Why You Should Create An Estate Plan Early In Life
No one likes to think about estate planning. For most, having to plan how they will distribute their estates serves as an unwelcome reminder of death. It’s not surprising then that many people try to push off estate planning for as long as possible. However, perspective is everything. Understanding more about the purpose of estate planning can help you see that it is not a harbinger of death so much as a way to enjoy life with the knowledge that no matter what happens, your loved ones will be cared for.
The Benefits of Doing Your Estate Planning Sooner Rather than Later
Ultimately, estate planning is optional. If you do not create an estate plan, your assets will be distributed via intestate succession in accordance with state statute. You will have no say in who gets what and your intentions or desires will not be considered in making decisions about how assets are distributed. Additionally, the process must occur through probate, a legal process that can take months or even years to resolve. During that time, your loved ones will not have access to your assets, such as bank accounts or houses that only have your name on the title. Additionally, the cost of probate will be deducted from the estate prior to distribution. This is true even if you have a valid will, however, distribution will likely be more streamlined and efficient if you have a well developed estate plan.
Further, it’s important to consider that no one lives forever. You may wish to put off estate planning as long as possible, but that is banking on the fact that you have a long life to live. In reality, our next breath is not guaranteed. If you have an opportunity to have your estate planning done at the moment, then take this moment to do it, because it might be the only one you have. Estate planning, when conducted with an experienced attorney, can be a fairly straightforward and efficient process. Once you have it completed, it can provide great peace of mind that your loved ones will be cared for regardless of what happens to you. For many, this allows them to live more fully and with a feeling of peace. Additionally, although it’s important to keep estate planning documents up-to-date as assets are sold and acquired and family structures shift and change, the cost of minor revisions over the years pales in comparison to the cost of a major estate planning overhaul later in life.
Depending on the number of assets that you have and your estate planning needs, you may be able to select a structure of trust that has benefits over a will.
Talk to a Florida Estates Attorney
If you are ready to create an estate plan or have questions about what kind of estate planning mechanisms might be best for you, the Law Offices of Larry E. Bray are ready to help. Contact West Palm Beach estate planning lawyer Larry E. Bray today to schedule a consultation.