Do I need an estate plan? Of course you do!
You must take into consideration the value of estate planning. A good estate plan can help you avoid negative consequences in the event of a crisis. Losing public benefits, entering a nursing home, incapacity, and death are things we don’t like to think about, but we never know when they may occur.
Take the timely example of a hurricane. We know a hurricane may make landfall, but even the most sophisticated weather tracking models cannot predict the hurricane’s devastation or how it may affect us. Therefore, we purchase hurricane insurance, stock our homes with food, create an evacuation plan–prepare for all contingencies.
Estate planning is similar. A wise man once said that the only guarantees in life are death and taxes–we know that a loved one may die or become incapacitated, but we cannot accurately predict when. An effective estate plan can help us deal with the consequences of life’s only two certainties because it provides explicit instructions regarding the transfer of property and assets.
With an effective estate plan, you decide what happens after you die and how you distribute your life’s earnings, while streamlining the process for your loved ones.
Without an estate plan, you lose control because the default provisions of the Florida Probate Code will apply without taking into consideration your particular wishes. Also, don’t fall for just preparing a form. We will discuss this later, but just having a form completed and signed is not proper estate planning. Planning involves discussing your issues, concerns, wishes, goals, with an attorney and implementing these in the proper legal documents.
Whether you have questions about wills or trusts and which option is better, you should consider speaking with us. Feel free to call us at (954) 532-9447 for more information!