Have you thought about your wishes for what happens with your assets after you pass? If you are like many, the task is something you put off for another day. You may also believe you don’t have enough assets to worry over or that your children will know what you desire.
An estate plan contains legal documents outlining your end-of-life wishes and asset allocation. No matter your age or income bracket, estate planning is in your best interest and your family’s.
Estate planning provides guidance during difficult times
Accidents and illnesses can turn lives upside down quickly. If something happens to you that prevents you from communicating your interests to your family, they are left with making tough decisions during emotional and difficult times.
A comprehensive estate plan includes a durable power of attorney, a legal document that turns financial and legal decision-making over to a named individual you trust should you become incapacitated. Similarly, it should contain a healthcare proxy, power of attorney or agent for healthcare decisions.
Estate planning protects your loved ones
If you don’t establish clear legal instructions for what happens with your assets when you pass, the state handles your estate according to Florida’s probate laws. Your loved ones will be at the mercy of court decisions that may go against your desire. Estate planning can also help your heirs avoid or limit federal estate taxes.
It isn’t easy thinking about end-of-life decisions. However, with comprehensive estate planning, you can rest easy knowing your actions now reduce stress and hardships later.