Estate Planning Is More Vital than Many Know
May 21, 2020
Many people in Florida hesitate to begin the process of estate planning for various reasons. Common excuses include the fact that they think that estate planning is only for the wealthy or that it is too hard. However, both of these are misconceptions that should not stand in the way of estate planning.
The first thing to know is that assets are just one part of estate planning. There may be other things such as advance care directive and care for minor children that may be important even if the family is not wealthy. Second, even more limited assets will need to be distributed, and probate is a difficult process no matter the size of the estate. Third, estate planning is easier than one thinks.
The key to estate planning is preparation and education. One should make an inventory of both their assets and the people that their estate plan needs to address. Then, they should take the time to study the options that are available to them, learning more about each one on the way. Then, they should formalize the estate plan and execute the documents. Finally, they should periodically reevaluate their plan based on changes in their life. When one realizes that estate planning is simply a function of being methodical and informed, it is much easier to decide to begin the process.
To begin the process of basic estate planning, one should consult with an attorney for advice and suggestions on how to think of and address their estate planning needs. The attorney may bring various options to their client’s attention that allow them to start to formalize their estate plan. After that, the attorney could assist their client in drafting the relevant estate planning documents to ensure that everything is done correctly and according to the law.