Think You are too Young to Need a Will? Think Again
According to a survey, as many as 60% of Americans report not having a will. There are many more reasons to have one, and an article from Nasdaq.com, “Should You Have a Will?” explains why.
Death. Most people do not when they are going to pass away away. You might die sooner than you think. The US has the highest mortality rate (according to one survey) by far for those aged 10 to 24 (think traffic accidents). The National Center for Health Statistics noted that there were about 2.5 million total deaths in 2011, and more than 90,000 of those people died between the ages of 20 and 39.
You’ve got the power. A will distributes your assets according to your wishes. If you don’t have a will, the state will divide your assets based on its statutes. Therefore, in Florida if you want everything to go to a good friend or unequally to your children, then you need to have a will drafted.
Guardianship. A will can designate who will take care of your children. You can specify who you want as their guardian, so that they’ll be with someone you trust. In Florida, the natural parents are presumed to be the Guardian, but there can be exceptions to this general rule.
Executor/Personal Representative. A will can name your executor/personal representative in order to avoid family squabbles. You name who you want administering your affairs after you die, instead of letting the court do it.
Charities. Through your will, you can give to your favorite causes and organizations. Without a will, there may be no record of your intention to help a charity.
Easier on your loved ones. If you die without a will, it can mean added headaches, stress, delay, and expense. With no will to designate beneficiaries, some of your estate may go to those relatives you’d never have chosen. Also, a will can provide your family and loved ones with the intent behind your wishes and an attorney who can represent them once you are gone.
In addition to having a will prepared, work with an experienced estate planning attorney to draft other important documents, including a living will, designation of health care surrogate, and a durable power of attorney. With a living will, designation of health care surrogate, and a durable power of attorney in place, those you love will be able to make critical healthcare and financial decisions, if you are not able to. Remember the goal of an estate plan: to protect you and those you love.
Do you want a Will and live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!
- My practice is exclusively estate planning and probate,
- I have prepared numerous estate plans in 16 years of practice,
- I have administered estates and trusts through Probate all over Florida,
- I am a Certified Financial Planner Professional™, and
- I am here for YOU today and there for your FAMILY tomorrow.
Reference: Nasdaq.com (November 20, 2016) “Should You Have a Will?”