Estate planning is universally something we can all find a reason to put off. You are busy and just don’t have the time. You believe you do not really have an “estate” to worry about. Estate planning sounds complicated—will you understand it? You figure your estate will go to your spouse anyway, so why bother? Or the biggest anxiety-producer of all—who wants to think about dying? If any of these thoughts have crossed your mind when you considered estate planning, you are definitely not alone. Despite the fact that estate planning tends to be something most of us will avoid when possible, it doesn’t have to be like that!
Yes, making the move to start your estate plan estate planning can be mildly uncomfortable, but once again—it doesn’t have to be like that! Even if you do not have an estate large enough for a complicated trust, that doesn’t mean you won’t benefit from a simple Will. What it does mean is that you—and virtually every adult—can benefit from some level of estate planning, and I, Lea Anne Groover, at Groover Law, am ready and able to help you deal with your estate planning concerns. I fully understand that it can be difficult to start estate planning, but once you have passed the start point, you will be so glad you did. I promise to make it super easy to have a unique estate plan prepared—one that perfectly fits your goals and objectives.
What Can an Estate Plan Do?
Your estate plan can do many things, including:
- Identifying someone you trust to make decisions for you in the event you become incapacitated
- Specifying who you want to raise your minor children should you be unable to do so
- Helping you to minimize estate and other types of taxes
- Helping you manage, plan, and minimize the need for probate
- Ensuring that, upon your death, your assets will be distributed according to your wishes
- Taking care of a loved one with a disability
- Ensuring your spouse does not have to deal with problems after your death or upon your incapacity
Do I Need an Estate Plan?
Yes. Virtually every adult, young, old, or in-between can benefit from having an estate plan. If you are young and single, you can possibly get by with a few relatively simple items—a Will, medical and financial powers of attorney, and beneficiary designations. If you have children, you definitely want to name a trusted guardian. If you have significant wealth, your estate plan will be more complex, and if you are approaching middle age or older, you will want to plan for your retirement and long-term care.
What is the Number One Reason to Have an Estate Plan Prepared?
By and large, one of the best reasons to have an estate plan prepared is to protect your beneficiaries. Those who die without a will in the state of Florida (or any state) have died intestate. This means the state of Florida will determine who will receive what—and those determinations might not be what you would have wanted. In particular, if you happen to be the family’s primary breadwinner, you definitely want to ensure your loved ones are taken care of in the event of your death or incapacitation. The main component of estate planning is designating heirs for your assets, and you should never assume that your spouse will naturally inherit everything, so you do not have to worry about an estate plan.
What Else Can a Carefully Prepared Estate Plan Accomplish?
While we seldom think of becoming incapacitated, it happens—both to older adults, as well as to younger adults. An accident or illness can happen in an instant, so ask yourself whether you would want a family member having to go to court for the right to make decisions on your behalf? You can avoid such a difficult situation by naming the people you trust to handle your finances, as well as your healthcare decisions in the event of your incapacity.
An estate plan allows you to name a guardian for your minor children, or to set up a Special Needs Trust for a disabled child. If you fail to do so, the court will name a guardian for your minor children, and your disabled adult child may be unable to access necessary government benefits unless your estate plan is set up correctly. Your estate plan allows you to transfer assets to heirs with the goal of creating the smallest possible tax burden for them. In the end, having an estate plan might be one of the most loving things you can do for those you love, to help them avoid family arguments and problems after you are gone.
How Groover Law, PLLC Can Help?
It is important that your estate plan be uniquely tailored to you, your loved ones, and your financial situation. I will work hard on your behalf to ensure your estate plan not only fits your life now but can change as your life changes. Having an experienced estate planning lawyer in Orlando can take a huge burden off your shoulders. I can help you address every issue necessary to put together a comprehensive Florida estate plan. It’s time to stop being anxious about an estate plan and, with my help, at Groover Law, let’s get this done!