It’s surprising how many people don’t have a finalized estate plan or even a will. When these individuals pass away, their families will have a more difficult and costly time trying to put all the necessary affairs in order. Also, if these individuals become physically or mentally incapacitated, family members will struggle to determine who should be in charge of caring for the person.
Fortunately, not having a will is a problem that Florida residents can fix by visiting their local estate planning attorney.
Motivation to draft your will as soon as possible
If you and your family need a little extra motivation to complete a will and estate plan, here are 7 reasons why you shouldn’t delay:
Determine the distribution of your estate: When you die without a will, the state of Florida will dictate how to distribute your estate to heirs by applying state intestacy laws to your assets. These laws provide a clear guideline for who gets what, but you might have a different plan for who you want to inherit your assets.
Determine who the guardians of your children will be: If you don’t identify the guardians of your children in your will, the court will be in charge of selecting a person — of whom you might not approve — to become their legal guardian.
Probate will be faster and less costly: By identifying how to handle your affairs in your will, it will streamline and reduce the costs of probate proceedings.
Select your executor: You know your family members much better than a Florida probate judge. For this reason, you will have a better idea about who will serve as the best executor of your estate.
Disinherit anyone: If you feel that someone close to you — who would inherit assets under state intestacy laws — should not receive an inheritance, you can use a will to disinherit him or her.
Gift assets to your favorite charities: Your will is an excellent vehicle through which you can impart a legacy to benefit your favorite charity or charities for many years to come.
Time is of the essence: Any moment could be our last. For this reason, it’s never too early to finalize our wills and estate plans.
If you’re ready to complete your will, make sure you update yourself on Florida estate planning laws and the various options available. An educated will planner is more likely to avoid common pitfalls while preparing his or her family well for the future ahead.