It’s not something that anyone wants to think about. Most people are too busy building a future and enjoying their lives to think of what will eventually, inevitably happen. But preparing every aspect of your life for death is exactly what you need to do if you want your legacy to survive and your family to thrive. That’s what estate planning is all about—preparing for all eventualities.
Imagine for a second, though, that you pass away without planning for how your estate will be handled. Would you be happy to know that the State decided who would own your business? What about if Florida decided who would raise your children? Would that make you comfortable?
If you want to protect your family, your dignity, your property, or your business from the uncertainty of your absence, there’s no better time to start planning than now during National Estate Planning Awareness Week. Here are four reasons to start planning today:
Dying Intestate
Dying without a will, also known as intestacy, can lead to many legal problems for your estate. You might think that because you only own a few assets that you don’t need a will. But if you don’t want the State determining what happens to your property and your money, however modest, you need to draft a will as soon as possible.
Living Will and Power of Attorney
There are situations that can leave you powerless to make decisions. Accidents, illness, and age can lead to weeks or months in the hospital on life support. Without signing a living will and assigning power of attorney, your future and the future of your estate will be in question. In your living will, you will write out any directions or stipulations for your care in the event of incapacitation. This includes your wishes for palliative care, life support, and resuscitation. Creating a clear plan will not only put your mind at ease—it will also make things easier on your family.
Child Custody
One of the most important, if not the most important, aspect of estate planning for parents is what will happen to their children. Choosing a guardian for your children is no easy decision, but taking the time to do it now will make your wishes known. In the absence of a named guardian, the courts will appoint a guardian for your children.
Business Succession
Not only can estate planning help determine who will inherit it—it also will make known your wishes for how you want it to be run after you pass. Without these clear instructions, your business might not outlast you by much.
Estate Planning Bonus: Intellectual Property
As the estate of Florida native Tom Petty must be realizing now, inheritance can get complicated when it comes to intellectual property, such as the rights to songs. Who will inherit your intellectual and creative work when you pass away? If you can’t answer that question with certainty, you need to talk to a professional today.
Need help with estate planning? Contact us today for a no obligation consultation. Se habla español. 305-858-4512