Drafting a will is one of the most important things any adult can do. Nonetheless, a significant number of adults have yet to address their estate plan at all.
A will is the starting point of any estate plan, and it can serve several key functions. Why should you take the time to draft a will?
You create a secure future for loved ones
If you pass away without a will, then your assets will be distributed according to Florida’s intestate laws. The problem with this is that the laws may not reflect your wishes. The only way to ensure that your final wishes are honored is to use a will and other estate planning documents.
In your will, you can name beneficiaries. As the name suggests, beneficiaries are people or organizations that you want to benefit from your assets after your death. You can leave assets to friends, family members, charities and caregivers this way. When drafting your will, it’s also important to consider sentimental items and digital assets as well as traditional valuables.
You can establish guardians for minor children
While a will is largely about money and valuable assets, there is more to it. A will also allows you to name guardians for your minor children. You can name an individual or several individuals who you trust to bring your children up in a suitable manner should something happen to you.
Drafting a will is crucially important, and so is ensuring that it remains up to date. Whether you are just getting started or making changes to your estate plan, legal guidance is pivotal.
