The process of creating wills in Florida and elsewhere remains highly misunderstood. For this reason, it is not uncommon for people to engage in financial planning but not estate planning. However, creating an estate plan, which includes drafting wills and other essential documents, is critical for protecting one's assets long term. Here is a look at a couple of estate planning truths that many asset owners do not realize.
First, many people believe that estate planning is just for those who are extremely wealthy. The truth is, anybody who owns assets or has family members depending on him or her can benefit from estate planning. This is true no matter how large or small a person's estate is. An estate can include items ranging from bank accounts to homes, cars and investments.
Second, many individuals think that estate planning is focused on distributing assets once a person has passed away. However, it also includes charitable planning and exercising certain gifting strategies. Estate planning also involves incapacity planning, where a person plans for unanticipated events at various stages of his or her life. These include identifying a guardian for young children in the event this is needed, or spelling out the kind of care one would like to receive in the event of incapacitation.
Estate planning is multifaceted, so it can quickly become overwhelming. However, an attorney can walk individuals through each part of the estate planning process, making sure that they make expedient decisions for themselves and their loved ones. Through comprehensive estate planning, individuals in Florida can feel confident that their wishes regarding their assets and their family members will be upheld long term.