The importance of estate planning cannot be emphasized enough. After all, you definitely don’t want to risk your loved ones’ financial well-being when you are no longer around to protect them.
But as important as Estate Planning is, people often get confused about figuring out the ideal time for estate planning in Florida, and some avoid starting their planning.
When to Start Estate Planning in Florida?
Life rarely goes as we think it will during our youth. In this era of uncertainty, it’s always wise to be prepared and plan for any unforeseen conditions.
There are numerous Florida Probate Lawyers who will advise you to plan your estate as soon as you enter adulthood, i.e., 18 years of age. While that might sound a bit early to you, you might push it to the age when you start earning. After all, no person is entirely mature at 18, however, preparing a rough outline at 18 is always beneficial.
Once you begin earning, you can plan your next few years and start planning your estate. You can decide which charities you want to pledge to, the property portfolio you wish to build, and the way you want to secure your loved one’s future.
Estate Planning hardly has anything to do with age. Once you start earning, you should begin your estate planning. Procrastinating estate planning could invite trouble for your loved ones at a later date.
To summarize, take age out of the equation when you think of planning an estate. Once you start earning, take baby steps to plan your estate. If you continue to delay, you are delaying the security of your loved ones’ future.
When does Estate Planning become a Necessity?
We have listed some life events below that will impact your estate plan.
1) When You Start Earning & Create a Savings Account: As soon as you start earning, you should create a savings account. You can then plan where these funds will go after you pass away.
This is the first step of planning your estate. It will help to secure your loved ones’ financial future as they will be the beneficiaries of your funds if anything unexpected happens.
2) When You Marry: Marriage is one of the biggest and most beautiful moments in our lives. As beautiful as your marriage may be, it is also a crucial phase of your life when you need to initiate your estate planning if you haven’t done so already.
Remember, marriage comes with responsibility too, the responsibility of securing the future of your spouse. Plan what will happen to your assets if either of you unexpectedly passes away. It’s not about being a pessimist, it’s all about planning wisely.
3) When You Purchase a Home or Property: Plan the future of your home or property so that no need for probate arises in the future.
4) The Birth of a Child: Like marriage, having a child is one of the biggest and most beautiful moments of your life.
When this moment arrives, you need to start planning for the future of your child and ensure that their well-being is guaranteed in every aspect.
5) When You Give to a Charity: You may have planned to donate to a charity, and we admire you for that. When you give to a charity, there is a possibility that your estate plan might require a bit of alteration.
Thus, whenever you make a charitable contribution, check your estate plan and make the necessary adjustments. In addition, prepare a list of other charities and/or donations you think you might like to make in the future as that may require changes to your estate plan.
6) If You Go Through Divorce: We hope this never happens to you, but if you do go through a divorce, you need to check out your estate plan and make changes accordingly.
7) After the Birth of Grandchildren: You should consider these new family members when planning your estate.
When to Create a Will?
The best time to start preparing a will is when you reach adulthood. You may not be mature enough to draft a will, but preparing a rough draft could prove to be beneficial in the future.
Ensure that your will is ready when you begin earning. Thus, the best time to start creating a will is when you reach adulthood.
Sometimes people procrastinate preparing their will and ultimately pass away before executing one. This invites trouble for their loved ones when they have to probate their estate. Never delay your will preparation.
When to Modify your Estate Plan?
Your Estate Plan will require your attention whenever you go through any of the above life events. Each of them will require modifications to your estate planning in one or another.
We hope that you now have a clear idea of when to start estate planning and the life events that will require you to tweak your estate plan.
You can always get advice from legal experts regarding planning your estate. If you are looking for legal advice in preparing your estate plan or are seeking a Florida Probate Attorney, you need not look further than the law office of Michael Heider. Reach out to the Law Office of Michael Heider by calling us at 727-235-6005.
Alternatively, you can email us explaining your issues or requirements. Our team will be quick to analyze your email and respond accordingly.