Parents, following their deaths, typically do not want their kids to fight one another over their inheritances. Unfortunately, these kinds of conflicts often take place in Florida and other states because parents have neglected to create wills. This is particularly a problem when parents have loaned or gifted money to one kid and not to the others.
Some key words can help to minimize the chances of having conflicts between the surviving children. First, if one child gets money, the child’s siblings might naturally believe that this child should thus get a smaller share of the late parents’ estate. If this is not the parents’ intent, they would be wise to include in their will that no adjustments should be made in the estate divisions on the basis of any gifts.
On the contrary, if this is the parents’ intent, the parents may specify each gift given to the kids and why one kid will receive a smaller share of the estate. In some families, parents have made verbal loans to their children. The parents might also wish to state in their estate planning documents that any verbal loans made to the kids are gifts or that any outstanding loan is an advance against a child’s inheritance.
Creating wills is often deemed a macabre task, which is why many individuals may prefer not to focus on doing this. However, not putting together a will can lead to confusion among the children when their parents pass away. In addition, one’s assets may not go to the appropriate beneficiaries. Creating a will allows an individual in Florida to dictate how his or her property will be handled posthumously.