Despite their wealth, about one-third of high-net-worth families have not taken the basic steps to develop an estate plan. People with investable assets of $1 million or more often do not have an estate plan. The consequences of such inaction can be significant and dire. As an Estate Planning Attorney with nearly two decades of experience successfully advising clients, I can help you create an estate plan to fit your needs and plans for the future. Estate planning should be a priority for all adults, especially when they have assets or immediate family.
Recently I handled a case where an unmarried couple lived together for a quarter of a century, and this man and woman were financially dependent on one another. However, they had no estate plan. The woman had $3 million in assets but her live-in companion with whom she shared her life with was left destitute upon her passing. No matter how committed unmarried people may be to each other or how long they may have lived together, in the eyes of the law unmarried people are strangers. As a result, pursuant to the laws of intestacy, the woman’s funds went to her distant cousins because she had no estate plan. Do not let this happen to you.
In the absence of any planning to the contrary, your estate will be distributed according to Florida’s laws of intestacy. This default estate plan is a one-size-fits-all list of which blood relatives will inherit your estate. There are many situations where the default estate plan does not reflect the wants, needs, and desires of the individual. Yet with thoughtful planning, your estate will be administered according to your preferences, making things as easy as possible on your beneficiaries, and will save them time, effort, and money.
Estate planning is a proactive, necessary step to protecting you and your loved ones from future legal troubles. An estate plan can help you to make sure your assets go to the right beneficiaries, and you can structure the distribution of your assets however you want. It also prevents the need for several expensive court proceedings. If done properly, your estate plan can avoid probate, guardianship, and litigation over your estate.
The main benefit of estate planning is to transfer your estate to the people you wish, with as little stress and cost on them as possible. An estate plan empowers people to make their own choices about their future and the future of their loved ones. Developing an estate plan is a good opportunity to establish wealth planning goals and facilitate important conversations with your loved ones about the financial future.
Start the process by working with a trusted Estate Planning Attorney who can help you develop the collection of documents you need to give you peace of mind about your financial affairs. It would be my pleasure to walk you though estate planning fundamentals and then provide a personalized solution for your estate. Contact The Law Offices of Max J. Paul today at max@maxpaul.com or call 561-807-1977.