A will is a written legal document that outlines how you want your assets, real estate, and other properties managed when you pass away. In a will you can name your heirs, list your important assets, and name which of your heirs will inherit what. Without a will, your estate will be managed by the state of Florida through intestate laws. These laws may or may not reflect your actual wishes for your estate. The best way forward is to speak to a Palm Beach, Florida will lawyer at Moran & Associates today to learn more about your options for writing your will.
What are some reasons why you need a will in Palm Beach, Florida? Here are a few:
- You Control Who Will Manage Your Estate After You Pass Away. An executor is the person you name in your will responsible for managing your estate and will after you pass away. If you do not name an executor, the court will decide who this person should be. You know your family best and know who should be put in charge of closing bank accounts and managing your estate. With a will in place, you are in charge of choosing this person.
- You Control Who Receives Assets and Property. Intestate law basically divides your assets between your spouse, or children, or both if you have remarried. But what if you remarried and want your children to receive all your property and assets? What if you don’t want your children to receive anything? Or, what if you want to donate assets and property to a charity or want to split your assets in a unique way? When you write a will or use estate planning tools, the ball is in your court about what you want to do.
- Select a Guardian for Your Children. It is never too soon to write a will. If you have children, one of the most important things you’ll include in your will is the selection of a guardian for your minor children should you and your spouse or former spouse pass away. What happens in the unspeakable event that both you and your partner die suddenly? A will allows you to select a person you trust. It is also helpful to speak to this person as well and ensure that they are ready and willing to take on this responsibility, because if they are not willing or cannot, your children could end up in foster care or adoption.
- Pets. A will also allows you to make provisions for the care of pets. The state of Florida tends to view pets as property. Yet, there are ways you can ensure the care of pets, by providing loved ones with financial support to care for your pet.
- Avoid Issues with Probate. When disputes arise after a person passes away, families can end up in court, and fights can ensue. By having a will in place, you can make your wishes clear and possibly avoid unnecessary conflict.
These are just some of the reasons why you want to have a will. Sometimes families need more complex estate planning instruments, like trusts. If you are thinking of estate planning, reach out to the Palm Beach, Florida will lawyer at Moran & Associates today.
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