Everyone needs an estate plan, especially as we age. If your estate plan has not been thoroughly reviewed in the last two to three years or if you have had a significant change in your health, now is the time to work with a qualified estate planning law firm to create or update your estate plan.
What Is Estate Planning And Why Is It Important?
Estate planning is the process by which an individual or couple creates a set of legal instructions to provide for their care in the event of disability during their lifetime and for the purpose of transferring assets at the time of death.
With this definition in mind, the fundamental goal of estate planning is to preserve wealth across generations so that the intended beneficiaries can use it.
Everyone has an estate plan whether they have created one or not. If you have not created a plan, the state of Florida has one for you. As a result, this can lead to unexpected results including your assets being distributed to persons you might not have intended. It can also result in unexpected costs and delays related to guardianship or probate.
You can learn more by attending a complimentary workshop, meeting with one of our qualified attorneys or reading, “101 Ways to F$$k Up Your Estate” by attorney Peggy R. Hoyt”.
What Do You Need To Know About Estate Planning For Seniors?
The act of developing an estate plan offers many benefits. You can find some of these benefits below, as well as the ways in which they will make your life and the lives of your beneficiaries much easier.
You Choose Who Receives Your Assets
Your assets belong to you. However, when you pass on, your assets no longer belong to you. Rather, these assets will then belong to the individual named in your will, the living individual who has joint ownership of the asset, or the specific beneficiaries you clarify within your estate plan.
To ensure that your assets go to the people whom you would like to have them, you must develop an estate plan. By developing an estate plan that is legally sound, your assets will go to the right people.
A failure to develop a legally sound estate plan can lead to complex legal battles and challenges that prevent your assets from going to the people you would like to have them.
You Can Protect Your Assets
With an estate plan, you can protect your assets from a variety of problems. Some of the most notable problems that an estate plan can protect your assets from are as follows:
- Losses from a creditor.
- Unexpected taxes.
- Seizure from the government.
A legally sound estate plan, developed with the help of an estate planning law firm, will ensure that your assets are legally protected. With this legal protection, your assets are not at risk of the above problems.
You Can Protect Your Health
A good estate plan clarifies who will make decisions regarding your assets. In Addition, a good estate plan will also contain a healthcare proxy.
By establishing a healthcare proxy, you can grant someone of your choosing power of attorney. With power of attorney, they can make medical decisions for you that align with your needs and desires in the event that you are unable to do so.
Speak With An Estate Planning Law Firm Today
We at the Law Offices of Hoyt & Bryan can develop a thorough, legally sound estate plan that aligns with your exact needs. Speak with a Florida estate planning law firm today, and we will assist you in developing the best possible estate plan.