One common mistake that many people make is not consulting an attorney for estate planning before they pass away. There are many reasons for this, such as misconceptions about who needs estate planning in Boca Raton. Many people think that you need to be older or to have a lot of money, a large house, or many expensive assets to set up an estate plan, but that is not the case. If you have any assets at all, such as a family heirloom / antiques, a house, or car, and even minor children, you should have an estate plan. Anyone who wishes for their loved ones and assets to be protected after they’re unable to do so needs an estate plan. Here are five things you should know about estate planning.
1. Estate planning in Boca Raton can help you provide for your minor children should you die before they become adults.
Your estate plan should include specifications in your will about guardianship for your minor dependents. Without this, the court may determine who is given custody, which may not be who you would prefer.
2. It can ensure your money is properly distributed to charity upon the event of your passing.
If you have money you wish to go to charitable causes upon your death, you should specify this in your estate plan. Charitable donations may even help reduce estate taxes.
3. It helps you avoid risks involved if you were to become permanently disabled or incapacitated.
Your estate plan can include a living will and power of attorney. These legal documents allow your loved ones to carry out your wishes when you’re not able to communicate them.
4. Estate planning in Boca Raton helps you provide protection for your loved ones after you’re gone and helps avoid family disputes.
Without a will or estate plan, your assets can be frozen and the court will decide how they will be distributed. This can lead to a very expensive and time-consuming process for your family. Not to mention, it is likely to lead to arguments over who is entitled to what.
5. It can help you make sure you have the best plans in place for taxes, life insurance, and other essentials.
Estate planning can help eliminate, or at the very least, minimize estate tax that the government collects after you pass. Your attorney can review policies you have in place such as life insurance to ensure you have enough coverage.
Don’t leave your family and assets unprotected another day. Call the experienced estate planning attorneys at K/S Law at 561-939-8042 to help ensure that you have all the legal documents you need in place.