Overcoming Procrastination: The Importance of Estate Planning
A recent online survey asked Americans who have never created an estate plan why they have neglected to take this important step to express their wishes.
December 01, 2011 /24-7PressRelease/ -- Florida laws regarding wills, trusts and probate use one simple word to describe individuals who have never created an estate plan. An estate planning lawyer will confirm that the word is "intestate," from the Latin for "failing to bear witness." When a person dies without leaving a will or other formal indications of how they want property distributed, probate judges will make those decisions based on Florida's intestacy laws.
A recent online survey asked Americans who have never created a will why they have neglected to take this important step to express their wishes. While the answers are not surprising, they each deserve a response that takes into account the basic good financial sense behind estate planning:
- 18 percent of survey respondents did not feel that having an estate plan was necessary: Even if a person has few assets and no children, estate planning also includes provisions for important decisions during life, such as health care powers of attorney, also known as "living wills."
- 16 percent believe that estate planning is too complicated: An estate planning strategy involving diverse assets, estate tax implications and various trust options is complicated, and for very good reasons. But for many people a simple will that clearly designates intended beneficiaries and describes specific property will provide significant advantages during the probate process.
- 14 percent were concerned about the expense of estate planning: An investment in sound estate planning advice from a Florida probate attorney can help heirs and other beneficiaries enjoy the full value of the testator's legacy by avoiding the costs of disputes over the disposal of property or failure to identify all assets.
- 13 percent believed their husband, wife or children would automatically receive their assets: While this may be true under the right circumstances, modern realities of combined families can cause unexpected legal issues, and probate matters are seldom about mere dollars and cents. One vital decision for every parent to make is a designation of a child or vulnerable adult's future guardianship
-6 percent expect the process to be too time-consuming: With the assistance of an experienced wills and trusts lawyer, the process involves a clear assessment of finances and a frank discussion about the client's intentions. Unlike self-service online will creation options with cookie-cutter solutions, an estate planning attorney can provide tailored strategies efficiently, without having to reinvent the wheel.
While the survey found that less than half of Americans have created a will or employed other estate planning strategies, a significant majority thought that all adults should have an estate plan in place. Everything from busy lives, changing prospects and not wanting to consider mortality may be responsible for that disconnect, but taking action sooner rather than later will bring much-deserved peace of mind to most individuals.
Will Creation, Powers of Attorney, Estate Administration: Choosing an Attorney
Establishing the details of an estate plan as well as a trusted relationship with a Florida probate lawyer can provide a sound foundation for decades. In addition to helping clients adjust to changes in wealth, dependents and personal health issues over the years, the attorney who creates a will for a client is often a good choice to eventually serve as executor (or personal representative) of the estate.
An executor shepherds the will through the probate process, from initiation of probate and inventory of assets to paying claims and distributing property according to the deceased person's wishes. While any adult can be designated as an executor, a legal professional's insights and experience can make a significant because of the extensive due diligence this role requires.
Putting a comprehensive estate plan into effect can be as complicated or simple as a client's needs dictate. The most important detail is to ensure that all documents are promptly and appropriately executed, because the best intentions are meaningless without legal effect.
A Florida estate planning lawyer can also explain the advantages of using trusts to avoid probate, issues involving estates with international implications, and the susceptibility of various strategies to will contests due to undue influence and other disputes that could affect prompt and efficient closing of a person's estate.
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