If you are a Florida resident who is thinking about getting started on an estate plan, you may come into the process with some preconceived notions about what to expect and what your options might be. You may have even done some research on your own to familiarize yourself with basics terms.
Hopefully you have not been exposed to common misconceptions about estate planning.
A recent news article pointed out a few misconceptions that are common, especially for younger people who are getting into the estate planning process.
For example, one of the most common misconceptions of all is about youth – that a person can be too young to need an estate plan. That certainly isn’t the case. Particularly for young couples who are starting a family, an estate plan is crucial for one reason: picking a guardian for minor children, if the worst-case scenario should occur.
Another common misconception is that estate planning is only needed when you have substantial assets. But, as the recent news article pointed out, there is more to estate planning than just establishing how assets should be distributed after death. Healthcare planning is involved as well, such as healthcare power of attorney documents and living wills, which can help direct how you want to receive healthcare in emergency situations or if you are unable to provide directions yourself.
Have a clean slate
It is good to get information about estate planning before you get into it, but just be sure it is the right information. Go into the estate planning process with an open mind about what might be best for your family and financial situations.