Wesley Chapel Wills Lawyer
Estate planning is on the rise, mainly because of the COVID-19 pandemic. According to CNBC, 12 percent of Americans have created a will since the fall of 2019 alone and 32 percent of 18-34 year-olds specifically created their will because of the pandemic. A will is a legally binding document that lists a person’s wishes as to what should happen to their property and assets after their death and who should be responsible for distributing that property. While we all hope to live to old age, it is never too early to create a will and you can always change it as your assets grow over time. Our Wesley Chapel wills lawyers here at The Law Office of Laurie R. Chane can guide you through creating a valid will in Florida and offer insight into how best to plan your estate.
A Will is the Minimum Requirement of an Estate Plan
Everyone needs a will, no matter their age, health, or economic bracket. A simple will lays the groundwork for any estate plan by naming beneficiaries, guardians for minor children, describing your last wishes, naming an executor to your estate, and so much more. If you do not have a will, under Florida law your current spouse will inherit 100 percent of your assets. If you are unmarried, the assets will go to your children. If you have no children, the State will distribute your assets to your next of kin. As you can see, by not naming beneficiaries, you give up the chance at bequeathing your assets to whom you want, as well as having your last wishes carried out.
When Should I Update My Will?
If you already have a will, do not simply let it sit unchanged decade after decade. According to Forbes, there are eight major life events after which you need to update your will. These include (but are not limited to):
- You move residences;
- You sold or bought real property;
- You got rid of possessions that were listed in your will;
- Your involvement with certain charities has changed;
- Your assets have grown or diminished significantly;
- You have financially gifted to your children;
- A beneficiary passed away; and
- A loved one is now your primary caregiver.
Even if you have not undergone one of these major life events (marriage, divorce, and the birth of a child are three other major life events that should trigger a will update), you should consider updating your will every three to five years.
Contact a Wesley Chapel Wills Lawyer Today
Death is not an easy subject to discuss or plan for, but doing so through the creation of a will can save your loved ones from a stressful experience and ensure your property goes to the people you wish to be beneficiaries. The Wesley Chapel wills lawyers at The Law Office of Laurie R. Chane are here to guide you through the estate planning process of creating and updating your will. Call us today at 352-567-0055 to schedule a meeting to discuss your estate.