Estate plans are not always a person’s first priority. In fact, there was a time where estate planning was something that only high-income earners took part in doing. Nowadays, estate planning is necessary for most living in Florida. The majority of people do not want to think about estate planning, but the truth is that it can be beneficial for all different types of people. There are a few factors that let you know that it is time to start thinking about an estate plan.
If you have young children, then an estate plan is absolutely necessary, according to Investopedia. Without an estate plan, if something happens to you before your children turn 18, then it will be up to the court to decide what happens to your children.
Estate plans can also ease the tension and settle disputes before they happen. When you do not have a plan in place, you may have beneficiaries disputing over what they deserve. You can create individualized plans to address your family members and beneficiaries. You can also choose who will handle your finances, so that you can pick a person you trust to settle quarrels before they begin.
In addition, if you choose to plan ahead, you can protect your loved ones from the IRS. To plan can ease the tax burden that your beneficiaries face later on. You can reduce most of or even all of the federal, estate or inheritance taxes.
The above information is meant to inform on the importance of having an estate plan. It is not intended to be legal advice.