When I am out in the community, a common refrain I hear is “who really needs an estate plan anyways?” I immediately want to shout “EVERYONE!” but that is socially looked down upon in most settings. Therefore, I typically take a deep breath and calmly explain, “Everyone needs an estate plan. It is not only for the wealthy or the elderly. In fact, sometimes, the middle class and the middle aged are who needs it most.”
This misconception comes from most people not understanding what an estate plan is and what it isn’t. It isn’t this abstract concept where the world’s wealthiest people plop all of their money in one spot so that the generations to come have nice fat trust funds. It’s actually a very easily understandable concept of protecting your family and your children in the event of your incapacitation or early passing. Most estate plans will have some combination of the following: wills, trusts, powers of attorney, guardianships, and living wills.
When I sit down with a client for our initial estate planning meeting, what I am most interested in is learning about them as an individual, their family, and their personal life. This conversation helps me best understand your familial situation and what legal (and sometimes, non-legal) pieces need to be in place to protect you and your family.
The process of creating the estate plan that best fits your and your family’s needs takes roughly four to six weeks from start to finish. First, you come in to meet with me and we discuss what your current situation is, what your goals are, and what you would ideally like to do to take care of your family. After that initial meeting, I will begin to draft your personalized estate plan, taking into account all of the needs, wants, and concerns we discussed during that initial meeting.
You will then receive some documents to review and once we are all on the same page, we will schedule your “signing ceremony.” Once the signing ceremony is complete, you will be able to check a task off of your to-do list and sleep soundly at night knowing your family and loved ones have a plan and a roadmap to follow in the event of your untimely passing.
If you are one of the millions of Floridians who needs an estate plan, or to have their current estate plan reviewed, call today for a consultation and discussion of your personal needs.