How important is estate planning? In short, estate planning is very important. An estate plan, when properly done, can help ensure your wishes are followed when you pass away. This includes wishes with respect to your children, your burial or cremation, and your assets. Below are three reasons that explain why estate planning is so important.
1. You Can Plan For Your Own Future Needs
One of the things you can do through your estate plan is to designate a trusted individual to serve as a healthcare proxy or durable power of attorney. Each of those positions allows someone to make decisions and take actions on your behalf if you are unable to do so. You can also appoint a preneed guardian, which may persuade a judge who to put in charge of your affairs if you become incapacitated.
2. To Make Decisions on Disposition of Your Assets
Having an estate plan allows you to determine how your assets should be distributed upon your death. In Florida, without an estate plan, your assets will pass as indicated in the statute. This means your spouse, children, parents, grandparents, and siblings, may all get some or all of your estate.
3. To Protect Your Children
If you have an estate plan, you can include provisions to instruct family and friends who you wish to care for your children. You can sometimes also include instructions on how assets they inherit should be handled.
Estate Planning is Important!
If you need help with your estate plan, contact a local attorney today. At Wildoner Law, PLLC, we offer virtual services so you can get the help you need from the comfort of your home or office.