A will can be an essential estate planning document
Estate plans can vary in complexity. For individuals who have sizable assets, they can include a variety of documents, including several different kinds of trusts such as irrevocable trusts, revocable trusts and even special needs trusts. But, while someone who has much more modest assets may not need many of these different estate planning tools, there is still one document that will likely be a cornerstone of the estate plan: a will.
A will is basically a statement made by an individual that declares what should happen to their assets after they die. The wonderful thing about a will is that it doesn’t take effect until the testator dies, so it can be updated as many times as needed. That means that every time a testator goes through a life changing event, such as a divorce or a marriage, they can update their will to reflect these life changes.
A will can be very flexible and allow a testator to do many things. It allows the testator to choose an executor who they believe will serve their estate best. A will can also let a testator choose a guardian for any minors or other family members who cannot take care of themselves yet. It can also allow a testator to let the assets be distributed to the charity that they most admire. A properly drafted will can also help an estate minimize the estate tax that must be paid.
But, perhaps the greatest advantage of a will is that it can give the testator peace of mind. Any Florida resident who is considering drafting a will may want to get more information in order to discover what other advantages wills can provide.
Source: bankrate.com, “The basics of estate planning“, Accessed July 30, 2016