Your Family Members Can Be Harmed If You Don’t Have An Estate Plan
Not having an estate plan can harm your family members in a number of ways. By investing in a proper estate plan, you can protect your family members from the complications that arise from insufficient estate planning.
Going over how your family members can be harmed by insufficient estate planning, and speaking with a Florida estate planning lawyer today, might help you develop an estate plan that satisfies your goals.
What Happens To Your Assets If You Die Without A Proper Estate Plan?
If you die without a proper estate plan, your closest living family members will receive assets. In most cases, one else will receive any of your assets. This is in accordance with Florida’s intestacy laws.
Just as an example, if you die without a will, your closest living relatives may be the only people that receive any assets. And, this might mean that your surviving spouse may receive some assets, as well as your children.
For some people, the above may be fine. But, if you want to give assets to other family members – or, even, friends that aren’t related to you – dying without a proper estate plan can prevent this from happening.
What Are Some Of The Ways Your Family Members Can Be Harmed If You Don’t Have An Estate Plan?
Your family members may be harmed, if you don’t have an estate plan, in the following ways:
- If certain assets have been set aside for your beneficiaries, the lack of sufficient estate planning can prevent your beneficiaries from receiving those assets.
- If you pass away without a sufficient estate plan, some of the assets comprising your estate may be used to pay off debts/creditors, which may lead to your beneficiaries receiving less than you wished to give them.
- If there are no provisions for your medical care in a power of attorney, your medical wishes may not be honored, which could cause your beneficiaries a great deal of pain.
Every single one of the above can make life a lot more difficult for your family members.
What Should You Do To Protect Your Family Members?
To protect your family members, you should develop an estate plan. Right within this estate plan, you should develop a will, a power of attorney and, depending on your needs, a trust that can bypass probate.
If you set up these documents, it will be much easier for your beneficiaries to receive the assets you wish to give them. But, that’s not all: you can use these documents to ensure that your medical wishes are honored.
Developing an estate plan isn’t easy. But, an estate planning lawyer can help. You can go over your estate planning wishes and they will help you develop an estate plan that satisfies these wishes.
Speak With A Florida Estate Planning Lawyer Today
If you need an estate plan that satisfies your goals, you may want to work with a legal professional. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop the estate plan you need.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
law.cornell.edu/wex/power_of_attorney
