Q: Do I really need an estate plan if I don’t have many assets?
A: Yes! Estate planning ensures your assets go where you want, avoids unnecessary legal complications, and appoints guardians for minor children. It also includes healthcare directives and power of attorney documents in case of incapacity.
Q: What’s the difference between a will and a trust?
A: A will states who inherits your assets and appoints guardians for minors, but it must go through probate. A trust, on the other hand, allows assets to pass directly to beneficiaries without probate, offering more privacy and control.
Q: How often should I update my estate plan?
A: You should review your plan every 3-5 years or after major life events such as marriage, divorce, childbirth, relocation, or significant financial changes.
Q: Who should I name as my executor or trustee?
A: Choose someone responsible, organized, and trustworthy. It can be a family member, close friend, or even a professional fiduciary if you prefer a neutral party.
Q: Do I need a power of attorney and healthcare directive?
A: Yes, these documents let you designate someone to handle financial and medical decisions if you become incapacitated. Without them, your loved ones may have to go to court to get permission to act on your behalf.
Q: What happens if I die without an estate plan?
A: Florida’s intestacy laws determine who inherits your assets, which may not align with your wishes. This can also cause delays, higher legal fees, and family disputes.