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Why do you need an estate plan even if you’re not wealthy?

On Behalf of | Mar 23, 2021 | Estate Planning

Estate is a fancy term for items and assets that you want to pass on to others when you die. When you don’t have an estate plan in Florida, the court will make the decisions for you on what happens to your property. It’s not just for when you die either. You should have provisions about medical incapacity, or being unable to make decisions, too.

Take care of your family

Even if you aren’t wealthy, your family depends on your income. They can’t easily access that money when you become incapacitated through an illness or an injury. During estate planning, you need to assign financial power of attorney and medical power of attorney in the event of incapacity.

A financial power of attorney grants a person you trust permission to make certain financial decisions for you and to withdraw money from specified accounts. A medical power of attorney makes decisions regarding your health until you are capable of making them again.

Prevent arguments after your death

You probably have valuables like jewelry, watches, family heirlooms and coin collections. An estate plan will clearly determine who receives what. You don’t want to lose your property to the state or have your family arguing after your death.

Tensions are high after a loved one has died because of the grieving process, and everyone has their own perspective of what you would want. Only you know for sure what you want, so always get it down in writing in your estate plan with the help of a legal professional.

Regardless of how young you are or how much money you earn, you should have an estate plan. A proper plan will cover all the important decisions, including your burial or cremation, what will happen to your assets and what will happen if you become incapacitated.