When you create a valid will, you get the opportunity to give your property to whomever you wish. There are a few limitations. For instance, if you die without a will, your surviving spouse must share the property with your children.
With a will, you can choose to leave your property to your spouse entirely. There are several benefits to having a will, as we discuss below.
You Get to Decide Who Gets What
A will that’s drawn up without witnesses or an oral will that is spoken in front of witnesses doesn’t have much legal bearing in court. By having a formally prepared will signed by the appropriate number of witnesses, you can ensure your assets and money are left to the heirs you choose.
You Choose Guardians for Your Children
Don’t assume that guardianship is automatically granted to grandparents or close relatives should you and your spouse die without wills. Rather, the court will decide to grant guardianship to a relative you may not have chosen to look after your children. It could even choose another party or institution. Things get more complicated if you have children from previous relationships.
Having a will ensures your children are taken care of the way you would like.
You Can Choose an Executor
An executor is in charge of making sure all the requests in your will are carried out. By having a will, you get control over who that executor is. It ought to be someone who is both willing and able to handle everything that goes into closing your estate. If you don’t have a will, a court can appoint someone to administer your estate, and it could be someone you wouldn’t choose.
Make Things Easier for Those Left Behind
If you’ve ever lost a loved one, you know just how difficult it is to process the loss. Death is overwhelming, stressful, and highly emotional. Having a will reduces arguments between relatives over your estate.
If you don’t have a will, the state might prevent your relatives from accessing your accounts to cover funeral costs. When you have a will, you can set that money aside, reducing the financial burden on your family. You can also state if you want to be cremated or buried and where.
Tax Benefits
With proper estate planning comes tax benefits. For instance, tax implications are important for higher value estates, where your spouse may need to plan their estate with you, or even rearrange ownership of joint assets in an attempt to avoid heavy taxation.
Providing for Your Partner
If you’re in a relationship and not married, or you don’t have a civil partnership, you can’t inherit your partner’s estate unless they have a valid will in place. If one of you dies without a will, it can create financial hardship for your surviving partner.
Avoid Lengthy Processes
Despite what you may have heard, all estates have to go through the probate process – regardless of whether or not you have a will. But having a will can speed up the process and inform the court of how you want to divide your estate.
The objective of probate courts is to manage your estate. When you die without a will in place, the court gets to determine how to divide the estate, and this can cause unnecessary and long delays.
You Get the Opportunity to Amend Your Will
Should your marital status change, or you want to change the names of your beneficiaries, you can formally amend your will whenever you want to. All you need to do is attach a codicil to your existing will or even draft a brand-new will. Having your will or codicil notarized will enhance its legitimacy.
An attorney who specializes in estate law in Florida can help answer any questions you have about your will, or help you draft the will. It’s also a good idea to consult with a professional on estate planning and how to prepare for the unexpected.
Schedule a consultation at Principal Law Firm today to discuss your will and plan ahead for the loved ones who are left behind.
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