You don’t need tremendous assets in Florida before organizing your estate. Everything you own gets accounted for when you plan your estate. The benefits of doing such an accounting can pay off immediately, during retirement and after your death.
Everyone who dies with possessions gets their assets administered. This is what happens in order to pay a deceased’s debts, settle their bills or sell their property. People who die without organizing an estate often have their possessions exposed to probate hearings. Probate is a proceeding that public courts issue to disburse your assets. Planning, instead, can keep your estate private. You can then have beneficiaries and assets that no one will know about.
The size of your estate
Though even small estates benefit from planning, large estates need it. Establishing directives over your belongings is a key consideration because many assets still need to be managed if you’re alive but incapacitated. In such cases, a planned estate establishes someone to manage your finances, businesses and medical care. Here are some reasons to do this type of planning:
- Your assets could be stolen unless someone trusted organizes them.
- Your property doesn’t lose value just because you aren’t around.
- Your family can’t take advantage of you or use undue influence over you.
- Your bills, monthly expenses and debts get paid regardless of your capacity.
When you have children
Children are an important part of estate planning because your estate provides for them when you can’t. Planning ensures that they receive a fair inheritance and that none of them begin in-fighting. You can also have your children legally titled as your caregivers.
Estate planning in Florida
Estate planning is an opportunity to financially provide for your future while building wealth now. In Florida, you have trusts, wills and insurance benefits that give you ways of managing your assets in life and after death. It’s important to consider what you have and prepare it for the future.