Why You Need a Will

You Make the Decisions

You may subscribe to the popular misconception that only the wealthy need a will. However, everyone needs a will, whether they are wealthy or not, single or married, have children or have none. A will gives you control.

The chief purpose of a will is to direct the distribution of your property at death. If you do not have a will, then a judge will decide for you how to distribute your property under Florida's intestacy laws. Generally, this means your property will be distributed to your spouse first (if you are married) and then to your children. However, if you are neither married nor have any children or other relatives who are available to take your property, then the state gets to claim it for itself.

It's your property — don't you want to be the one who decides how it will be distributed after your death? Even if all you own is your house or your car, it is still your property. With a will, you can decide to leave all of it to your significant other, regardless of whether you were ever married, or you can decide to leave it to a charitable organization, a church or your alma mater. If you do not have a will, then this decision is taken away from you.

Protect Your Children

If you have minor children, a will is a necessity. No one likes to think about it, but parents must be prepared should something happen to both of them. In Florida, a guardianship is required for a child to inherit more than fifteen thousand dollars ($15,000.00). A guardianship allows for expenditures to be made for the minor child with Court approval. This requires an attorney to prepare the proper paperwork and go before a judge for approval of any expenditure. The cost of these proceedings are the burden of the guardianship. More importantly, the guardianship terminates once the child reaches eighteen (18) years of age. While we all work to teach our children the right way to spend money and to save, the allure of a new car upon graduating would be quite strong. With a will, you can establish a trust for a minor child. This trust can allow for the money to be controlled until the child graduates college, turns twenty-one, or under any other circumstance you feel is appropriate. A trust can insure that money is set aside for college or a first home. In short, a will gives you control.

A will also allows for you to designate a guardian to care for a minor child or an adult child with special needs. Designating a guardian is certainly important if the other natural parent is no longer living, but it is also important if the surviving parent is unfit or dies and/or becomes incapacitated in the future. Should you die without a will and leave minor children behind, then a Judge will decide who should be the guardian. Again, the choice will be taken away from you. Generally, if your will identifies the person you wish to be named guardian, the court will honor your selection so long as it is in the best interests of the child.

If you have adult children at the time of your death, a will can be used to make sure adult children receive the inheritance you intended for them. A will allows for you to designate which child gets what property. A well drafted will gives you control.

There's No Time Like the Present

No one likes to think about dying. When you are young and healthy, you do not think about a will. It usually takes a severe illness or condition to motivate someone to get a will. But the truth of the matter is that a serious or life-ending accident can happen at any time. If you wait, you may not have the mental capacity required to execute a will.

There are many sites that sell fill-in-the-blank wills and other form documents. However convenient it may be to buy one of these forms, they can never replace the advice of a skilled attorney. The do-it-yourself forms and templates are meant to accommodate as many people as possible. An experienced attorney can draft a will that meets your specific needs and is properly executed to insure it is binding under Florida law. If you have a will that was drafted when you lived outside of Florida, you should consult with a local attorney to insure your stated wishes can be achieved under Florida law.

Conclusion

Everyone needs a will. Whether you have considerable assets or modest ones, a will gives you the power to decide how these assets will be distributed at your death. For more information on wills and other estate planning tools, contact an experienced attorney today.