Importance of Estate Planning in Florida
Some people believe that estate planning is only for the rich and famous. However, they couldn’t be more wrong. Even people with a small estate need to take the time to protect it and ensure the assets go where they want them to. Estate planning also helps protect your family from overpaying on taxes in some instances. This is why it is important to speak with a skilled West Palm Beach estate planning attorney. Your attorney can advise you on what estate planning tools are best for your particular situation.
Reasons to Have an Estate Plan
Here’s a look at some of the reasons why estate planning is so important:
- Orderly Transfer of Assets: Proper estate planning can help avoid any confusion on what will happen after you pass. It will streamline the series of events, which can help dependent minors as needed.
- Minimize the Burden on Loved Ones: Having someone designated to be in charge of your estate, known as the executor in most cases, can help minimize any burden on your loved ones. Some family members would not make good executors or don’t want to have that burden, so estate planning will let you choose someone ahead of time.
- Transfer Assets with Minimal Tax Implications: Minimizing the potential tax burden on your family members is one of the key reasons for working on an estate plan.
- Choose Where You Want Assets to Go: Without an estate plan in place, the law will dictate who gets what. You should have a will at the very least that talks about who gets what assets.
- Plan for Incapactiation: An estate plan can do more than address how you want your assets distributed after your death. You can appoint someone you trust to handle financial affairs in the unfortunate event you become mentally incapacitated. You can also create a Health Directive that will set forth directions on what kind of medical care you should receive or don’t want if you are unable to tell the medical professionals yourself.
- Business Succession Plan: If you have a business, estate planning can help keep the business up and running. You can name beneficiaries of the business or arrange for people outside of the family to inherit various assets.
Protecting Your Family and Assets
If you have a family, protecting them should be one of your top priorities. Putting a proper estate plan in place can help ensure there are assets to be distributed and that your young children are taken care of as they grow up. Life is unexpected — you could be killed in an accident when you are younger rather than grow old and die of natural causes. Tragedy can strike anywhere, and you could find yourself suddenly incapacitated and unable to make decisions for yourself. This is why it’s never too early to plan for your future.
To learn how a Florida estate planning attorney can help you, contact the Law Offices of Larry E. Bray, P.A., at 561-571-8970 today to schedule an initial consultation. Let our Florida estate planning attorneys ensure your family and assets are well-protected.