Do you need a will?

| Apr 15, 2021 | Estate Planning

Many Florida citizens believe that wills are only for those in their elderly years. In reality, a will should be started early on in life in order to answer specific questions regarding your wishes upon your death. When you understand what’s involved in a will, it becomes easier to understand why every adult should have one.

What is the purpose of a will?

Wills are legal documents that explain your wishes upon your death. It will explain your wishes for who gets your property and who receives any money that you have. It also will determine who is appointed the guardian of your minor children and other pressing matters. Realize that without an actual will in place, the state gets to decide what happens to all of your stuff and your children.

Wills are meant for everybody

Don’t fall victim to believing a common misconception that only the wealthy need to have a will. Most adults have some sort of personal belongings and assets. These can include things like a car, house, retirement or even a gun collection. A will is there to ensure that the people you want to get your assets actually get them.

As the years go by and you develop more assets and relationships, it’s important to update your will on a regular basis. Will updates are recommended after major life changes like a marriage, divorce or even having children. Apart from these major life changes, it’s advisable to update your will every five to seven years.

Hopefully, you now understand the importance of having a will in your life. The next step is getting started in crafting a formal will in order to ensure that it is legally enforceable. While there is an abundance of information online regarding establishing a will, it’s always advisable to speak to an attorney to complete the process.