The topic of estate planning during a conversation will upset some people. After all, nobody wants to talk about their or their family member’s death. Everyone thinks they have time until one day, the unexpected happens. Assuming the worst allows you to plan ahead. If you still have not thought about what happens to your assets after you pass away, it is high time you do.
The average person does not know much about estate planning and its various complex components. It is recommended to speak to a Boca Raton Estate Planning Attorney before taking any major steps. An expert can help you take the right measures at the right time and prevent you from doing something that might harm you.
Important questions about estate planning
- Why does one need an estate plan?
An estate plan ensures that your last wishes are granted and honored after you pass away or become incapacitated. Creating the perfect estate plan will ensure that your assets go to the people you love and that no one takes advantage of your loved ones. If you pass away or become incapacitated without an estate plan, the court will then determine who gets your assets and how much, which you certainly do not want to happen.
- Can you cut one of your children out of the will?
Yes. According to Florida law, you won’t be forced to do so if you do not want one or more of your children to have a part of your estate. You can cut people out of your Will as you wish. However, there are certain practical considerations. Taking one child out of your Will while their siblings get your assets can stir up anger, and your child might contest the Will.
Contesting a Will can lengthen the probate process and make things much more complex than they already are. This is why making them a small gift is recommended instead of leaving nothing, so they might think twice before contesting.
- How do I update my estate plan?
An estate plan’s terms are not set in stone. This is because you can experience certain life events that might cause you to change them. For example, you had only one child when you first created the plan. But now you have another one and may want to pass on some property to your second child as well. An attorney can help you update your estate plan and make the required changes or adjustments.