There are many reasons why Florida adults put off the process of planning for the future. Misconceptions about how the process works, its benefits or what they need for the right amount of protection may keep them from taking this important step. It may be helpful to learn more about estate planning and what they can expect in order to make practical and beneficial decisions that will shield their long-term interests.
Things people get wrong about estate planning
There is no one-size-fits-all solution to creating an estate plan. Each unique plan should be based on the specific needs of the individual making these decisions. Common misconceptions about the estate planning process include:
- Only the wealthy need an estate plan — Individuals of all income levels and status will benefit from the protection of a complete plan.
- A basic will is enough — A will is often the first step in most estate plans, but there are documents that can also provide important protection.
- Estate planning is expensive — Estate planning does not have to be cost prohibitive. It may be more costly to delay making these plans.
Instead of allowing misconceptions to dictate how one makes decisions for the future, it may help to learn more about the specific benefits this process can provide.
Don’t delay any longer
It is beneficial for a Florida adult to create an estate plan as soon as possible if he or she does not already have one. An assessment of the individual case can provide insight regarding the specific tools one needs for a complete plan. If unsure of where to begin, it might be helpful to speak with an experienced estate planning attorney.