4 Reasons Why Estate Planning is Not Only for the Wealthy
When people hear the term “estate planning,” they often think that it is something that only the rich people need to do. However, nothing can be further from the truth. Everyone needs some type of estate plan, no matter what his or her financial circumstances are because an estate plan can involve much more than simply directing the disposition of your property. An estate plan can save your family and loved ones a lot of headaches and hassles if you were to suddenly die or become incapacitated. There is several estate planning tools that everyone can utilize regardless of their wealth. Florida estate planning attorneys are always available to explain the benefits of each estate planning option.
A will is the simplest and most economical estate planning option for many people. With a will, you can state specifically whom you want your property to go to after you die. Additionally, you can name a trusted person to serve as the executor to administer your will. If you die without a will, the court according to Florida’s Intestate Succession statute will distribute your property. An estate-planning attorney in Florida can draft an affordable will for even the smallest of estates.
Trusts are also an estate-planning tool that is usually associated with wealthy people. However, Florida estate planning attorneys can set up an affordable trust plan even for people with modest estates. One of the main benefits of a trust is that it distributes your assets without having to go through the expense of probate court.
Durable Power of Attorney
A durable power of attorney allows you to appoint someone to do business on your behalf if you should die or become incapacitated. Everyone needs to talk to an estate-planning attorney Florida about drafting this affordable and essential document.
Healthcare directives allow you to appoint a person to make decisions on your behalf regarding medical care if you are incapacitated. These documents allow someone to ensure that your wishes are followed concerning important medical decisions like ending life support. Everyone needs to make sure that a trusted person has the legal authority to make these kinds of decisions.
Bakalar & Associates
Bakalar and Associates are experienced Florida estate planning attorneys who have been serving Florida’s East coast including West Palm Beach, Miami Dade and Broward County since 1992.
Don’t leave the disposition of your property up to the state. Call Bakalar & Associates today to get your estate plan set up today.