PROCRASTION: THE ABILITY TO WITHSTAND THE URGE TO DO ANYTHING PRODUCTIVE.

Being a 'pro' at anything is something to be proud of. That means you are very talented. If you are an athlete, you would want to be a pro-athlete.  When it comes to estate planning, it is not an advantage if you have retained and maintain a 'pro' status when it comes to procrastinating.

To say you never procrastinate, is a lie.  Don't kid yourself. Everyone has fallen victim to the 'dark playground'. After all, the fact that you are reading this article means you are currently in the 'dark playground' and avoiding doing things that are actually on your 'to do list' (which I kindly appreciate and in this instance, I am more than happy to see that you are procrastinating)

“Stop being a ‘pro’crastinor and be ‘pro’active when it comes to your estate planning. There is no guarantee there will be a tomorrow, so prepare today.”

When it comes to estate planning, procrastinating should never be an option. It eventually causes family fighting and the chance of losing a portion of your estate to creditors. 

Great example of how procrastinating can cause more problems than expected.

Sonny Bono, passed away at the age of 62 due to complications from injuries sustained in a skiing accident. At the time of his death, Bono passed away with no estate planning, not even a simple will.  Fights ensued, due to the fact Bono had multiple marriages and children from each of those marriages. Even worse, at the time of his death, a secret love child surfaced wanting a piece of Bono's estate.

If Bono had not procrastinated and prepared his estate planning documents, he could have clearly stated who would and who would not receive from his estate (including a statement excluding any possible 'love children').

Stop being a 'pro'crastinor and be 'pro'active when it comes to your estate planning. There is no guarantee there will be a tomorrow, so prepare today.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. You can’t predict the future, but you can plan for it.

Why We Procrastinate About Estate Planning

A lot of people have not participated in any meaningful estate planning. Most people will admit that it is something they need to do, but keep putting it off. What is the reason?

Listed below are some common reasons why we procrastinate about estate planning:

 (1) It is expensive

The reality is, most people do not have extra money lying around these days. However, not doing anything can end up costing your loved ones much more than it would cost you to plan now.

If you own assets in your name and you become incapacitated due to illness or injury, you (your assets and your care) will likely be placed in a court guardianship. This is not free. All costs (attorney fees, accounting fees, court costs, etc) will be paid from your assets and your family will probably have to ask the court for an allowance if they need money for living expenses.

This process does not replace probate when you die; your family will have to go through the court system again, and that means more expenses and less for your family. Your assets will be distributed according to Florida law, which probably won't be what you would have wanted.

Estate planning does not have to be expensive. You can start off with a simple will and then later upgrade to a trust when you can afford it.

 (2) " I do not own enough"

Estate planning is not just for the wealthy. In fact, costs for a court guardianship and probate usually take a higher percentage from smaller estates (which can least afford it) than from larger ones.  Even if you own a small amount, you would prefer to see it go to your loved ones than to courts and attorneys.

 (3) " I am not old enough"

Estate planning is important for everyone (ages 18-100).  Young people seem to think they are going to live forever. The reality is, that any of us, at any age, can become incapacitated or die due to an illness, injury, accident, or random act of violence. (Just read the newspaper or watch the evening news, you will see random acts of violence on a daily basis)

“Estate planning does not have to be expensive. You can start off with a simple will and then later upgrade to a trust when you can afford it.”

 (4) It is too confusing. I do not know what to do:

Attorneys are called ' counselors at law' for a reason. An experienced estate planning attorney knows what other families have been through, knows what has worked well, and what has not. An experienced attorney can help you understand the process and make challenging decisions easier.

 So why do we need estate planning?

·       To make sure our assets will go the people we want to have them with the least amount of delay, hassle and expense

·       To keep our families from having to deal with the courts if we become incapacitated and when we die

·       Let our families know that we care about them, that we want to provide for them and protect them.

·       We do it for love--but the huge benefit of estate planning: PEACE OF MIND

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. 

YOU CAN'T PREDICT THE FUTURE, BUT YOU CAN PLAN FOR IT!

A Will Was Drafted, But We Can’t Find It!

Congratulations! You decided not to procrastinate and your actually prepared your estate planning documents. You realized you have family members that will likely fight to the death to get that antique mirror hanging in your bedroom. You decided that it was important to draft a will to specifically state who will receive specific items from your estate when you pass away. Your first thought was, “What do I care? I am dead.”  But you know that your son holds grudges for years and you do not want a family riff to occur at the time of your passing.

“What happens if you pass away and nobody is able to find the will that you drafted? ”

What happens if you pass away and nobody is able to find the will that you drafted?  Florida law allows for the contents of a will or a codicil (amendment to an old will) to be proven even if the will cannot be found. 

Florida Statute §733.207 provides that the contents of a will that was lost or destroyed can be proven if either;

(1) two disinterested witnesses testify as to the contents of the will, or

(2) a correct copy of the will is provided and one disinterested witness testifies as to the contents of the will.

Florida courts have looked at various methods to fulfill these requirements. They had to decide whether a handwritten draft or a typewritten original qualifies as a correct copy. Neither qualifies. There must be a carbon copy of the original instrument.

If you go through the effort of drafting a will, make sure you keep it in a safe place, but also inform someone you trust as to its whereabouts. Last thing you want is to pass away with a will, but no one can find the original or a copy of it.

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start preparing your estate-planning portfolio. Take charge of your last wishes and make sure your loved ones receive from your estate when you are gone. You can't predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.