August is National Make a Will Month, and if you haven’t created a will yet, this is a good reminder that there’s no time like the present to draft your Last Will and Testament. You know you ‘should’ make out your Will, but there never seems to be enough time to stop and do so. You may have it all planned out but never found time to actually do it. You may even have decided who you want your beneficiaries to be and what they should get. Whatever your reasons for procrastinating, NOW is the perfect time to make a Will.
3 Reasons to Draft a Will NOW
There are many reasons unique to your situation why you need a Will. Since August is National Make a Will Month, we wanted to share some top reasons why you should do it now. When actor Chadwick Boseman (star of The Black Panther) died without a Will, the courts took a large portion of his money to cover their probate costs. Don’t let this happen to you and your family.
1. To Help Your Loved Ones
While a Will still goes through probate court, having your Will written out and ready with your wishes could save time and money for your family while also reducing their stress. Without a Will, the court has to name an executor or personal representative to manage your estate.
Once the personal representative is named, then the proceedings can begin and they oversee the distribution of your assets. Without a will, the executor’s choices in dividing the assets may not be what you wanted. Having a Will helps streamline the process and lower the potential for family disputes. It can become a free-for-all if you do not document how you want your assets distributed.
2. You Get to Decide How Your Assets Are Distributed
When you sit down with a South Florida Estate Planning Attorney, you can determine who receives your assets – and who doesn’t. You may not want your ex to inherit your house. But without a Will, the courts and Florida intestate laws decide who inherits your assets.
Perhaps you promised your niece that she would receive your classic car when you die, but without a Will, the courts may decide to sell everything and divide the money among family members. Having a Will means you are in control of the dividing of your assets.
3. Name a Guardian for Your Minor Children
If one parent dies, the other parent will likely receive custody of the children. But what happens if you both pass away at the same time? Without a Will, the courts must decide who raises your children after you’re gone, and it may not be who you would have chosen.
The judge does not know your children and who will do the best job raising them – but you do. When you have a Will, you can name the person who can raise, care for and love your children. This is most certainly a decision you, the parent, should make, not the courts.
Yes – YOU Need to Make a Will
You may have convinced yourself of many reasons why you don’t have or need a Will written or don’t have one yet. And you’re not alone. According to the company STEP, there are 5 common excuses for not making a Will:
- I don’t need a Will because my partner will get everything.
- Making a Will is too expensive.
- I don’t have the time.
- I don’t have much to leave.
- I’m too young, I don’t need to make a Will.
While these excuses seem to be legitimate, there truly is no good reason not to have a will. You have worked hard for what you have and want to ensure your assets are distributed according to your wishes.
When you work with an experienced Estate Planning Attorney, they can help you draft a Will and ensure all other end-of-life documents are in order. They can help make sure your life insurance and retirement accounts named beneficiaries do not conflict with what is stated in your Will.
TALK TO A SOUTH FLORIDA ESTATE PLANNING ATTORNEY
Take advantage of National Make a Will Month and contact Barry Siegel of the Siegel Law Group. Hiring a Florida Estate Planning Attorney ensures Will is properly written to your wishes and gives Peace of Mind to your loved ones.
Contact the Siegel Law Group at 561-556-7975 for a complimentary consultation, and speak with a qualified and trusted Estate Planning Attorney who can help you finally write your Will.