While you cannot predict the future, there are steps you can take that will allow you a measure of control over certain legal and financial matters. Estate planning provides you a way to have the final say over what happens to assets and property after passing. Specifically, a will is the document you will need in order to outline your preferences for the distribution of your personal property. While this is the primary function of this document, there are other things you can accomplish with your will as well.
You worked hard to build wealth, save and create a comfortable life for your family. You want to continue to support and care for them, even after your passing. A will, in addition to other estate planning documents, gives you the chance to decide what should happen to your property in the future. Creating a will is often a basic first step in the estate planning process, and it is critical that every Florida adult consider this for himself or herself.
What is in your will?
It is possible to custom-tailor a will to suit your individual needs and objectives. Creating this document is the foundational step in crafting a thorough and complete estate plan, but there are other things you can accomplish simply by creating a will. Consider the following facts about your will:
- If you die without a will, state laws will determine what happens to your estate, and your heirs may not get the assets you wanted them to have.
- You can use a will to outline your preferences for the care of your minor children in case of the passing of their parents.
- You can be very clear about where you want your assets to go and how the executor should distribute your property among heirs.
- You can name a specific individual to act as the executor of the estate — a trusted and responsible individual who will oversee the process of carrying out your wishes.
A will cannot resolve every issue that could arise after your passing, but it is important that you have clear documentation of your preferences and wishes regarding your estate. In order to understand exactly what should be in your will and how you can create a complete estate plan, you may benefit from an evaluation of your estate planning goals and objectives for the future.