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Estate planning is for everyone and is a beneficial tool

Whether a person is single or married, young or old, they should always consider planning for the future. Estate planning is a useful tool that is for anyone. Florida residents may think that it is for those that are married, wealthy or older, but that is a common misconception. The document is an important tool that could help protect assets, avoid taxation and prepare for the unexpected, especially in today's economy.

A recent report constructed by a professional has indicated that estate planning is something that every resident should consider. One major reason to have an estate plan in place is to ensure that if something happens, everything will be taken care of in the way you want. Commonly that means that assets and property are distributed the way you see fit and state inheritance and death taxes are avoided.

In addition, if a proper plan is made, probate can be avoided. This often means using joint ownership and beneficiary designation. These are often laid out in a person's will and trusts. When it comes to using trusts, most residents use them in order to protect the funds from creditors. This means that the trust needs to be made with safeguards built into it.

Although much of the major issues are considered for protecting future generations, it does not mean that you have to be married or have children when you draft these documents. A person can have expectations and plan for the future at a young age in order for their heirs or family members to receive their assets upon their death. These documents can also be modified as their current situation changes over the years.

Those that seek to protect their assets and prepare for the future should consider an estate plan. If a person is unaware of their rights or options, they should seek guidance from a professional to guide them through the drafting and planning steps.

Source: AG WEB, "6 Reasons Why Estate Planning Is for Everyone," Matthew A. Tavrides, Aug 12, 2013