Common Questions About Estate Planning
Many people do not understand what estate planning is or how to do it. However, estate planning is for everyone, and Frese, Whitehead, Anderson & Henderson, P.A., can work with you to create wills, trusts and other legal documents to protect your wishes. Call 321-984-3300 or email our attorneys in Melbourne to ask further questions.
What is estate planning?
Estate planning is not just about what happens after death; it is also about protection during life. Estate planning covers a variety of subjects, but it essentially means preparing the future of your property – both during your lifetime and beyond – as well as specifying your personal wishes.
You can customize your plan according to your individual preferences and needs. Estate planning can include wills, trusts, powers of attorney, advanced health care directives, Medicaid planning and other financial planning tools.
Why do I need an estate plan?
Life throws unexpected curveballs, and an estate plan can protect you and your loved ones during difficult times. For example, if you suffer a sudden injury and are unable to choose your medical treatment, elements of your estate plan can help ensure that your family and medical providers respect your wishes. When you pass away one day, grieving loved ones may take comfort knowing that they will not have to face hard decisions.
What happens if I pass away without a will?
If you do not put your final wishes in a valid will, the court cannot assume your intentions – even if you wrote them down elsewhere or told family members. Instead, your estate would be subject to Florida’s intestate laws, which determine how the court can settle your estate through probate.
Often, intestate laws do not reflect the decedent’s true wishes. The court might give assets to an unintended recipient. To make sure that your property ends up in the right hands, it is best to create a will and review any other estate planning options that suit your needs with your lawyer.
If I own a business, what should I include in my estate plan?
When you own significant assets like a business, you will likely need more than a will to fully specify your wishes and protect your legacy. Whether you want to pass the family business down to your child or sell your shares to a partner, a business succession plan could be critical. Because every business and financial situation is unique, it is important to review your case with a qualified attorney.
