Similar questions run through people’s minds when they go to the doctor or dentist. If I go to the doctor, will he find a tumor and tell me I have cancer? Maybe if I just avoid the doctor all together that will never happen. Right? Wrong! Many people have the same thought process when it comes to visiting their attorney for estate planning. Such irrational reasoning has even more dire consequences in the future. With today’s sophisticated technology, routine checkups and preventative healthcare measures are critical for preventing what could be a medical tragedy. Likewise, with today’s legal tools, adequate estate planning from a qualified South Florida estate-planning attorney is critical in preventing a financial tragedy.
By doing the following you will avoid some commonly made mistakes.
1) Get your will drafted. This is not just for wealthy individuals. In fact, proper asset preservation is critical for those of modest means. There is nothing better than knowing your family will be protected against high estate taxes and administrative costs.
2) Don’t Procrastinate. Just like cancer can strike at any time so can death’s knock at your door. If you leave this world without a will, Florida law dictates the distribution of your assets and your wishes are gone with the wind.
3) Be wary of joint tenancies. With this strategy you are making a prospective heir a joint property owner. This approach can turn sour when for example, your married adult child gets divorced and his or her estranged spouse will be able to claim a portion of your retirement nest egg. If your favorite niece has a business that becomes insolvent, creditors can wipe out your entire life savings.
Get your South Florida estate in place today to avoid such dire consequences from inaction! Time is never on our side.
For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at email@example.com to schedule your free consultation.
It’s a Wild world. Are you protected?