If you’re reading this, you need an estate plan. Why? The short answer is “Everyone, age 18 and older, needs an estate plan.” It doesn’t matter if you are young or old, have considerable wealth, or are just entering adulthood — you need a written plan to stay in control and protect yourself and those you love.
Key Takeaways
– Universal Necessity: Every adult, regardless of age or wealth, needs both a lifetime plan and an after-death estate plan.– Incapacity Planning: Planning for incapacity keeps you in control and lets trusted loved ones care for you without court interference and the expense of guardianship or conservatorship proceedings.
– Health Care Directives: Every adult needs up-to-date health care directives.
– Asset Distribution: Leave written instructions to ensure you select who’s in charge of distributing your assets and when.
– Professional Guidance: Everyone needs the counseling and assistance of an experienced estate planning attorney.
What is an Estate Plan?
Your estate includes the assets you own—your car, home, bank accounts, investments, life insurance, furniture, and personal belongings. No matter the size of your estate, you can’t take it with you when you die, and you likely want certain people to inherit your possessions.To ensure your wishes are fulfilled, you need to provide written instructions detailing who should receive your assets, what they should receive, and when they should receive it. This is the essence of an estate plan. If you have young children, you’ll also need to name someone to raise them and manage their inheritance.
A properly prepared estate plan includes instructions for your care and asset management if you become incapacitated due to illness or injury. Without the appropriate documents, your family must seek court permission to use your assets for your care. This process is time-consuming, costly, and can add stress during an already difficult time.
Surprisingly, having a plan is often more critical for families with modest means because:
1. They can least afford unnecessary court costs and legal fees.
2. State laws, which take over in the absence of planning, often distribute assets in undesirable ways.
Here’s an example:
Sam and Meg had two young children. Sam died in a car accident on his way to work. Without an estate plan, the state laws divided his estate into thirds: one third to Meg and one third to each of his children. Meg, a stay-at-home mom, had to return to work. The court set up guardianships for each child, requiring ongoing court costs, including accounting, guardianship, and attorney fees. By the time the children turned 18 and received their inheritances, there wasn’t enough left for college.
What You Need to Know
Don’t try to do this yourself. You need the counseling and assistance of an experienced estate planning attorney who knows your state laws and can guide you in making difficult decisions, such as who will raise your children and who will look after your care if you become incapacitated. An experienced attorney will also know how to carefully craft the appropriate estate planning documents to ensure your wishes are followed.
Actions to Consider
– Set Up a Consultation: Call or email our office now to schedule an estate planning consultation. We make tough topics manageable to discuss.
– Plan Now: Don’t worry about how life will unfold; the best practice is to have your plan prepared now based on your current situation.
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Belleh Law Firm
Your trusted legal partner in Fort Lauderdale, Florida.
Website | Email: info@bellehlaw.com | Phone: 888-450-7999