Planning for the future is important, regardless of age, income level or health status. However, it is especially important for older Florida adults to create estate plans as this will allow them to secure their interests as they face the future. Unfortunately, many older Americans do not consider this a critical step, and as a result, many are going into advanced age without important legal and financial plans in place.
Putting off an important task
One of the simplest ways to ensure that one’s wealth ends up in the right place after passing is to write a will. This document outlines a person’s instructions regarding what should happen to his or her property and who should receive assets. Statistics indicate that the number of people aged 55 and older creating estate plans declined between the years of 2020 and 2023.
Experts suggest that part of the problem is that many Americans view estate planning as an unpleasant process, and they put it off. However, without a will, a person’s wealth may not end up where it was intended. If a person dies without a will, state laws will determine what happens to his or her property.
Don’t leave the future to chance
Each person has the right to have the final say over what happens to his or her property after passing. It is in the interests of each individual to create an estate plan that matches his or her objectives for the future. If a Florida adult is unsure of how to move forward with this process, it may be helpful to work with an experienced estate planning attorney.
