Though you may not initially realize it, creating a valid and enforceable estate plan is arguably the most selfless thing that you can do for your loved ones. This is because your estate plan is your way of ensuring that your loved ones are financially taken care of when you are, unfortunately, no longer around. What’s more, it relieves your loved ones from the burden of figuring out how to handle your estate without any guidance. Follow along to find out more benefits that go along with establishing an estate plan and how a proficient Broward County estate lawyer at The Probate Lawyers can help you kickstart this process.
What are the benefits that commonly go along with an estate plan?
There are many components to an estate plan, all of which work to benefit your loved ones. Examples are as follows:
- You may dictate exactly what should happen to your assets, and to whom they should be bestowed (i.e., last will and testament).
- You may dictate exactly who should take on the guardianship of your minor children and pets (i.e., guardianship and pet trust).
- You may dictate exactly who should take reign of your financial, property, or medical decisions (i.e., powers of attorney).
- You may minimize the amount of estate taxes your loved ones will have to pay upon your passing (i.e., trust).
- You may provide for your loved one with special needs (i.e., special needs trust).
What happens if I do not establish an estate plan?
There is no doubt that creating an estate plan may be a long, strenuous process for you. This is not to mention how difficult it must be to be constantly reminded that there will come a day when you are no longer around. However, by taking on this responsibility, you are paying the ultimate favor to your loved ones. This is because you are allowing them to avoid the probate process.
That is, if you fail to establish a valid and enforceable estate plan, your estate will undergo the Florida probate court. Here, an administrator appointed by the probate court may manage the estate administration process. This is unless one of your loved ones petitions for this duty. But in any event, the probate process is lengthy and pricey. It may also open up the opportunity for your loved ones to fight over the fairness of how the assets are distributed. Overall, it may not pan out to be what you wished for your loved ones upon your passing.
In the end, the first step you should take in your estate plan is to retain the services of a talented Broward County estate lawyer. So call us at The Probate Lawyers today.
