Are you an active adult working hard to support your family, your business and yourself? Have you been too busy to give any thought to creating a Florida estate plan? Did you know that it is a critical tool that all adults living in Florida should have? With a Florida estate plan you can think about what you want for yourself, your loved ones, your business, and your legacy. In addition, estate planning also makes you answer the tough questions including, but not limited to, what should happen if you no longer have the capacity you need to make your own decisions or who will be your beneficiaries?
So you know you need to plan for your future with a Florida estate plan, but what comes next? It may be to answer this question: How do you determine the best age to complete your Florida estate plan? As Florida estate planning attorneys, we are frequently asked this question. Below we have five very different situations to present to you that will answer the question about when to create your Florida estate plan.
At the age of 18. When you turn 18 it is definitely time to create your Florida estate plan and here is why. Without an estate plan in place, there is no one who has legal authority to make decisions for you in the event you are in a car accident or other crisis. What does that mean? It means no one will be able to pay your bills, access your bank accounts, or talk to your doctors. Your Florida estate planning attorney can work with you to make an estate plan that will protect you and put the people who you want to be in charge of you in place in a crisis. Your Florida estate planning attorney will also talk to you about how to create a legacy and plan for a time when you are no longer here.
At the time you marry. Marriage to the one you love is an exciting time. Now is the time to think about how you will protect and provide for each other. The best way to do that is to work with an experienced Florida estate planning attorney and have a Florida estate plan created for each of you.
At the time you have a child. Planning becomes even more crucial when you begin to have children. Who will take care of them if something happens to you? When should they inherit? How will you provide for their future if you are no longer here? These are the questions your excellent and comprehensive Florida estate plan can answer when you work with a qualified Florida estate planning attorney.
At the time you inherit. It does not matter whether your inheritance is small or large. But it is important that it be protected. Be mindful that the person who left you this inheritance may have had clear instructions for you. In fact, you may want to copy those instructions in your own estate plan. On the other hand you may have inherited through a messy process that you do not want others to go through. No matter your reason, this is an important time to meet with your Florida estate planning attorney and plan ahead.
At the time you start a business. As you start the process of building your business you need to consider all the ways you should protect yourself, your family, and your business from what comes next and in the future. Your Florida estate planning attorney can help you not only design your Florida estate plan but be able to advise you on your business planning as well.
We know this article may raise more questions than it answers. Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.