Estate planning matters now more than ever. The outbreak of COVID-19 has changed the face of America forever. Times are, unfortunately, uncertain. However, estate planning can help you prepare for unfortunate and unexpected circumstances. Here are some vital details you should know about planning an estate during a pandemic and in general.
Everyone Should Have a Will and an Estate Plan
While estate planning primarily affects the elderly community, everyone should have a will and an estate plan even before retirement age, especially if you have children. As we age, we considerably gain more assets, making it vital to plan out what will happen to our valuables. But, estate planning goes more in-depth than money and assets. It helps to give your children a better future if you pass on. It also ensures that your spouse is taken care of without a financial burden.
Estate Planning is a Selfless Act of Love
Family is typically at the forefront when a person plans their estate. People are not thinking about themselves when they plan their estate, nor do they want their families to overthink what to do after their passing. During the grieving process, it’s challenging enough to make decisions, let alone going through probate (a court-supervised process of distributing assets). Probate is time-consuming and costly. Your loved ones can avoid this if you have a revocable living trust where you can make changes. It’s a powerful tool that you can think of as a final act of love.
Myths and Benefits About Estate Plans
The most common myth about estate plans is that only wealthy people should consider them. The fact is that if you own a home or have a family or even a loved one that you cherish, you should hire Millman Law Group, PLLC. Another myth is that estate planning only matters if a client has a debilitating condition. The reality is that if you’re on the front lines during this pandemic, you should think about your future. Consider your health, what your job requires, and how all of this will impact your family. It’s the hardest thing to ask, “what will happen to my family if I pass?” but it’s a necessary question to ask. In a nutshell, the benefits of estate plans are:
- You can control the use of your money.
- You can appoint a person (an executor/personal representative) to take charge of your estate’s dealings if you can’t.
- You can minimize expenses and taxes.
- You can use your estate to fund and support charitable causes.
- You can ensure your business and legacy carries on.
If you need help to prepare for the future with an estate plan, reach out to Millman Law Group, PLLC, today.
Millman Law Group PLLC Makes a Big Difference to an Underserved Community
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.