What should be in your will?
A will is the basic building block for any complete estate plan. It provides you with the opportunity to outline what you want to happen to your money and property after your passing. In addition to the distribution of estate assets, a will can contain terms that will allow you to accomplish much more than that. If you do not have any estate planning documents drafted yet, this is the first step you may consider.
What is in your will depends on certain factors unique to your situation, including your objectives and your desire regarding your property in the future. Like other estate planning documents, it is prudent to update estate plans as needed. A careful look at your estate, your family situation, your needs and other factors can help you identify exactly how you should approach the creation of your will.
What is a will, and who needs one?
Virtually every Florida adult will benefit from having a will. A will allows you to spell out your wishes in case of your death for everything from what will happen to your personal belongings to who will care for any minor children you have. If you do not have a will, a judge will have the responsibility of deciding what will happen to your stuff and appointing a guardian for your children. Other reasons you should have a will include:
- It can reduce strife and problems among family members.
- You get the final say in what will happen to your property.
- You eliminate the chance of the wrong people getting your assets.
- It will be easier for your heirs to get what they need and deserve.
- It may save your loved ones time and protect them from estate tax penalties.
There is no time to lose in drafting a will. The future is unpredictable, but with the right plans in place, you can feel confident about the security of your long-term interests.
Your future, your wishes
You have the right to have the final say over your property and other things even after you pass. While no one wants to think about what will happen after death, it is prudent to protect the interests of loved ones by having a thoughtful and complete estate plan in place. The first place to start with this is drafting a will that suits your individual needs and wishes.