The idea of creating a will generally is not an exciting one, which is why this task often goes uncompleted in Florida. However, estate planning is an important process for anyone who owns assets, no matter how many or few they own. Failure to plan an estate means the loss of protection of one’s assets long term.
Research shows that just 43 percent of citizens of the United States have legal documents in place regarding what they would like to happen to their assets in the event that they experience incapacitation or death. In addition, these numbers actually appear to be dropping, as the percentage back in 2005 was 51 percent. Part of the reason that many people decide not to engage in estate planning is because it seems complex or expensive.
The reality is that planning an estate does not have to be complicated or costly. In fact, not planning may lead to overwhelming complications and additional costs down the road. This is because if a person fails to complete estate planning in Florida, the state will end up dictating his or her estate plan since he or she has already died. Unfortunately, state laws can be unforgiving because they take a one-size-fits-all approach.
In addition, for the parents of young children, wills are the only documents where they can list the names of those whom they wish to be their children’s guardians in the event that the parents die prematurely. If they lack wills, their children may end up in unintended hands. Fortunately, an estate planning attorney can provide the guidance needed to create a well-thought-out estate plan that accurately reflects a person’s wishes and his or her family’s needs in Florida.