|
Q.
What happens if I die without a Florida will?
A. The
State of Florida will, in essence, make out a will
for you. Generally speaking, the laws of the State
of Florida are very general and practically never
could carry out your precise intentions or desires
without your planning your own will.
Further, the court will appoint a personal
representative to handle your affairs, and this
person might be a senior family member with little
or no experience in estate management. Not having a
will could cost thousands of dollars due to the lack
of proper estate planning.
The
bottom line to this question is that wills are
relatively inexpensive — starting at $35.00 — and
everyone should see an attorney regarding having one
prepared.
Q.
What are the advantages of a will?
A. A
will provides for the individual needs of your
family members. You decide who, what, when, and
where. You may decide to spread the payments out
over a long period of time, or provide for the
college education of a grandchild or niece. You may
remember a church or favorite charity.
By
planning your estate, you may avoid certain tax
burdens by creating trusts in your will.
A
primary consideration is that persons who die
without wills have their estates tied up for long
periods of time, and loved ones are often unable to
liquidate necessary assets to pay funeral expenses.
As
mentioned before, wills are very inexpensive in
relation to the problems caused by not having one.
Q.
Are wills revocable, and how often should they be
reviewed?
A. Yes.
Wills are revocable and can be changed at any time
for any reason. Wills should be reviewed
periodically or when individual circumstances
change.
The following are
examples or changes:
-
Recent changes
in federal or state laws make it necessary for
all individuals to review their wills if they
have not done so in the last twenty-four months.
-
Substantial
changes in assets of ownership in various
businesses require review and tax planning.
-
If you have
relocated to Florida, your will should be
reviewed.
Deaths, births, or marriages have occurred which
have changed the circumstances of your original
intentions. |
