A lot of retirees here in Florida planned well for their retirement and are now enjoying their older years with relative ease -- financially speaking, of course. It's the dream that so many of our younger readers are striving for, especially now that depending on Social Security benefits down the road is an uncertainty.
But did you know that even though just about everyone plans for their retirement, few think about their important end-of-life documents such as wills and health care directives? Even fewer still know the gravity of failing to establish these documents ahead of time or don't know the headache they could be putting their loved ones through later on.
If you're one of our more frequent readers, you already know this. But if you're new to our blog, you may have questions like: what is an estate plan? How do I establish one? Do I need to establish one? What happens if I die without an estate plan? If you're asking yourself these questions, you're not alone. Most people have minimal knowledge of estate planning laws in our state. Even fewer still know how they affect a decedent's property and other assets when a person dies without a will.
The lawyers here at Frese Hansen do though. Because of our familiarity with all of the intricacies of the law, we understand that people can experience negative consequences if they fail to establish a proper estate plan. But as important as establishing an estate plan is, telling your loved ones about your plans is much more important.
A will is great, only if your loved ones know where it is located in order to execute your final wishes. If you fail to tell your loved ones this information though, contentious disputes can arise, possibly necessitating the need for intervention from the courts.
Save yourself and your loved ones the trouble; talk to them about your plan. Then, talk to a lawyer and make sure that everyone is on the same page about your end-of-life wishes and that all your affairs are in legal order.