It never seems like an ideal time to think about a situation where you are sadly no longer around to oversee your assets and take care of your loved ones. However, this is the exact premise of estate planning. And you must cross this bridge eventually, sooner rather than later. So with that being said, please read on to discover who is eligible to create an estate plan and how a seasoned Broward County estate lawyer at The Probate Lawyers can educate you on the importance of establishing one.
Who is eligible to create an estate plan in Florida?
First things first, it is recommended that everyone eventually create an estate plan. However, just like with most things in life, there is an appropriate time to do so.
In the state of Florida, you may initiate your estate planning as soon as you turn 18 years old, or sooner if you are a legally emancipated minor. What’s more, at this time, you must have the capacity to understand what you are exactly doing with your estate plan. That is, an understanding of what your assets are, who your loved ones are, and how your assets and loved ones will be affected by the instructions set out in your estate planning documents. Lastly, you must be considered to be of sound mind when signing these documents.
Importantly, if any of these criteria are not met, the Florida probate court may rule your estate plan legally invalid and unenforceable. The administration of your assets to your beneficiaries may go by Florida’s intestate succession laws.
Why is it so important to establish this plan?
Evidently, it is better to handle your estate yourself rather than leave it up to the Florida probate court. Below are just some reasons why this is true:
- Your estate plan may allow you to control which of your loved ones is entitled to which of your assets, based on their level of responsibility, personal preferences, etc.
- Your estate plan may allow you to control which of your loved ones is to serve as your minor children’s guardians, based on their level of trustworthiness, willingness to take on the role, etc.
- Your estate plan may allow you to curb hefty federal taxes for your high-net-worth estate, which would have otherwise burdened your loved ones at the time of their grieving.
- Your estate plan may allow your loved ones to avoid fighting one another in court, which would have otherwise created unnecessary strains in their relationships at the time of their grieving.
Do not wait. Retain the services of a competent Broward County estate lawyer from The Probate Lawyers. We look forward to working with you and taking on your case.
