Will Planning Is Important Part Of An Estate Plan In Florida
March 11, 2014
Human survival instincts make it natural for people to avoid death. However, many people in Florida will avoid even talking about the subject altogether. This can become a problem if it causes people to neglect creating an estate plan. A recent study has revealed that only 35 to 45 percent of people have not done any will planning, which can cause problems for their families in the future.
Without a will in place, a person’s family will still be required to address having to administer one’s estate after death. However, this process is significantly more complicated when a will is not in place. This usually results in unnecessary court and legal fees, which would not have been required if a will was in place.
A will prevents these complications by serving as the instructions on how to distribute one’s assets. This includes specifying which beneficiaries will receive specific assets. It can also be used to choose a guardian for any minor children left behind after one’s death. A will also names an executor who will be responsible for distributing an estate’s assets and filing required estate tax returns to the proper authorities.
On the other hand, even if a person in Florida has done will planning, he or she may still have to regularly update the document in order to reflect any significant life changes, such as remarrying. Also, the will should address any new changes to estate planning laws. Additionally, other estate planning documents may be necessary in order to achieve one’s estate planning goals.