Often, people postpone making an estate plan because they have common misconceptions about the process. As essential as it is to have such documents in place – no matter people’s age or wealth – they may delay even to seek information about estate planning until it is too late, leaving their loved ones to struggle through a complicated probate. Knowledge is power, and dispelling some of those misunderstandings may encourage some Florida residents to end their procrastination and take the important step.
Estate planning is not just for the elderly or the rich. Anyone at any age can face end-of-life events or the uncertainty of a lengthy incapacitation. Through estate planning, young parents can assign guardianship for their children in case the parents meet an untimely death. Anyone who becomes incapacitated can benefit from having powers of attorney in place to speak in their names when medical or financial must be made. Waiting for one’s later years to make these decisions may make the process more difficult, especially if one begins to suffer with mental or physical disabilities.
Creating an estate plan is not necessarily complicated, and the earlier one begins a plan, the easier it may be. As the years pass, critical changes can be made, particularly as one’s family changes through the normal cycles of life. An estate plan is not a static document, and it can, in fact, grow and flex with the individual. The will drafted as a young person will likely not be effective in dealing with one’s assets and heirs throughout his or her lifetime.
Anyone in Florida who is considering estate planning may have questions about the process and the many options available. Rather than allowing those questions to go unanswered or filling them in with myths and misconceptions, it is better to find reliable answers. An estate planning attorney has the experience and knowledge to provide all the information one needs to get started.