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7 FAQs on Last Will and Testament

HomeEducational7 FAQs on Last Will and Testament

Having a last will and testament Florida is one of the best decisions can do for your family. It will protect your spouse, kids, and assets and help you find out how things would be handled once you are no more. However, before you are going to have one, here are the most important questions you should ask:

1 – How will the estate be distributed?

A Will is a legally valid document that decides how you will prefer to manage your estate after death. If you die without it, there is no guarantee that the intended desires would be carried out. If you have the Will, it will minimize any family fights about your estate that may arise and decides who gets what.

2 – Who will take care of the minor children?

With the help of a Will, you can make an informed decision about who is going to take care of your minor kids if you are no more to look after them. In case there is no Will, the court will take it upon itself to choose the family members or will appoint a state guardian. Having a Will allows you to choose a guardian to raise kids or better ensure that he or she is not someone who is going to raise your children.

3 – How to Avoid a Lengthy Probate?

Every estate undergoes the probate, whether with Will or without it. However, if you have Will, it is going to speed up the probate process. It clarifies to the court how you will like to get the estate divided. Probate courts are meant to administer your estate. If you are going to die without a Will, the court will decide how to divide the estate. It can cause delays and maybe a long process.

4 – How to Reduce the Estate Taxes to Minimum?

Having a Will allows you to minimize the estate taxes. The value of what you give to the family members or charity reduces the amount of the estate. It significantly reduces the tax liability.

5 – Who Will Wind up the estate affairs?

While creating a Last Will and Testament Florida, you will have to decide an executor for the Will. He or she will ensure that all the affairs are in order. He will pay off the bills, cancel the credit cards, and also inform the banks and other businesses you have been dealing with. As the executor plays a significant role in the management of the estate, you will want to be sure to appoint an honest person whom you can trust even after your death. He should be organized and active and may not be your family member.

6 – Can Some Individuals Be Disinherited?

Most persons writing the Will don’t realize that they can disinherit individuals out of their Will. But it is possible! You can disinherit individuals whom you don’t want to inherit the estate if you die without a Will. By creating the Will, you are clearly outlining who will get what from your estate. However, in the absence of your Will, the estate may end up in the wrong hands or in those hands whom you never intended. He or she may be your ex-spouse.

7 – Can it be changed?

Life’s circumstances keep on changing. A good reason to have a Will is that you can change it at any time while you are still alive. New births, deaths, and divorce are such circumstances where changing the Will is necessary.

Finally,

You can never be sure of tomorrow. If you have been procrastinating, creating a Will, time is now to make the right decision. You never know what the future will be!

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pearls of wisdom
Carlos Davis
Carlos Davis
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