No one likes to confront their own mortality, but the reality is that all of us are going to die someday, and it can unexpectedly happen at any time. By proactively engaging in estate planning, you can document your wishes and provide clear directions for your loved ones. No matter your age or your wealth, taking time to plan this is beneficial.
Whether you’re just starting to think about estate planning or already have some documents in place, this comprehensive guide, exploring the benefits of estate planning, can help.
Continue reading to learn more, then contact us at (954) 979-6566 to schedule a free consultation.
What Is Estate Planning?
Estate planning is the process of preparing for the future distribution and management of your personal and financial affairs after you die or, in some cases, become incapacitated. At its core, effective estate planning allows you to decide how your assets, property, and end-of-life decisions will be handled, rather than leaving it to your family to figure out––or, in some cases, to fight about––these critical matters or to relegate these decisions to the state.
By working with an experienced Florida estate planning attorney, you can unlock the profound benefits of estate planning for you and your family.
Who Needs an Estate Plan?
The short answer: everyone.
Contrary to popular belief, estate planning isn’t only for people who are wealthy or who are elderly. Everyone who has any assets, minor children or other dependents, or who has personal wishes about their end-of-life care will benefit from having an estate plan. This includes young and middle-age adults, growing families (who absolutely need a will, and most especially single parents), small business owners, and retirees.
When Should You Get Started on Estate Planning?
While an early start offers the greatest benefits and flexibility, it’s never too late to begin the estate planning process.
The ideal time to start is when you reach adulthood, both because you will begin to accrue assets then and because your parents are no longer automatically seen by the state as your default decision-makers.
Anyone going through a life-changing event like marriage, having children, or opening a business should also take time to begin or reevaluate their estate-planning documents.
If you’re unsure whether your unique situation calls for an estate plan, consult an experienced Coral Springs estate planning attorney for a free consultation.
The Personal Benefits of Estate Planning
Many people equate estate planning with the distribution of your assets after you’re gone (and it does involve that), but estate planning also provides a number of other important benefits.
When you work with a Florida estate planning attorney to create a comprehensive plan, you:
- Increase control over your end-of-life wishes and legacy
- Protect yourself against unwanted treatments through advance directives
- Reduce the stress and anxiety your children will experience about your affairs
- Protect yourself from predatory lawsuits and creditors
- Experience potential financial savings and the preservation of your wealth
No matter your age or financial situation, taking the time to thoughtfully craft an estate plan is a worthy investment.
How Your Family Can Benefit from Estate Planning
Estate planning isn’t done only for your own peace of mind. It’s an opportunity to also safeguard the well-being of your loved ones.
Protect Loved Ones from Uncertainty with a Living Will and Healthcare Power of Attorney, and Perhaps a Durable Power of Attorney
You can outline your wishes for how much intervention you desire for end-of-life care in a living will. At the same time, you’ll want to designate a trusted individual to make healthcare decisions for you when you cannot through a durable power of attorney for healthcare. These documents spare your family from the stress and conflict of making medical decisions that can arise during an already fraught time.
Additionally, some people also benefit from a durable power of attorney. If you are no longer successfully managing your financial affairs, this legal instrument enables a trustworthy individual of your choosing to make significant financial decisions on your behalf.
Your Florida estate planning attorney can guide you through the process of selecting the right person for this critical responsibility. Because a power of attorney comes into effect as soon as it is executed, this should be done with great forethought and care.
Distribute Your Assets According to Your Wishes — Not State Intestacy Laws
A will, also called a last will and testament, is the foundation of a comprehensive estate plan. This document lets you designate all the recipients of your assets. In the absence of a will, Florida courts distribute your money and property according to state law, which may or may not align with your desires. In the will you also designate the person who will take charge of the probate process after you are gone, known as the personal representative.
To be recognized by the courts, a will must be legally executed and avoid the most common mistakes that often pop up during probate cases in Florida. That’s why it’s important to seek the services of a knowledgeable and experienced Florida estate planning attorney, who can help you draft a will that reflects your wishes and fulfills all legal requirements.
Provide for Dependent Children
Estate planning empowers you to make legally recognized arrangements for the continuous care of children or other dependents who rely on you. In a properly drafted will, parents of minor children can designate the guardian they desire to care for children until they reach the age of 18.
Married couples need two distinct wills, one for each spouse.
Possibly Avoid Probate with a Revocable Living Trust
Some individuals desire a revocable living trust as part of their estate strategies. The trust, not you as an individual, becomes the owner of your assets, but you can alter or revoke the trust at any time.
A key benefit of a revocable living trust is that the assets in the trust are not subject to the court’s probate process. This can save your heirs time and money, because after your death the designated successor trustees immediately take over the trust.
Many people find, though, that trusts are not worth the effort and expense of creating them. All assets must be put into the trust, a time-consuming process that involves changing real estate deeds and contacting all banks, investment firms, insurance companies, and other asset-holders to change the owner of each account to the trust.
Afterwards all assets purchased after the formation of the trust must be done in the name of the trust and not the individual. Our experience shows this doesn’t always happen, especially when assets are purchased years after the trust is created. All assets outside the trust then must go through probate. (This is why individuals creating a trust should also create a pour-over will to direct who assets outside the trust should go to after death.)
Finally, since the documents creating a trust are not filed with the court, major problems can result if these documents are lost. Anyone who chooses to establish a revocable living trust as part of an estate plan must store the document in a safe place and inform all heirs about its location.
An experienced Florida estate planning lawyer will take time to evaluate your unique circumstances and goals in order to guide you through the creation of the proper estate plan for you, one that fulfills your wishes and safeguards your family’s future.
Looking for a Florida Estate Planning Attorney? Contact the LAW OFFICE OF GARY M. LANDAU, P.A., serving Coral Springs, Parkland, Fort Lauderdale, Boca Raton, Pompano Beach, Deerfield Beach & all of South Florida
With more than 25 years of experience and countless satisfied clients, Gary M. Landau and his team are uniquely positioned to help you with your estate planning or real estate needs in South Florida. Whether you’re ready to probate a loved one’s estate or to write your own will, or if you are purchasing a home, have inherited a home, or want a closing agent to handle title insurance and all documents for your closing or refinancing, the LAW OFFICE OF GARY M. LANDAU, P.A. is ready to work with you.
Call our office at (954) 979-6566 or complete our online form today to schedule a free consultation. We work with our clients in person, over the phone, or on Zoom.
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction.
LAW OFFICE OF GARY M. LANDAU, P.A.
7401 Wiles Road, Suite 204
Coral Springs, FL 33067
(954) 979-6566
https://www.garylandau.com/