When you hear the term "estate planning," you might think it's something only wealthy individuals need to worry about. But that's far from the truth. Estate planning is an essential process that everyone in Florida, regardless of their financial status, should consider to ensure their loved ones are taken care of after they're gone.
At McRae & Metcalf, we create estate plans tailored to meet the unique needs of our clients. Regardless of their financial status, we help them distribute their assets, provide for their loved ones, and prepare for whatever the future may hold.
The Benefits of Estate Planning: It's Not Just About the Dollar Signs
Estate planning is like a roadmap for your loved ones after you pass away. It has many benefits, regardless of how much money or property you have. Your estate plan does basic things like deciding who gets your belongings after you're gone—but it also does much more than that.
Estate Plans Can Help Avoid Probate
Using the right tools in your estate plan, such as a trust, can help your family avoid the costly, stressful, often lengthy process known as probate. Although Florida does have a simplified summary probate process for small estates, this process only applies to estates worth less than $75,000 and is still likely to require your loved ones to consult an attorney.
Distribute Your Assets
If you don't clearly name who should get your things in an estate plan, you don't have any control over who ends up with them. Everything you own—your personal belongings, money, life insurance, and retirement plans (without named beneficiaries)—gets sorted out by the state of Florida. They decide who gets what. Florida’s intestate succession laws favor your closest living relatives, with spouses, children, parents, and siblings having a potential claim. If you are estranged from certain family members due to past conflicts, this may not reflect your wishes.
Provide for Loved Ones
If you are a parent with minor children at home, you need an estate plan that names a legal guardian and provides for their financial needs in the event of your passing. If you are the caretaker of a disabled spouse, child, parent, or other family member, you may need to create a special needs trust that will provide for their care when you’re gone.
Prepare for Future Medical Issues
If you experience a health crisis and haven't made an estate plan, you're leaving a lot to luck. Your family will have to make decisions for you, even if they aren't sure it is what you would want. By including legal provisions in your estate plan, you can ensure that your wishes for future medical care are clear. Estate planning typically includes documents like a living will or health care proxy, which allow you to express your wishes regarding medical treatment and end-of-life care.
Reduce the Potential for Family Disagreements
Even if your family doesn't agree with your choices, an effective estate plan clearly states your intentions. Your family might not be happy with it, but estate plans can avoid a lot of stress and conflict. This is particularly important in blended families, where different generations of family members have conflicting interests and expectations.
Effectively Communicate Funeral and Burial Decisions
You can use your estate plan to let everyone know your final wishes. Do you want to be buried or cremated? Do you want to donate your organs? You can include all these choices in your estate plan. That way, your loved ones can focus on dealing with their loss instead of trying to guess what you would have wanted or how to say goodbye.
Give Yourself the Peace of Mind You Deserve
Making an estate plan can seem intimidating—but not having a plan can lead to problems for your family when you're gone. It doesn't matter how much or how little you own, a well-thought-out estate plan can help your family avoid paperwork, extra costs, and stress when you pass away or become incapacitated.