Most Florida residents know that they need to have an estate plan in place, yet the task of estate planning is routinely one that is pushed aside to be addressed later. But, no one knows what is going to happen to them today, tomorrow or anytime in the future. So, is it acceptable to just go through life without an estate plan, or at least a will? Probably not.
There are millions of Americans who do not even have a will drafted, let alone other documents to compile a comprehensive estate plan. When someone doesn’t have a will in place, they are leaving the decisions about the distribution of their assets to state law. Do you think that you don’t even have enough assets to worry about, and thus you do not need a will? If so, that is a tricky approach to the situation.
A will not only provides direction to an executor of the estate, and heirs and beneficiaries, concerning the distribution of assets in the probate process, it can also allow parents of minor children to appoint preferred guardians for those children in the event of some tragedy occurring. And, going through the estate planning process can help Florida residents take stock of their complete financial situation – many finding that they have more assets than they had been thinking of.
Vast, complicated estate plans aren’t the norm for most people. Although many of our readers likely think that the estate planning process is difficult, in reality it is a process that can be hugely beneficial and, after it is complete, allow for a greater sense of peace of mind.
Source: tonic.vice.com, “You Need a Will Even if You’re Young and Healthy,” Knvul Sheikh, April 3, 2018