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The estate planning process is for everyone

End-of-life planning is never an easy process to initiate. Because it is a difficult conversation to have, many individuals in Florida and elsewhere seek to put this planning off until later. The truth is, however, that postponing the estate planning process can prove to be very problematic. Without taking the time to memorialize your wishes in a will, trust and power of attorney, your heirs, beneficiaries and doctors will not know what to do at the time of your death or incapacitation.

Further, as recent reports confirm, estate planning is not just for certain individuals. This process is, in fact, for everyone. Individuals spend a lifetime acquiring wealth, assets, property and relationships; therefore, it is paramount that these significant components in their lives are properly addressed and cared for.

Estate planning is like making an investment. It is a mechanism that will help you control what will happen after your death and ensure that your wishes will occur. Because you will not be there to explain what you want and why you made that decision, it is also important to discuss your wishes with friends and family. This could help you avoid future disputes or even will contests.

While the goals of your estate plan may change over the years, it is possible to continually modify it. Thus, it is never too early to initiate the estate planning process. Nonetheless, it can be difficult to sort through your assets and liabilities and even decide what you desire to do with them in the future. Therefore, it is suggested that individuals consider seeking guidance from legal professionals. This will help ensure your rights are protected and questions are answered.

Source: Hpj.com, "Estate planning is for everyone," Larry Dreiling, Jan. 30, 2017

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