The estate planning process is often seen as being reserved for those who have families. After all, assets are usually left via will or trusts to spouses and children. Yet, the truth of the matter is that estate planning can be beneficial for everyone in Florida, even those who are single and without children. We hope this blog will help shed some light on the estate planning tactics that can prove helpful to those who may think that they can forego this important process.
There are many estate planning tools that should be utilized. To start, a power of attorney and a health care directive allow an individual to endow another with the power to make financial and health care decisions in the event of incapacitation. Through these documents, an individual can clearly spell out how he or she wants to be cared for under these circumstances. This gives many people peace of mind.
Wills and trusts are important, too. Passing away without a will means that one's assets may pass to a relative that the deceased individual didn't even know or like. By utilizing wills and trusts, an individual can better ensure that his or her assets will pass down to those he or she really cares about, even if they aren't a spouse or children. In conjunction with creating these estate planning vehicles, individuals should think about who they want to execute them or administer them. This can be important in ensuring that assets are distributed according to pre-delineated terms.
Estate planning is about not only leaving assets to loved ones but also retaining control over an estate that one worked hard to build. By foregoing estate planning, an individual is essentially leaving the inheritance game to chance. The issue may be litigated in costly and time-consuming cases, and those undeserving may wind up with some, if not all, of one's estate. Those who want to avoid this outcome, even if they have a modest amount of assets, should think about sitting down with an estate planning attorney to discuss their options.