Is Estate Planning Still Important If I Am Not Wealthy?
Many people do not have a will, let alone other estate planning documents. You do not need to be wealthy to need an estate plan. If you own a home, have a bank account, care for children, support a partner, or want someone specific to make decisions for you in an emergency, estate planning matters. At Fisher & Wilsey, P.A., we want to make sure that all people have access to the resources that they need to develop an estate plan. Here, our St. Petersburg estate planning attorney explains why estate planning is important for everyone in Florida.
You Still Need to Decide Who Receives Your Property
If you own property (of any amount), you need to set up an estate plan to keep control over it. Estate planning is not only for people with large investment accounts or valuable real estate. If you have a bank account, vehicle, personal property, digital accounts, or family belongings, someone will need legal authority to deal with those assets after your death. Without a valid Florida estate plan, your property may pass under the state’s intestacy rules instead of your personal wishes.
You Can Name Someone to Make Medical Decisions
Incapacity planning is an important part of estate planning. There may come a time when you cannot reasonably manage your own affairs. A serious illness, car crash, fall, or sudden medical emergency can leave you unable to communicate with doctors. Through advance directives, including a health care surrogate designation and living will, you can name someone you trust to make medical decisions and provide guidance about the care you want. Without those documents, family members may disagree about who should speak for you or what choices should be made.
You Can Protect Children and Dependents
Parents need estate planning even if they do not consider themselves wealthy. A will allows you to nominate a guardian for minor children if both parents pass away or cannot care for them. You can also plan how money should be managed for a child instead of leaving assets to pass without direction. Minor children cannot simply manage inherited property on their own. If no plan exists, a court may need to appoint someone to handle funds. With a proper estate plan in place, you can make sure that a trusted person is empowered to care for your children no matter what happens.
You Can Make the Process Easier for Your Family
A basic estate plan can spare your family stress during an already difficult time. Clear documents can show who has authority, who should receive property, and what steps should come next. Without planning, loved ones may need to sort through accounts, guess your wishes, search for records, and resolve disputes while grieving. No matter your specific situation, an experienced St. Petersburg estate planning lawyer can help you find the right solution.
Speak to Our St. Petersburg Estate Planning Attorney Today
At Fisher & Wilsey, P.A., our St. Petersburg estate planning lawyer has the experience that people and families can trust. If you have any questions about estate planning, please do not hesitate to contact us today for a confidential consultation. Our firm handles estate planning in St. Petersburg, Pinellas County, and throughout the region in Florida.
