Are you wondering if you need to create an estate plan? If the answer is yes, then you came to the right place. To determine whether you need to create an estate plan, you need to ask yourself a few questions. If the answer to any of them is yes, then you need an estate plan. Read on to learn how to determine whether you need to create estate planning documents to protect your assets and your loved ones and how Jurado & Farshchian, P.L. can help you do so.
Would You Like to Have Control Over the Distribution of Your Assets after Your Passing?
In Florida, there are two ways to have control over what happens to your assets after you die. One is to communicate with your loved ones from the other side, which might be tricky, and the other is to create an estate plan that includes detailed directives regarding the distribution of your assets. If you pass away without a comprehensive, up-to-date estate plan in place, the Florida laws of intestacy will govern your assets and direct who should receive them. This could lead to disagreements between your family members and disputes during probate, which can be costly and time-consuming, not to mention emotionally painful.
Are You a Business Owner Looking to Create a Business Succession Plan?
If you are a business owner, then you know that building a business from the ground up is incredibly difficult. What you might not know is that planning for your business’s continuation after you pass away or even after you retire may be even harder. Succession plans are very specific to each business, as the elements that work for one family business may not work for another. In Florida, a succession plan allows you to ensure a smooth transition so that your business passes on to the next generation without any difficulties.
Do You Have Children?
When you create an estate plan, you can name a guardian for your children. In the event both you and your spouse die, the guardian will be legally able to make decisions for your children. It may sound obvious, but the person you choose should be someone you trust; however, that is not the only requirement a guardian should meet. When deciding on a guardian for your children or dependent minors, you should take into account several factors such as how close the proposed guardian is to your children and the proposed guardian’s financial situation and lifestyle. Keep in mind that if you do not name a guardian for your children in your estate plan, the court handling your probate case will appoint a guardian, and not even your family members will have a say on who is chosen. The court will likely select the most qualified person for the job; however, that person may be someone you do not trust or even like, or worse, someone your children do not like. For this reason, naming a guardian in your estate plan is critical.
Would You Like to Minimize The Impact of Florida Probate on Your Estate?
Florida probate proceedings are typically not only time-consuming but also costly. Between attorney fees and court costs, probating an “average-sized” estate can end up costing as much as 5% of the estate’s total value. However, in most cases, Florida residents can minimize the impact of probate on their estates. How? Estate planning – that is how. The first step is to hire an attorney to help you create your estate plan.
Do You Need to Create an Estate Plan? Work with Experts
As you can see, none of the questions above is about the size or value of your estate. Many people think they do not need an estate plan because they do not have much. In other words, they think estate planning is only for the wealthy. Do not make that mistake. No matter how much you own, creating an estate plan can be extremely beneficial.
Another major reason why many people either never create an estate plan or put it off for years is that discussing the topic of death can often be overwhelming. However, talking about it may actually ease the feeling of uneasiness and panic. Besides, creating an estate plan may provide you with comfort knowing there are documents in place that will protect your loved ones and your assets when you are no longer around.
Whenever you are ready to start creating your estate plan, Call Jurado & Farshchian, P.L. at (305) 921-0440 or send us an email to Romy@JFLawFirm.com to schedule an initial consultation and learn more about estate planning in Florida. We can help you protect your assets and your loved ones as well as ensure there are no difficulties during probate so there is no additional stress, for which your family will be immensely thankful.