Some people believe estate planning in Florida is only needed when you get older. However, going through this process and creating a will is essential if you’re young. If you pass away, doing so will ensure you have a guardian for your children. It also ensures the assets you have are transferred to beneficiaries you choose.
What occurs if you don’t create a will?
When you pass away, it can be helpful to have a will. Going through the estate planning process helps ensure your assets are transferred to specific beneficiaries when you die. Without one, you die “intestate,” and a probate court will distribute your assets according to the laws in your state. If you don’t have a will, it can drag out the process, and beneficiaries will be required to file petitions to claim your assets.
Having a will is critical if you have children
If you die, you’ll likely want your children to be cared for by your chosen guardian. While passing away at a young age may not be likely, it can occur. If you don’t have a will created that states who will watch over your children when you die, a judge will make the decision, which may not be ideal for the welfare of the children.
Create a will to ensure your pets are cared for by a caregiver you choose
When you have pets, they may be treated as family members. If you want to ensure they are cared for by a caregiver you choose after you die, it’s essential to create a will stating these wishes.
While you may think having a will when you’re young is unnecessary, life events like having children can change this perception. Creating a will can give you peace of mind if you have assets, children or pets.