Father’s Day falls on Sunday, June 21. Traditionally, children give their dad a gift on Father’s Day to show they love them. This year, for Father’s Day give your children the gift of peace of mind and protection. Planning for your end-of-life can be uncomfortable and even frightening, which may explain why nearly 60% of Americans don’t have a Will or Trust. There are many reasons adults don’t have a will, including:
• They’re too young to have a Will or Trust
• They don’t have enough money and assets to need a Will or Trust
• It’s too expensive to create a Will or Trust
• It takes too much time to make a Will or Trust
• I don’t know any lawyers
• Reluctance to deal with end of life issues
Estate planning is planning for the unexpected, as well as the expected. Everyone knows that at some point, they will die. But most people think that’s a time far off in the future, particularly parents of young children. A Will or Trust protects your family and gives them peace of mind – and prevents many family conflicts. A 2019 survey by TD Wealth says the biggest threat to estate planning in 2019 is family conflict, and the top three reasons for family conflict during estate planning are:
1. designation of beneficiaries – 30%
2. not communicating the plan with family members – 25%
3. working with blended families – 21%
Creating a Will or Trust is the best way to make your intentions clear and prevent future family conflict at a time when your family is under stress and grieving your loss.
Will and Trust Preparation
A Will or Trust are both legal documents that allow you to decide how your assets will be distributed after your death. Although both can be changed and updated, there are some key differences between a Will and a Trust. While a Will is public information, a Trust is confidential and only those impacted know the contents. An experienced Estate Planning Attorney can advise you on the best options to protect your family and make sure your Will is legal and enforceable in Florida.
For a Will or Trust to be valid in Florida it must:
• be in writing
• be signed by the testator for a Will or Trustator for a Trust
• be signed at the bottom in the presence of at least two witnesses
• have the witnesses sign the Will in the presence of the testator and an uninterested witness and a notary public in the presence of the testator or trustee or testator
If you die without a Will or Trust in place, your estate is considered intestate, and your assets are distributed according to the intestacy laws of your state of residence.
5 Ways Your Children Will Benefit by Estate Planning
A good Estate Plan – also called a legacy plan – conveys your wishes on how your assets will be distributed after your death, but the benefits of an Estate Plan go far beyond the distribution of your holdings. An experienced Estate Planning Attorney will educate you on the best options to protect your wealth and your family and the best ways to communicate your wishes to your family and your estate executor.
1. Communicate Your Wishes
A good Estate Plan communicates your wishes to your loved ones about how your assets should be handled after you’re gone, who your beneficiaries are, how you want to be buried and other important information they need to know to settle your estate.
2. Avoid Probate
An Estate Plan saves time and money and can keep your estate out of Probate while protecting your children’s inheritance from taxes, divorces, lawsuits and creditors.
3. Make Their Inheritance Last
You’ve worked hard throughout your life to accumulate your assets. A good legacy plan will help create generational wealth, so that not only your children, but also their children, can enjoy the benefits of your hard work and smart decisions.
4. Creditor Protection
If your child is in a car accident, or makes bad investment decisions, a Trust can ensure that your child’s inheritance is not subject to lawsuits or other legal claims.
5. Protect Your Children From Themself
Unfortunately, both minor and adult children can make bad decisions. Drugs, a bad marriage, poor financial decisions – a good Estate Plan will protect your children’s inheritance from their own bad decisions.
A qualified, experienced Estate Planning Attorney who understands your state’s laws and local court rulings is essential to help you create a legally binding Will or Trust that will protect your loved ones and preserve the wealth you’ve worked so hard to accumulate.
Trusted and Compassionate Estate and Elder Law Representation
This Father’s Day, give your family peace of mind and protection. With almost 20 years of estate planning experience, South Florida Attorney Barry D. Siegel at The Siegel Law Group, P.A., knows firsthand what can happen if you are unprepared for life’s greatest challenges. A knowledgeable Estate Planning Lawyer can help ensure that you make well-informed decisions about your Will or Trust. Call us toll-free at 855-FLA-ESTATE or at 561-955-8515 or schedule a free consultation.