Important facts about creating a will
One of the main reasons to develop an estate planning strategy is the ability to have the final say over what happens to personal property after passing away. Through your estate plan, you can also make decisions regarding your medical care and other important matters if you are ever unable to make your preferences known due to incapacitation. It is difficult to understate the importance of having a thoughtful and thorough plan in place.
For most people, a complete estate plan starts with a will. This is a document that outlines preferences for what you want to happen with your estate after you pass. It is your right to decide where your property goes in the future, whether it is for the purpose of charity, the benefit of a family member or other objective. It is helpful to know what should be in your will and what you can accomplish with one.
It’s about more than inheritance
When you think of your will, you may think of a document that outlines what you want to happen to your personal assets after you pass. While this is a significant function of a will, it is not the only thing it can do. As you consider the terms you should include in the will, you will benefit from understanding the following:
- If you die without a will, you die intestate. This means that state laws will determine what happens to your personal property.
- In your will, you can name a person to act as the representative of your estate. He or she will oversee estate administration and the probate process.
- It is helpful for each person to have his or her own will, even if married. The court does not always recognize joint wills.
- The more specific you are in the terms of your will, the less likely it will be that complications arise.
Creating a will is an important undertaking for any Florida adult. If you do not have a will or need to update a current will, you may benefit from seeking insight regarding the specific options available to you. Experienced legal guidance is helpful when creating such an important document as a will, which will have an impact on you and your loved ones well into the future.