Is Estate Planning Important?
The process of estate planning is more than just creating a will. Effective estate planning is vitally important. Estate planning minimizes income and estate taxes while also providing answers to questions regarding protecting your assets, medical treatment if you become incapacitated, and ensures money for anticipated expenses following your death. There is no better time than now to get the necessary estate planning documents in place. Although most of us do not like the idea of planning what our families will do once we are no longer around, it is imperative that you do not wait until it is too late to prepare.
When is the Right Time?
Estate planning must happen while you are still alive and can legally enter into a contract. In Florida, one must be of “sound mind” to complete estate planning. Please remember it is important to include medical decisions and health care in your estate plan. Also, make sure you name the person who will handle your property and affairs. Make sure you are certain about who will be the grantor. The future is uncertain. It is always best to have everything planned out for the benefit of your family. If you have, for example, Alzheimer’s or advanced dementia, an attorney will NOT allow someone to sign a power of attorney, health care surrogate, or other key documents even though you are still alive due to “sound mind.” Do not wait until the point of an advanced health crisis. Estate planning is not only for older people. Because of life’s unpredictable nature, relatively young people should take advantage of early estate planning.
If you have any questions regarding estate planning or would like to schedule an appointment, please contact the Boyer Law Firm.