Why You Need a Will
Palm Beach Wills and Trust Lawyers Help You Plan for the Future and Protect Your Loved Ones
Helping you understand why you need a will now, rather than later
Estate planning instruments such as wills and trusts provide individuals and families with the peace of mind and security knowing that their future is secure. The recent death of music legend and icon Prince has further highlighted the importance of executing a valid will. After Prince’s untimely and unexpected death, it was revealed that he apparently did not have a will in place to dictate the distribution of his significant assets. Because of this, a contentious legal battle between several relatives and personal confidantes is likely to play out in the media for all to witness. This unfortunate situation illustrates how vital wills are to planning for the distribution of your assets after death.
A validly executed will allows you to control how and to whom your assets are dispersed
After you die, all of your real and personal property must be distributed to your remaining heirs. For individuals that die without a will, Florida’s intestacy laws dictate how your assets are distributed. This may include a spouse, children and siblings and on down the family tree through aunts, uncles, nieces, nephews and beyond, depending on what type of blood relatives you have regardless of what type of personal relationship you may have had. In the event that there are no discernable heirs, your assets escheat to the state.
To avoid intestacy statutes, you need a properly prepared and executed will. A will allows you to retain control over all of your assets including:
- Checking and savings accounts
- Real estate holdings
- Retirement accounts and IRAs
- Personal property
Through a will, you are able to specifically bequeath property to the individuals and organizations of your choosing. Regardless of how large or small your estate may be, creating a will and establishing a solid plan for the future is the only way to ensure that your wishes are carried out after you’re gone.
Wills allow you to plan for and protect your child’s future
Wills are especially important for individuals with children. If a child’s parents die before the child is 18 years old, a guardian must be appointed to make decisions and provide proper care for the child. In the event that the parents do not have a will appointing a guardian, the state must intervene and there may be lengthy and contentious legal conflicts between relatives fighting for guardianship. It is important to take proactive steps to minimize both the financial and emotional stress that often results from an unforeseen death.
Contact a leading South Florida estate planning lawyer for step-by-step estate planning assistance
A valid will is the only concrete way to plan for the future and protect your loved one’s best interests. At Kitroser Lewis & Mighdoll, our Palm Beach County wills and trusts lawyers are dedicated to helping individuals and families plan for all types of scenarios and protect their assets. To discuss your estate planning options, call 561-721-0600 or contact us online.
