Estate planning involves making decisions on who will inherit your estate upon your death. It also ensures that you and your assets are taken care of in the way you wish if you become disabled, and that your loved ones are cared for after your passing.
Everyone has an estate. Estates can be modest or quite large. No matter the size, everyone has one and should have a plan on how that estate will be distributed. Unfortunately, not everyone has an estate plan or even knows what an estate plan is. Many people tend to put off estate planning because they’re too busy or think they are too young to worry about such things.
The fact of the matter is tomorrow isn’t promised. Death isn’t a matter of if. It’s a matter of when. We’re all going to die and we can’t take our belongings with us. Estate planning allows you to decide what happens with your belongings. Without a plan, the state will determine who gets your assets.
What are some of the most common reasons why people postpone estate planning?
You don’t own much. Even if you don’t have many belongings, you may have children. Who will care for them if you die unexpectedly? Without a comprehensive estate plan in place, your children may go into the custody of a person you would not have chosen. Additionally, as mentioned earlier, everyone has an estate, no matter the size. Even if you only have a handful of belongings, wouldn’t you feel better if those belongings passed to your loved ones or people of your choosing? An estate plan will make this so.
You trust your doctor to make medical decisions about your health. What happens if you’re incapacitated and unable to make your own medical decisions? Are you okay being kept alive for months or years on medical machines, or would you rather have someone you trust stop the medical equipment when and if that time comes? When you have an estate plan in place, you can decide who will be responsible for making medical decisions on your behalf.
Your kids can just deal with everything after your passing. While this is an option, it could kickstart a host of problems and potential conflicts. Regardless of the size of your estate, leaving your children with no legal direction on how to divvy up your belongings may be time-consuming, costly, and result in lifelong conflicts that could have been avoided.
You don’t have children or family to leave your estate to. As stated earlier, everyone has an estate. You don’t have to leave your estate to a family member. You can choose who to leave it to, including close friends, your church, or a charity whose work you admire.
The team at Morgan Law Center would enjoy the chance to help you create an estate plan that covers all of the above issues and more. When you sit down with a member of our team, you can rest easy knowing the plan we create will save your family and loved ones a time, money, and heartache. Contact our office in Lake City, Florida today for a consultation at (386) 755-1977.
