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A will can help Florida residents detail important information

Estate planning is a useful tool that can help make end-of-life wishes more clear. If a Florida resident does not have a will in place, his or her wishes may go unknown or unheeded. Therefore, creating the necessary documents could help ensure that children are taken care of and assets are distributed as desired.

If individuals have children who are not yet adults, they may contemplate who they wish to care for their children in the event of their untimely demise. However, if guardianship wishes are not made known through legal channels, the decision may be made by a judge. Therefore, parties may wish to detail their desires for the care of their children in a will.

When it comes to property division, wills can save time and money for those left behind. By having the beneficiaries named in the will, assets will go directly to those individuals. If a will is not in place, legal procedures will likely be necessary in order for property to be divided. In most cases, property will go to the closest living relatives according to a statutory schedule, which may not always be the individuals that parties had in mind for certain assets.

A will can serve multiple purposes and can save loved ones stress during their time of grief. Family members will know that the right choices are being made, and Florida residents may feel more confident knowing that their wishes are known. If interested, individuals may wish to gain more knowledge on estate planning procedures and how they can ensure that their end-of-life decisions are legally binding.

Source: CNBC, "No estate plan? You are making a costly mistake", Shannon Eusey, June 23, 2015

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