Estate Planning for the Unmarried and Childless in Florida
Many individuals believe that an estate plan is necessary but only around 40% of them actually implement one. This may be for a number of reasons, including being unmarried, or having no kids. However, the concept that you don’t need an estate plan because you are unmarried or don’t have children should not be one of those grounds for not getting one.
Why? We shall discuss that in this brief.
Decide Who is in Charge of Making Decisions
To ensure that your wishes are carried out in the event of your incapacity, it is important to create and include powers of attorney in your estate plan. When you use a power of attorney, you may choose who will make such choices on your behalf, and you don’t have to initiate a guardianship action with the court to do so.
This offers you two advantages.
First, guardianships are expensive and time-consuming thus often having some of your resources expended, and causing a possible further deterioration of your health. Secondly, you will have no say in who the court picks as your guardian, and it might end up being the person you least expected.
Determine Who Gets the Property and How it is to be Utilized
Without any form of estate planning, upon a person’s demise, the state of Florida will make all decisions for that individual. The state will decide who receives your property and who is in charge of administering it. Often, the default norms of the state often yield outcomes that are far different from what you might expect if you had made the choice(s) yourself.
To avoid this, in order to manage who gets your property and how it is used, you must have an estate plan.
For example, you can specify that the assets be placed in a trust for the care of your parents in the event of your death, and thereafter be distributed to the individuals or organizations of your choice. In Florida, you can also set up a trust to care for your pets while they are still alive, and then possibly leave the money to a person or a charity after they die.
The SG Law Firm
In conclusion, it is important for unmarried and childless individuals in Florida to have an estate plan in place. Without one, their assets may not be distributed the way they want after their death. There are a number of estate planning options available, and each individual’s situation is unique. Therefore, it is important to consult with an attorney who specializes in estate planning to find the best solution for you.
The attorneys at the SG Law Firm have a deep understanding of the complex legal landscape when it comes to estate planning in the state of Florida. This includes an intricate knowledge of the many rules and regulations that must be followed in order to ensure that a person’s estate is properly handled. As a result, our clients can feel confident that they are in good hands when working with us.
You may contact us today to speak with a qualified attorney who can help you create a plan that meets your specific needs and wishes.