Millions of young adults everywhere were shocked and saddened when dancer, entertainer and online personality Stephen “tWitch” Boss tragically took his own life in December at the young age of 40. Now they’re equally shocked that his wife Allison Holker had to file for half of his estate because he died without a Will. That is where a South Florida Estate Planning Attorney from The Siegel Law Group comes in, as we believe you’re never too young to have a Will to protect your loved ones.
There are lessons to be learned from the tWitch tragedy: you’re never too young to need a will, especially if you have a family.
The Key Is to Start as Soon as Possible
Many young people do not think about death or what will happen to their valuables and assets if they die suddenly. However, it is never too soon to bring this topic of conversation up and begin thinking about what you would like to happen with your things. Even if you do not have many assets, are in debt, or think your valuables are not worth much, creating a Will can help your family or loved ones know how to handle your finances and what to do with your things after you are gone.
The truth is that no one knows when they may become seriously ill or injured. Therefore, it is always wise to sit down with a South Florida Estate Planning Attorney at your earliest convenience to discuss these possibilities. They can help you designate somebody you trust to make urgent medical decisions for you if there ever is a reason that you cannot make them yourself, and they can help you create a Will.
What Exactly Is a Will and What Happens If You Do Not Have One?
A Will is a document that communicates your wishes after you have passed away. It will elaborate on what you want to do with your property, who you would like each item to go to, and which individual you would like to manage your assets.
If you die without a Will, the Florida court will use state law to make many or most decisions about what happens to your property and who will care for your kids. In addition, the money that would have gone to your family will instead go to the state.
Why You Should Focus on the Basics Under 40
When you are under 40, a South Florida Estate Planning Attorney will take the time to meet with you and learn about your current life situation. This will help us advise on what documents you should fill out. Most of the time, our clients under 40 do not need to focus on the more complex components of Estate Planning as certain documents do not pertain to them yet. However, the most important elements of Estate Planning that we do recommend giving your attention to include the following:
- Last Will and Testament
- Living Will
- Life Insurance
- Power of Attorney
Focusing on these elements will ensure that you and your family are protected if anything happens to you.
When Should Someone Begin Writing a Will?
While many people have different views on when they should begin writing a Will, we believe certain events happen in one’s life that should influence their decision to seek an Estate Planning lawyer as soon as possible. Here are two main reasons to begin writing a Will:
1. You Are Married
If you are married, your spouse is most likely someone you share your life with, making them very important to you. This is a good reason to begin writing a Will, as you want to ensure they get your assets when you die. You may think that he or she will automatically receive your assets because you are married. However, it is best not to leave this up to chance. You must also state if you would like anyone other than your spouse to receive your assets, or this will not happen.
2. You Have Children
Sometimes, spouses die simultaneously in accidents, or you may die after your spouse. In either of these cases, no one will be there to say if your children are supposed to get any of your assets. Therefore, it is best to protect your children by writing what you want them to receive, so the state makes no errors or mistakes after you die.
If you have children, you can also name a guardian. This means you will choose who will be responsible for your children if you pass away. If you have more children or want to change their guardians, you must update this information often.
What Are Florida Intestate Laws?
Florida’s Intestate Statute explains how Florida handles distributing an individual’s assets when they die without a Will or Trust. Therefore, if you do not have a document that explains how you would like your estate distributed, the state of Florida will distribute your items in a specific way, such as:
- Your surviving spouse will be the first to inherit your assets. If there are no children, they will receive all your assets.
- The second to inherit your assets will be your children. A grandchild may inherit a part of the estate if there are no surviving children. Children must be biological or adopted.
- If you do not have a spouse or children, your parents will inherit your assets.
- If your parents are no longer alive, your siblings will be able to divide the assets.
Are You Under 40 and Would Like to Speak with a South Florida Estate Planning Attorney?
Reach Out to The Siegel Law Group Today
If you are under 40 and have questions about creating a Will, The Siegel Law Group will gladly assist you. While it is a great idea to start thinking about this, completing these important documents on your own is never recommended. Instead, reach out to our Attorneys to ensure that nothing is missing, everything is clear, and that your documents will be taken seriously if something happens to you.
You can get started today by calling our office at 561-576-6206, or submitting our contact form.