Estate Planning And Elder Law Services In Orlando And Beyond

What’s the importance of a will?

On Behalf of | Jul 29, 2022 | Estate Planning |

As you get older, something you will want to look into is setting up your estate plan. As a part of that estate plan, it is smart to look into having a will.

A will isn’t the only legal document you’ll want to put into place, but it is a good one to have. A will does a few different things for you. Here’s what you should know about this important document.

  1. It determines ownership

First, a will helps establish ownership. It goes over the assets you have and tells others reading it who you’d like to have assume the rights to property after you pass away.

A will isn’t the only document that can help assign ownership. You might want to use your will in connection with a trust to be doubly sure that your assets will go to the people you want to have receive them.

  1. It sets up guardianships

The next important part of a will is where it assigns legal guardians to minors or wards. If you take care of an adult child with special needs or have children under the age of 18, establishing a legal guardian is essential.

You can choose as many guardians as you need. Having at least two, one primary and one secondary, is usually a good choice to make sure that your children will remain in the care of family or friends.

  1. It makes assigning your assets faster

A third thing you will can do is make your assets pass to beneficiaries more quickly. With a good will, the probate process is minimized, and the court doesn’t need to take additional steps to figure out who should or shouldn’t obtain your property. You will get to determine where assets go rather than allowing the state to choose.

These are three reasons that wills are an essential part of your estate plan. There are others, too, like helping you save on taxes or allowing you to donate your property. To learn more about what you can do with your will, you may want to look into speaking with someone who can go over your legal options.