Wills Are Essential For Any Estate Plan In Florida
January 7, 2014
Planning an estate requires various legal documents which helps instruct an estate’s executor in properly allocating assets to intended heirs after a person passes away. Each legal document fulfills particular estate planning purposes in Florida or in any other state. Wills are legal documents which are particularly important for just about all estate plans. However, many people falsely believe that if they have a trust they will not need a will.
Most estate planning experts believe that one should have a will created regardless of if one’s assets are being held in a trust. A will allows a person to choose the executor of one’s estate after a person passes away. However, without a will the estate will have to go through the probate court process and one’s family and loved ones will be required to petition the court to be named as executor of the estate.
This can lead to significant conflict between family members if there is no consensus as to who should be in charge of distributing the assets of one’s estate. As a result, family members and loved ones will have to waste time and money on a legal battle in probate court. This can be especially trying during a time when many family members may be still mourning their loss.
However, wills ensure that executors are named for an estate with little or no complications at all in Florida or in any other state. The executor will then be in charge of paying off one’s debts along with gathering assets which are to be distributed among intended heirs and beneficiaries. On the other hand, it is important to properly draft the will with the correct legal language in order to avoid the document being challenged in probate court.