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Estate Planning Basics Everyone Should Know

Sept. 4, 2020

Everyone in Florida should have an estate plan. That’s true even for people who don’t have a lot of assets. Estate planning can sound very complicated, and in some cases, it is. When people have numerous assets or own their own businesses, there are a lot of possible claimants on their property. However, even for people who work for someone else and rent their homes, estate planning is essential.

A Will Is a Must

At the very least, everyone should have a will. A last will and testament is a document that provides instructions for after someone’s death. In a will, people can determine who gets what after they die. This isn’t just limited to things; a will also distributes money and accounts. Finally, and most importantly, people outline in a will who should have custody of their minor children if something happens to them.

Risking It All

People who don’t write wills may not have their wishes respected after they die. Those who pass away with no plans in place are deemed “intestate.” When that happens, the state takes over and distributes their assets according to general guidelines. For many families, this process is inadequate and could leave everyone feeling unhappy. Writing a last will and testament is a great way to give loved ones peace of mind. It’s both the simplest and most basic estate planning step that everyone should take.

People with simple estates often feel confident writing a will themselves. However, for people who have questions or who own a lot of property, it can be wise to consult a lawyer. Estate planning attorneys have the skills and resources needed to provide advice and handle complicated situations.