Estate planning can be a very upsetting topic for family members, especially because it means confronting your mortality. Despite this, estate planning plays an important role in ensuring that your family inherits assets such as your properties, financial accounts and personal belongings.
It is important to reassure your family to let them know that estate planning has less to do with preparing for the inevitability of your passing and more to do with what you can do to protect one another.
Laying the groundwork
To be considerate of your family, setting the right tone in a safe, secure location is essential. Estate planning can be a private and sensitive affair, and your spouse, children or other relatives might be afraid, resistant or in denial of your mortality. It is important to make sure they are comfortable and ready for the discussion, and one of the best ways to do this is to make sure they are not alone.
Family gatherings are one of the best times to discuss the future of your estate because you will likely be in one location. Similarly, you will be surrounded by family members who can comfort one another or help with planning how to honor your wishes.
Addressing the family
While estate planning is a means to distribute your assets, writing your will is an important step too – and one that your family might have an easier time helping with. You can also mention that writing a clear plan and outlining how you want your family to honor your wishes can prevent family disputes and potential legal issues.
In Florida, passing away without a will, also known as intestate, means that inheritance will follow state laws outlined by Chapter 732 of the Florida Statutes. By writing a will, you can decide which of your family members receive assets. Otherwise, your assets pass to surviving members of your family via hierarchy:
- If you have married, your spouse will inherit your entire estate – even if you have biological children together.
- If you have married but have children from a previous relationship, your spouse inherits half of your estate and your children share the other half.
- If you have children but no spouse, they inherit your entire estate.
However, if you do not have a spouse or children, your parents will inherit your entire estate. If you have no living parents, then your siblings will inherit your belongings, followed by members of your extended family.
If you do not create an estate plan, state laws take priority over your family’s preferences. By creating an estate plan with your family, you can name your beneficiaries and deliberate amongst one another to determine where your assets will go.
When is it time to seek legal guidance?
Bear in mind that making an estate plan with your family has the potential to cause conflicts and disputes. To remedy this, many families in Florida hire neutral third-party entities such as attorneys who specialize in estate planning.
This way, you and your relatives can receive the guidance and support from a legal expert, especially if they are familiar with the laws and limitations that come with managing assets. Attorneys can also explain the risks that come with being intestate or not having a valid estate plan.
Making an estate plan with your family members can be extremely difficult, not to mention emotionally draining. Despite this, it can also be liberating. By preparing for the future, you can provide for your loved ones and enjoy some peace of mind knowing your family will honor your last wishes.