Estate Planning Can Address Assets Large And Small
January 30, 2013
Death is an inevitable part of life. Although it can be uncomfortable to deal with, preparing for one’s eventual passing is important to make sure that one’s family and loved ones are taken care of after one passes away. This is why it may be valuable for readers in Florida to consider moving forward with. Having a solid, well-articulated estate plan will make sure that a person’s intended heirs receive his or her assets without having to deal with an expensive and prolonged probate process.
Along with helping to avoid probate court, creating an effective estate plan can also save one’s family from emotional hardship, which can be significant since dealing with the death of a family member or loved already involves grieving and emotional processing. Anything that an individual can do to minimize this hardship may be worthwhile. Also, financial strain can be a source of added emotional heartache; therefore, anything that a person can do to minimize avoidable financial strain can make dealing with a death easier to recover from.
Many people may believe that their estates are too small for creating an estate plan. However, even the smallest estates can have a significant amount of assets and property to deal with, especially those with more sentimental than monetary value. Some of the assets that most people have in an estate include vehicles, real estate, bank accounts, furniture, jewelry, stocks, bonds and a variety of other items. Anything with monetary value is worth considering for estate planning.
On the other hand, the nature of one’s assets plays a role in the complexity of the planning that is required. In general, the larger the estate, the more extensive the estate planning will be, since there are more assets to distribute. However, one should be knowledgeable of the various applicable laws in Florida in order to avoid conflicts. If estate planning documents are not drafted properly, the stage may be set for litigation if beneficiaries dispute how certain items are dispensed.