At What Age Do I Need a Will?
While we would love to be able to give you a clear answer, being able to predict the age at which you need a will would require being able to predict the exact course of your life. Because nothing is certain in life, the right time to create a will is the first opportunity that you have to do so, since you may not have another. If you have any assets, debts, personal effects, or businesses to your name, you will want to have a plan in place to disperse them in accordance with your wishes in the event that fate takes an unexpected turn. This is particularly critical if you have a partner, family members, or friends that you want your assets to go to who would not receive a fair share of your assets if they were to go through probate using Florida’s intestate succession statutes, which prioritize your legal spouse and immediate family, but perhaps not in the order or amount that you would want.
Signs That it is Time to Make a Will
You should prepare a will if you are at a point in your life where you have dependents, or people that you wish to make sure are taken care of if you are no longer around. You should also prepare a will if you have significant assets to your name, a business, trusts, retirement accounts, or anything else requiring a beneficiary or sucessionship agreement. In short, if you have assets to your name and people you want taken care of, it is time to create a will.
Why You Need a Will
It is important to make a will to ensure that your assets are dispersed the way that you want them to be dispersed. In the absence of a valid will, clearly articulating your desires and instructions, the state statutes will determine how your estate is settled and distributed. This may not be the manner in which you would have chosen to allocate your assets, or the beneficiaries that you would have chosen. Without a valid will, the probate process can also be much longer and more complex, leaving your loved ones without vital assets until the matter is resolved. A will can be a way of guaranteeing that your affairs are in order with regard to your businesses, loved ones, and relevant accounts, as well as making sure that your wishes are honored. It is okay if you do not have everything figured out now, as wills can be amended and updated as your circumstances change. In fact, even if you have an existing will it is important to have an attorney review it every few years or whenever a major life change occurs in order to ensure it is still up to date.
Schedule a Consultation with the SG Firm
If you are ready to make sure that your loved ones are cared for and that your assets and estate are legally protected and in order, the experienced estate law attorneys at Miami’s SG Firm are ready to help create a customized estate plan that meets all your needs. Contact us today to schedule a consultation.