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Top 5 Reasons to Have an Estate Plan

Posted on in Estate Planning

Broward County estate planning lawyerRoughly 67% of American adults have no estate plan at all, according to CNBC. This is a startling percentage. Estate planning is important for everyone, no matter their personal or financial situation. Whether you have a million dollars in the bank or just a small family home and few other assets, estate planning is for you. A strong estate plan can protect your family and make a difficult time less stressful. It can also protect you during your lifetime if you ever become unable to express your own wishes.

There are a lot of very strong reasons that you should have at least a simple plan in place, and very little reason not to make one. Our attorneys strive to make the process as easy as possible for each client while working to build a plan that will meet each of your personal goals. 

Reasons You Should Start Making an Estate Plan Today

Some of the most important reasons you should have an estate plan include:

  • Protecting your loved ones - Your estate plan can protect those closest to you, whether they are your family members or others. Even if intestacy would direct your estate property to the same people you want to leave it to, there are much, much easier ways for your loved ones to receive their gifts than through intestate probate. Making an estate plan is also the only way to leave a gift for anyone who is not your natural heir.
  • Controlling distributions - After intestate probate, your closest family members would receive a lump sum all at once. This may not be a good thing for all beneficiaries, particularly if they are young adults or lack money management skills. With a little planning, you can distribute funds over time using a trust. 
  • Protecting yourself - Part of estate planning involves protecting your potential future incapacitated self with powers of attorney and advance directives. 
  • Unpredictable future - If you are holding off on making an estate plan because you are young or in excellent health, stop waiting. No one ever knows what tomorrow will bring, so it is best to be prepared. 
  • Leaving a legacy - An estate plan can help you leave behind a long-lasting legacy. Many people choose to use a portion of their estate for charitable purposes, continuing to help countless others posthumously. 

If you do not already have a comprehensive estate plan in place, or you are due for an update, the time to start working on it is today. 

Call a Broward County Estate Planning Lawyer

Law Office of Miller & Miller, P.A. wants to help you take advantage of all the benefits of estate planning. Our experienced Fort Lauderdale estate planning attorneys can custom design documents to suit your personal and familial needs. Call 954-981-9301 for a free consultation. 

 

Source:

https://www.cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html

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