It is a commonly held belief among many Floridians that wills or trusts are only needed by people who are older or who have extensive assets. Quite simply, this is not true. Everyone can benefit from having a will. This is so even if are under the age of 40 and don’t own your own home or have a long list of investments. What makes this so?
Fox Business suggests that you think of a will as a form of love letter to your family members. A love letter is a means of letting someone know how special they are to you. A will can do the same thing by making the process of taking care of business after you die a whole lot easier. If you were to die without a will in place, your spouse, children or other heirs would have no control in what happens with your assets. Instead, the state would get to make all of those decisions. In contrast, when you have a will in place, you will be in control of your assets and who should receive what. The executor you name will be in charge of making sure your wishes are properly followed.
When you begin your estate planning, you should make a list of all of your assets and debts. Compile this with appropriate documentation of all accounts. This information should be kept with your final will.
This information is not intended to provide legal advice but general information about estate planning and who can benefit from a will in Florida.