Families in Florida or around the country without an estate plan face the possibility of being subjected to costly court fees and legal disputes. Assets may not be accessible during the time it takes the probate court to oversee the proper distribution and payment to the appropriate heirs and creditors. Even with the existence of a last will and testament, court oversight is still required.
While no one wants to think about their own death, financially planning for such a situation can leave family members better off. There are a variety of ways to ensure that those left behind are secure; estate planning can often range to setting up trusts to putting together a living will. In some cases, not all estate planning attempts to go as planned.
It is not uncommon for people living in Florida to put off estate planning. Additionally, many people who set up their estate planning documents consider the job done and do not update them regularly. Few individuals are comfortable thinking about their own mortality, and many people figure they can deal with wills and trusts later in life. However, failing to create and keep up with these documents can leave family members in a difficult situation.
While many Orlando individuals may believe that estate planning is only an issue to be considered by the ultra wealthy and the elderly, even young people can benefit from the use of estate planning. By completing wills, healthcare proxies and power of attorneys, young people can take the steps to protect their assets and make their preferences known to family members.