8 Reasons Everyone Should Prepare a Will
In a perfect society, there would be no conflicts. Everyone would have a set of reasonable expectations, and all people would work together to see that everyone’s reasonable expectations are met without dispute. But unfortunately, we do not live in such a world.
Believe it or not, a will is essentially a time-saver and a dispute eliminator. A will allows the deceased person to speak even after death. The deceased person’s wishes and desires can be specifically laid out, saving all interested parties’ time and any need for conflict.
Aside from saving time and conflicts, there are numerous important reasons everyone should prepare a will, including:
#1 Prevent Stress
Along with saving time and disputes, wills also reduce the stress on all interested parties.
#2 Decide Ahead of Time How Your Assets Should be Distributed
You probably don’t have the exact same relationship with all of your family members and friends. A will lays out exactly who gets what (and who doesn’t).
#3 Disinherit Individuals
As just mentioned, there may be reasons you want certain family members to take little, if any, from your will.
#4 Decide Who Will Take Care of Your Minor Children
A will allows you to select who will take care of your minor children if you die. If you do not make this decision in a will, and the child’s other parent is not living or available, a court will appoint a guardian, usually someone from your family. However, you know best who should be looking after your kids and are therefore the best judge for guardianship.
#5 Provide a home for your pets
They’re part of your family, too, and provisions should be made for them.
#6 Minimize Estate Taxes
The process of drafting a will may lead you to other tax-minimizing estate planning tools. You can also identify strategies to lower the amount of inheritance taxes your heirs will have to pay, which can be a very useful estate tool if the federal estate tax exemption is exceeded.
#7 Provide Funeral Instructions
Many people do not like to think about their own funeral, but if you do it now and leave funeral instructions with your will, you can ease the burden on your loved ones and have the kind of funeral you see fit. Funeral instructions are not legally binding, but they can give your loved ones some guidance on your wishes.
#8 Make Gifts and Donations
A will allows you to make donations to charitable causes, and gifts up to certain amounts may also reduce your estate tax. When drafting your will, make sure you check for the most up-to-date gift tax exclusions.
How Purcell, Flanagan, Hay & Greene Can Help
We have attorneys here at Purcell, Flanagan, Hay & Greene who are skilled and experienced with the laws surrounding wills in Florida. We will discuss your wishes and create all of the estate planning documents, including potentially a will, that you’ll need to see that these wishes are carried out. Contact us today.