A common misconception among Florida residents is the idea that a will is something that can wait until one has reached a certain age of maturity. However, age is not the only deciding factor in determining whether it is time to create a will and estate plan. Indeed, creating a will informs the people we leave behind of our wishes and how our assets and possession should be distributed in the event that we die.
For anyone who has children, the need for a will is obvious. Indeed, parents can include who shall be given guardianship of their children in the event of their deaths. Conversely, if no will exists and a legal guardian is not designated, then guardianship decisions regarding one’s children will be left to the judicial system to decide.
A will may not be the only thing that Florida residents will want to create when drafting an estate plan. Regardless of one’s financial status and wealth, a complete estate plan has a lot of benefits. It will also allow one’ relatives to avoid going through probate court.
One way to bypass the need for probate court is through a living trust. The benefit of creating a living trust is that the ownership of a person’s assets can be transferred to the trust prior to death. Following death, the successor trustee gains control of the assets inside the trust, and probate court can be avoided.
Having a will on file is kind of like having insurance. Hopefully, it will never need to be used, but if unplanned circumstances present themselves, its benefit cannot be underestimated. Fortunately, the process of creating a will and/or a living trust is not as difficult as it might appear — especially if Florida residents get the help of a seasoned legal professional when creating their estate plans.
Source: uppermichiganssource.com, “When writing a will is a good idea” Kelsey Niemisto, Jun. 04, 2014