It’s estimated that 33% of American adults have created estate plans, which means that most adults have not determined who will receive their assets when they pass away. Many people delay estate planning because they refuse to accept the fact that they will not live forever. However, developing an estate plan is empowering, as it allows people to decide who will receive the assets they have worked so hard to attain over the years. Here are a couple of tips for confidently creating an estate plan in Florida.
Deciding who will get various assets
An important part of creating an estate plan is reflecting on one’s values and desires. Individuals creating estate plans may want to ask themselves if they envision leaving all of their inheritance to loved ones or prefer to donate some assets to charity. If they want to give items to charity, they would be wise to determine which ones will go to charity before splitting the remainder among family members.
The ideal goal when creating an estate plan is to strike the perfect balance between deciding how their funds will make a difference and honoring the relationships they have built over the years. Asset owners may feel pressured by certain family members to leave them more of their wealth. However, how they distribute their assets is ultimately their choice.
How an estate planning attorney can help
Navigating estate planning can be emotionally and legally complex, but an attorney may make this process less overwhelming. An estate planning attorney in Florida can help individuals identify their liabilities and assets, as well as determine who should inherit their properties. The attorney will also ensure that their estate plans will be legally valid when they pass away.