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Estate planning important for both the young and old

| Oct 11, 2018 | Estate Planning |

Creating a will may seem unnecessary to a young person in Florida. However, engaging in estate planning is important no matter one’s age. Those who put off estate planning and die unexpectedly may end up causing major headaches for their loved ones.

When loved ones are grieving over a family member’s death, it’s an understandably emotional time. Unfortunately, if that family member never created an estate plan, dealing with the distribution of his or her estate can make things even more complicated. This is because if somebody does not create an estate plan before he or she dies, the person’s estate may not go to the parties he or she would have wanted them to go to.

When a person dies, his or her estate typically has to go through the probate process unless a trust was created for the purpose of avoiding it. If a will exists, it will be used to determine who gets which assets from the estate. Meanwhile, if the individual did not create a will, the state’s laws of intestacy will determine where the assets will go. In this situation, the outcome may or may not necessarily be in alignment with what the deceased person would have wanted.

Thinking about the possibility of death often makes people uncomfortable, which is why many people both young and old fail to engage in estate planning. However, putting together a will or trust and other estate planning documents is necessary to ensure that one’s assets are protected long term. This is especially true for individuals who have large quantities of assets or high-value assets, such as real estate. An attorney in Florida can provide asset owners with the guidance they need to put together estate plans that reflect their wishes and their loved ones’ best interests.