Many assume that estate planning is only for older or wealthier individuals. In fact, there are multiple reasons that estate planning is important for any adult.
Protect your beneficiaries
Among the most important reasons for estate planning is to protect those who will inherit your assets.
When a person dies without an estate plan, their assets pass to their heirs according to Florida law. That means that Florida law, rather than the person, decides who inherits their property. Establishing an estate plan gives you control over who inherits your assets.
Minimize the risk of messy disputes
A well-drafted estate plan also minimizes the possibility of disagreements among your children or other family members. These disputes can place great stress on families and lead to expensive litigation. With estate planning, your wishes are clear and the prospect of disputes is reduced.
Protect your children
If you have minor children, it is important to designate a guardian and, to the extent you are able, provide financially for your children into the future. As a parent, you know better than anyone who you trust to raise your children. Make your wishes known by designating a guardian.
Tax benefits
Estate planning can provide important tax benefits to maximize what you leave to your family. Establishing a trust or using other estate planning techniques can significantly reduce any estate taxes, thereby leaving more of your hard-earned estate to your family.
Estate planning assistance
As you consider your estate plan, it is important to discuss your wishes with an experienced attorney, who can advise on the best estate planning options for your situation.
