Importance of Estate Planning

Have you thought to yourself what would happen if something took you out of this life unexpectedly? Do you have a Living Will in place? Are you prepared to let your loved ones know what your wishes are and how to handle your property? Although these are not topics that are comfortable to talk about they are very important not only for you, but for your loved ones who will be left to handle these important next steps.

According to Alexandra Kleinfeldt with Kleinfeldt Law Firm it may be time to consider sitting down and having these conversations. Kleinfeldt stated if you have not written a will this is something to strongly consider. Even if you have taken the steps to write a will it may be time to update the one you have in place. Ask yourself when was the last will written? Whether it’s five years or twenty-five years revisions should be done to make sure that it reflects any life changes you have had in that time frame. Maybe you owned a home you have since sold or you may be naming someone in the will that is no longer in your life. What about personal property such as jewelry and other items of value that you may want to give someone after you have passed. These would be very important details if one was going through the probate process. Although they still need to go through probate if there is a will. But there would be no need to fight over these items as a plan has been laid out by the deceased. However, without any plan, the laws will dictate the inheritance structure of who will receive from the deceased.

What is probate? It is the legal process that takes place after someone dies and is the true last testament of the deceased. The court’s process identifies the deceased person’s property and debts as well as any one contesting property of the deceased. Having a Will in place makes this process more clear for the courts to rule on how to distribute the property to loved ones.

Also, if you reside in two different states or have assets in multiple states it would be best to have your situation evaluated by a local attorney in the state of your residence as well as in the state where you own property. Each state has different laws and in the state of Florida you can not have holographic, video, oral Wills, they are not recognized in the court of law. To be safe have an entire will of everything and consider a secondary will in the additional states that you own property.

If one were to pass without a will it could take many months before anything is resolved and the fate is left in the courts’ hands. The result of this could leave family members upset, frustrated and fighting over what they think should be decided.

Being proactive in this process can save not only time, but family the pain of dealing with the court systems lengthy process.

For more information about Wills and Estate Planning please call Alexandra Kleinfeldt with Kleinfeldt Law Firm to discuss what your options are. Kleinfeldt Law Firm can be reached at www.kleinfeldtlawfirm.com phone: 239-888-4291 or email: alexandra@kleinfeldtlawfirm.com.

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