When it comes to estate planning, one of the frequent questions we hear at Lumsden Law is, “Who should have a will?” The answer is straightforward and encompasses a broad spectrum of individuals. Simply put, every adult aged 18 and over who owns any assets, regardless of the size, should have a will. In this blog, we delve into why having a will is not just a suggestion, but a crucial step in proactive estate planning.

Every Adult with Assets Needs a Will

First and foremost, it is a common misconception that wills are only for the wealthy or the elderly. This is far from the truth. Anyone aged 18 or older with any assets – be it a car, a savings account, furniture, or family heirlooms – needs a will. The size of your estate does not diminish the importance of having a will. Estate planning is about having control over what happens to your assets when you pass, regardless of their value.

Parents and Guardianship

For parents, a will is an indispensable tool. Within its clauses, parents can nominate a guardian for their children in the unfortunate event of their passing. This nomination is crucial as it prevents children from becoming wards of the state and ensures that they are cared for by the right loved ones, as chosen by the parents.

Expressing Specific Wishes

Individuals with specific wishes regarding the distribution of their property upon death must have a will to make these wishes legally known. A will is the only way to ensure that your assets are distributed according to your desires, rather than being left to the default rules of the state.

The Consequences of Dying Intestate in Florida

In Florida, if you pass away without a will, your estate is considered “intestate.” This means that Florida law, not your personal wishes, will dictate how your assets are distributed. This process occurs through probate – a court-supervised procedure for identifying and gathering the assets of the deceased, paying debts, and distributing the remaining assets to beneficiaries. Probate can be a lengthy, public, and often expensive process.

Retaining Control Over Asset Distribution

A will is essential to maintain control over the distribution of your assets. Without it, you leave the fate of your estate in the hands of state laws and the court system, which may not align with your personal preferences and could potentially lead to family disputes and additional stress for your loved ones.

Conclusion | The Necessity of a Will

At Lumsden Law, we emphasize the necessity of having a will as a foundational aspect of estate planning. Whether you are just starting your career, have a family, or are enjoying retirement, a will is a vital tool in ensuring that your wishes are respected and fulfilled. We encourage everyone to take this crucial step in protecting their legacy and providing for their loved ones.

For personalized guidance and assistance in creating a will that reflects your wishes and needs, contact Lumsden Law. Our team is dedicated to providing comprehensive and compassionate estate planning services tailored to each individual’s unique circumstances. Don’t wait until it’s too late – take control of your estate planning today with Lumsden Law.