Creating a will is one of the most important steps you can take to protect your spouse, children, and other loved ones after you pass away. You can use a will to dictate exactly how you would like your finances and assets to be handled and distributed upon your death. Failing to leave behind a will could result in intrafamilial disputes over your assets.
Below, we’ll discuss four of the most important reasons to consider setting up a will.
Reason 1: Intestacy Laws
If you pass away without creating a will, you are considered “intestate.” Rather than follow any wishes you may have had regarding the distribution of your estate, Florida intestacy laws will govern how the property you left behind is handled. The state’s idea for how your assets should be managed will probably not be the same as yours. For instance, suppose you are remarried but you want your adult children to inherit from your estate. If you were to die without making a will, intestate laws will dictate that the bulk of your assets go to your new spouse, who is not required to split them with your kids. By creating a will, however, you can ensure that your wishes are properly carried out and that your assets are distributed the way you want them to be.
Reason 2: Protecting Your Children
You can use your will to name legal guardians who can raise your minor children if you unexpectedly pass away. However, if you are a single parent, it’s important to remember that your surviving ex-partner will likely be awarded sole guardianship if something happens to you. However, if you are concerned that your child(ren)’s biological parent is unfit or unable to care for them for any reason, you can use your will to make your concerns known to a judge who will make the final decision in such matters.
Reason 3: Naming a Personal Representative
If you fail to leave behind a will, there could be disputes over who should serve as the representative for your estate. A personal representative’s job is to oversee the administration of your estate. Designating a personal representative in your will gives that representative the authority to manage and distribute your assets according to your wishes after your death. If you don’t have a will that designates a personal representative, it’s possible that the court will appoint someone to manage your estate, even someone you don’t like or trust. To help your loved ones avoid disputes, you should create a will that names a personal representative for your estate.
Reason 4: Avoid a Long Probate Process
Even with a will, your estate must go through the probate process. However, having a will that explicitly states how you would like your assets to be managed and distributed among your beneficiaries can expedite this process, reducing stress on your family and minimizing the chance of conflict arising. If you pass away without creating a will, a probate court would make decisions about how to administer your estate and distribute your property, which may go against your wishes.
If you have questions about creating a will or need help getting started, we invite you to contact our Brandon probate lawyers at (813) 438-8503 to schedule an appointment.