Long ago, Benjamin Franklin said “nothing is certain except death and taxes.” At some point in time, a will is something that becomes relevant to everyone. Many people believe that they do not need a will. Some common excuses are “I am not old enough” or “I do not have that many assets.” The truth is that you are never too young to plan ahead, and no asset is too small.
What is a Will?
A last will and testament more commonly known as a “will” is a document that states who gets to inherit your estate once you pass, who is in charge of your estate with the courts, how you will be left to rest, and so many other important points that most people don’t enjoy discussing. We will go into more detail below!
First, you get to decide and be in control if your wife, husband, children, cousins, nieces, nephews, and so on get to inherit your assets. This is important because you do not want the state of Florida deciding who inherits your assets and how they inherit them. For example, if you want your wife to inherit a home but you want your child from a previous marriage to inherit an investment property, its important you state this in the will as the court can follow your instructions versus if you did not have a will and then it gets distributed according to Florida intestacy laws and statutes.
A will generally includes who will be your executor or personal representative. An executor or personal representative is the person who is chosen to administer the testator’s estate after the testator passes away. The executor or personal representative will be in charge of acting on behalf of the estate, signing pleadings which get submitted to the court, taking possession of any protected homestead property, and distributing the assets of the estate according to the testator’s wishes.
A will also allows you to choose whether you would like to be cremated or buried. You can also include language on whether you want to be cremated or buried according to your faith and the location of where you would like to be laid to rest.
What Happens If I Die Without a Will?
If you die without a will, this means you die intestate. Dying intestate means that the intestacy laws will decide who gets to be the beneficiary of your estate or possessions. This process may be avoided by creating a will, which will give you control over who gets what portions of your estate or belongings.
The Florida Medicaid Planning & Elder Law Firm has a team of experienced Estate Planning and Elder attorneys. As attorneys who have extensive knowledge in Estate Planning law, we understand it can be a time-consuming and a complicated process. If you are currently in need of an Estate Plan or a review of your current estate planning, contact us to set up an appointment to evaluate your options. We serve the entire state of Florida so call us at (954) 999-9683 or email us at admin@flmpel.com.
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