate of your estate private. By working with your estate planning attorney, she will show you a variety of estate planning documents, other than a Last Will and Testament, that can help you accomplish your goal of privacy.
4. It is very important to have a plan for incapacity in place. Estate planning is about what happens to your assets when you die, but it can also involve planning for the possibility of your incapacity due to an accident or illness. Your estate planning attorney can show you the documents to put into your estate plan that will allow you to choose a trusted family member or friend to be your agent should you be unable to make financial or healthcare decisions.
Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.