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Many consumers neglect to create an estate plan because they believe planning an estate is only beneficial for those who are wealthy. They believe this because the current estate tax laws only affect a small percentage of the wealthiest in Florida and elsewhere. However, estate planning is not only designed for wealthy people to avoid estate tax, it can also be beneficial to those who are not wealthy and make a modest income.
Most Americans do not have any estate plan in place. Approximately 55 percent of Americans have not even created a last will. This could leave their intended beneficiaries the burden of high court fees from having to navigate through the probate court process. If disputes arise as a result of the lack of an estate plan, legal fees and court fees could increase dramatically for intended heirs.
Probate court costs $2 billion every year for American families. About $1.5 billion of this amount is spent on fees for legal professional assistance. An estate plan can help to avoid the expensive probate process by specifically assigning beneficiaries for particular assets within the estate. This is would involve the formation of various legal documents, such as a will, trusts and other estate planning instruments.
Therefore, it is essential that one considers starting his or her estate planning as soon as possible. Although it may be uncomfortable to think about, life is unpredictable. One never knows when it is his or her time to go. Taking care of this important task will help put one’s mind at ease, because he or she knows that loved ones will be taken care of in the case of a tragedy in Florida or in any other state.