It is no secret that misinformation and myths can be easily spread on the internet, especially when it comes to somewhat complicated or misunderstood topics. Take estate planning, for example. While some people in Florida might have a vague idea of what it entails, there is still a lot of misinformation out there. One of the biggest misconceptions about estate planning is the idea that only the very wealthy need to have an estate plan.
Many people wrongly believe that they do not have enough to their name to warrant planning for anything. In reality, the vast majority of people have property that they should include in a will. A home, vehicle, bank accounts and other types of property are all worthy of planning for. However, creating an estate plan is about much more than listing out a person’s assets.
Estate plans have a wide range of functions. These can include the smooth transition and distribution of property after a person’s death, name guardians for children younger than 18 years of age, outline medical preferences for end-of-life care and express wishes regarding funeral arrangements. Many people even like to include how those funeral expenses will be paid for, which can take some of the financial burden off of family members.
A comprehensive estate plan is a truly versatile and important thing that can benefit virtually anyone. However, many people are understandably confused about to where start with the estate planning process. Wills are instrumental to the process, but some functions are better served by things like living wills, powers of attorney and trusts. As such, Florida residents who are confused about their options may want to consider speaking with an experienced Florida attorney about their estate planning needs.