Written By: Richard Mills
The start of a new year brings so many ideas of hope and progress. After a tumultuous year unlike any other, many people have refocused on the importance of family.
Many of us have focused on the health of ourselves and our families this past year, prioritizing staying home instead of putting our loved ones at risk. How often do we consider that beyond a pandemic?
We want our family to be in a good place, yet only 15% of Americans with incomes over $150,000 a year have a plan in place in the event something happens to them. While it’s not always a comfortable conversation, it’s necessary to have for this main reason:
In the event of your passing, if you do not have a plan in place, the State of Florida decides what happens to all of your assets.
In order to protect yourself, your family, and your assets, an estate plan takes a look at all aspects of your life. While a will or a trust is part of it, you also look at:
- Who looks after you should you become unable to take care of yourself
- Naming a health care surrogate
- Naming an agent under a durable power of attorney
These may be difficult decisions to make, and they come with significant responsibility. Now is the time in this new year to use this opportunity to speak with your loved ones and be direct. Talk to your kids about their plans or their plans for your grandkids. Speak with your parents about what plan, if any, they have in place.
You can be proactive, plan for the future, and feel comfortable that you will leave your loved ones in that “good” place through a proper and well-thought-out estate plan. Now is the time to have those conversations and begin working on your estate plan.
Speak directly with one of our estate planning attorneys. You can give us a call: 407.904.9899.