Everyone already has an estate plan. It's the one that the Florida Legislature has decided for you...by people who don't know you or your situation. Their default plan for you might clash with what you want done. The only real question, then, is do you want to replace the default plan with one that is more in line with what you want to happen?
Most people will be surprised to learn that the surviving spouse does not always automatically inherit everything. In Florida, some portion of your estate may pass to your children by law, especially if you have children with someone other than your current spouse. Is that what you want to happen?
If any of your children are minors, a guardian will control your child's inheritance until your child attains the age of majority. The guardian might be the child's other parent or it might be a court appointed guardian. But, is that person who you want to handle your child's inheritance?
These are two very real practical problems that can be addressed in your estate planning documents, along with other estate planning priorities such as to:
bypass probate,
maintain privacy for your affairs,
set out what happens if you and your spouse die at the same time,
limit your spouse's share of your estate,
protect or provide for children or grandchildren,
disinherit a child or descendant,
plan for a child with special needs or creditor concerns (including a divorcing spouse),
include instructions for your own incapacity,
transfer a family business,
ensure reduced administrative time and costs at your passing,
avoid a will contest or other dispute, or
make a charitable contribution at your passing.
As you can see, estate planning is not just about who gets what when you die. These are just a few of the many planning priorities that you can address in your estate planning documents. We can help you identify your priorities and incorporate them into your own custom estate plan.
To set up a free consultation with an estate planning attorney call us as (904) 705-7355, complete the form on our "contact us" page, or simply email us at info@susanhartmanlaw.com. In-person and ZOOM meetings are available for your convenience.
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