Why estate planning is essential for everyone

| Oct 26, 2020 | Estate Planning

Many people in Florida have neglected to complete proper estate planning. While some believe that estate planning is only for the rich, others assume that their spouse and children will automatically inherit their estate after they die. However, estate planning can mean the difference between a simple division of assets and a lengthy court battle. Here’s why everyone needs to plan their estate, even if they’re not wealthy.

Why does everyone need to consider estate planning?

Estate planning is one of the best things you can do for your family. If you write a will that specifies exactly how your property will be divided, you can protect your spouse, children, siblings and other loved ones. Otherwise, you’ll have no control over how the court chooses to divide your assets after you pass away.

Additionally, estate planning can prevent an ugly court battle. If a person dies without a will, they might have family members across the country trying to get a piece of their assets. The lack of a will can also cause in-fighting among family members. Estate planning settles the issue by making it clear how your assets will be divided. If you leave no room for interpretation, there will be nothing to fight about.

Where can an individual go for assistance with estate planning?

Estate planning can be a complicated process, particularly if you’ve never done it before. An attorney may help you navigate the complex process of planning an estate. While working with an attorney, you could write a will, choose someone for power of attorney, make decisions for end-of-life medical care, take out life insurance policies, create trusts and more.