Do you own property or have a family? You need an estate plan.
While there is no way to know what will happen in the coming years, there are steps you can take to ensure you have the final say over certain matters. By creating a comprehensive legal and financial strategy that will protect your interests, you can create a plan that allows you to look ahead with confidence. Estate planning gives you the opportunity to decide what happens to your personal property after you pass, your medical care in case of incapacitation and more.
You may not see your need for an estate plan because you could assume that you are too young or too healthy to think about your passing. In reality, estate planning is a beneficial step for every Florida adult, regardless of age or income level. In fact, if you have a family or any personal property, having this type of plan in place could be a smart move for your future. You do not have to be wealthy to benefit from this type of protection.
Key issues to consider
One of the main benefits provided by a complete estate plan is the assurance you will have that your interests are secure. If you pass without a will, what happens to your estate depends on state laws and other factors you cannot control. Just as if you would plan for your future financial needs, such as during retirement, you should plan for your future legal needs as well. If you are unsure of why you may need a plan, consider the following:
- The birth of a child is an important reason to create an estate plan as you will need to provide for him or her, ensure they have care in case of your passing and more.
- If your estate has grown, you have built significant savings or you have accumulated valuable assets worth over a certain amount, you need an estate plan.
- If you would like to keep your estate out of probate and maintain privacy over the details of your finances and property, you will benefit from an estate plan.
Additionally, your estate plan can help you effectively give to charitable and philanthropic organizations, if that is one of your long-term goals for your wealth and property. An assessment of your current estate and possible financial needs can help you understand what estate planning steps will be most beneficial for your individual situation.