Estate planning is process that allows one to make decisions regarding his or her wealth long-term, as well as decide what will happen to property after passing away. It can also provide an opportunity to create plans that will outline medical preferences in case of incapacitation at some point in the future. This is a critical step for all Florida adults, including single adults without kids.
Why consider long-term planning?
Single adults may not have children, but that does not mean they should not have an estate plan. They may have other loved ones to whom they wish to leave money or specific assets. It is also possible a single adult wishes to leave a legacy by accomplishing something specific with his or her wealth after passing away. By establishing a trust, they can set aside and protect assets to accomplish goals, like giving to charity, caring for a loved one or providing for a minor heir.
If a Florida adult passes away without a will, state laws will determine what will happen to estate assets. This can be a lengthy and complex process for loved ones left behind. Additionally, estate planning can provide peace of mind for that individual knowing he or she has future financial and medical plans outlined in an organized and carefully drafted legal document.
Knowledgeable guidance is key
Creating an estate plan is not always easy. Single adults may find it helpful to work with an experienced legal professional who can help them accomplish specific goals in their plans. With help, it is possible to create something that will provide peace of mind and confidence for years to come.