Most people have heard of an Estate Plan, even if they haven’t realized that they have. Everyone has heard of a Last Will and Testament, commonly just known as a Will, where they list that they leave everything they have to their kids or spouse or long-lost twin. Some adults plan on just writing this in a Google Doc or scribbling it on a napkin if they ever get sick. Unfortunately, in Florida, that doesn’t cut it.
Estate Planning is the process of working with a lawyer to create a legally-binding plan for what will happen to your estate (which means all of your property and belongings) and your assets (all of your remaining money) after you pass away. It can be as basic as a Will or a complex as organizing multiple Trusts. No matter what level you engage with it at, creating an Estate Plan is essential if you want a say in what happens to your estate after you pass away.
You may think that Estate Planning is just important for the rich and the famous, the families with mansions to pass down and second-cousins vying for a piece of their fortune. The reality is that Estate Planning is important for everyone – especially regular old families who don’t have much estate to speak of. Here are a few reasons why Estate Planning is important for regular families in Florida:
It Gives You a Say
If you do not create an Estate Plan, the fate of your estate and belongings will be decided in Florida probate court. This is the process where a Judge determines who should inherit and handle everything you leave behind. Creating an Estate Plan gives you a say in the matter, which you probably want. That way, your weird cousin doesn’t end up taking over your house.
Protect Your Children
Estate Planning is especially important for parents of young children. It allows you to elect a guardian who you would like to raise your kids if anything happens to you before they are adults. If you don’t specify this in your Estate Plan, it will also just be decided by the state of Florida. We think you might want a say in who could end up raising your children.
Help Ease the Transition
The Florida probate process is long, expensive, and emotionally taxing for families who just lost a loved one. Creating an Estate Plan allows you to quickly guide them through that process, easing the loss for everyone involved. You can also leave behind any final messages or wisdom you wanted to impart, and help explain your decisions behind inclusions and exclusions in your Estate Plan.
Ask For Help
At Schlegel Livingston, LLC, we believe in helping you through life’s most important moments. We know that includes protecting your family even after you are gone. To get started on your Estate Plan, contact Schlegel Livingston, LLC today! We are looking forward to speaking with you.
Schlegel Livingston LLC
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