Many people assume that estate planning is only for the wealthy and that it involves intricate legal documents and a vast portfolio of assets. However, this is a common misconception. Estate planning is essential for everyone, regardless of the size of your bank account.
The process of estate planning involves making decisions about how you want your assets distributed after your death. It allows you to make your wishes known on important matters like health care decisions if you become incapacitated and who your assets go to.
What is an estate plan?
An estate plan is more than just a will. It includes a series of documents that outline your wishes for your possessions, health care and financial decisions. These documents can include a will, a living will, a health care surrogate designation and a power of attorney.
Why should you have an estate plan in Florida?
An estate plan provides you with control over what happens to your assets after your death. Even if you have a modest estate, planning ensures that your possessions go to the people you choose. Without an estate plan, the state will distribute your assets according to Florida’s intestacy laws, which might not be the same as your desires.
How do you start an estate plan without a lot of money?
Starting an estate plan in Florida does not have to be expensive. Here is how to start the process:
- Identify your assets. Determine what you own, including real estate, bank accounts, vehicles and personal belongings.
- Choose your beneficiaries.Decide who you want to receive your assets.
- Make health care decisions. Select someone to make health care decisions for you if you become unable to do so.
- Prepare necessary documents. You can find forms online or get help from community resources that offer low-cost or free assistance.
Estate planning is not only for the wealthy; it is an essential part of financial planning that everyone in Florida should consider. It provides peace of mind and ensures that people carry out your wishes, regardless of the size of your estate.