When is the right time to create your Florida estate plan?

On Behalf of | Sep 16, 2020 | Estate Planning

Most people will benefit from hiring an estate planning attorney, sometimes referred to as a probate attorney. This is because, while it may be easy for you to decide how to distribute your assets upon your demise, drawing up the paperwork is not as easy. A knowledgeable probate attorney will make sure that your estate plan conforms to Florida statutes.

What is an estate plan?

An estate plan is a set of documents that outlines how your assets will be distributed upon your death. These documents include financial and medical powers of attorney, a listing of all your personal property and other assets, and a living trust or last will and testament. Having an attorney prepare this documentation is essential, especially if you believe that someone might contest your will.

Why you need an estate plan

Creating an estate plan is important at all life stages, even as a young, working professional. This is because accidents can occur at any age. If you own assets of any kind, then you should have an estate plan.

Do not leave this to chance. If you die without a will, the state will get to decide who gets custody of your children and pets and who will receive your property after you are gone. The state is also under no obligation to minimize tax burdens on the estate, so it is possible your intended heirs might receive nothing if the state decides your fate.

How to connect with the right estate planning attorney

Your state bar association may provide referrals to estate planning attorneys in your area. The most important thing is to make sure that they are knowledgeable about federal, state, and local laws governing estate plans. Whether you are 20 or 60, the need for an estate plan is the same as long as you have assets to distribute.