If you live in Florida and have yet to begin estate planning, we thought it might be a good idea to go over some reasons why not starting an estate plan in 2016 could be a very bad idea. Even if you are an otherwise responsible adult, it can be easy to ignore estate planning issues. After all, many of the questions and topics you will have to confront when creating a plan can be unpleasant. At the same time, the downsides of not having a comprehensive plan can be significant.
If you are an adult, or are becoming one soon, here are several reasons why not starting an estate plan in 2016 is a very bad idea.
Why Not Starting an Estate Plan is a Bad Idea. You have children.
If there is one event in a person’s life that prompts them to ask questions, it’s having a child. Will I be a good parent? Will I b able to provide for my family? What does my child’s future hold?
All of these questions involve estate planning in some way, and if you don’t have an estate plan, you won’t have suitable answers. While you may plan on being in your child’s life for as long as you can, you cannot be certain that you will always be there. What happens if you get sick? What happens if you die? Who will care for your child in your absence.
Making an estate plan that addresses child guardianship inheritance, and life insurance issues is essential if you are a new parent.
Why Not Starting an Estate Plan is a Bad Idea. You are married.
If you got married in 2015, or are planning on doing so in 2016, you and your spouse need to get a start on estate planning. Why? There are several reasons.
First, your inheritance rights change automatically once you get married. Let’s say, for example, that you and your partner have been together for years and have expressed a mutual desire to leave one another an inheritance in the event either of you die. Regardless of the length of your relationship, your statements, or your wishes, neither of you will receive an inheritance from the other unless that person creates an estate plan that specifically leaves you property after his or her death.
On the other hand, both of you automatically receive spousal inheritance rights if you are married. You also become the presumptive legal representatives for one another should either of you become incapacitated.
Should you want to name other representatives, or make inheritance choices of your own, you will need to craft an estate plan.