Does The State Pre-Write Wills For Residents?

The term estate planning may sound like a process and action that only the well-off and wealthy need to worry about. This could not be farther from the truth. No matter what age you are and no matter how robust or modest your wealth is, you may have preferences for who you want your wealth to go to and how you want it used after you die. If you do not plan ahead of time to make your wishes known, legal, and binding, then what happens with the assets you leave behind may be much different than what you actually wanted.

In Florida, The Villages estate planning attorneys at Millhorn Elder Law Planning Group can help you with every aspect of putting together a comprehensive, detailed, and custom estate plan for your specific purposes and objectives. Determining what parties will inherit your estate is a serious task and an important one as well. Estate planning can not only give you peace of mind that your assets will be distributed the way you prefer them to be but it can also be done in such a way to avoid costly taxation.

Override the Will Florida Already Wrote For You

Believe it or not, if you do not put together final documents through an estate plan, then your possessions and wealth will be just sitting there when you pass on. And, the state will not allow them to linger, untouched. Not only does the state have its own rules for asset distribution in the absence of a will or other estate planning documents, but there is nothing that you will be able to do about what the state decides is best for your things. What’s worse, is that if you do have plans or wishes as to what beneficiaries should inherit your estate and how that process will happen, the greater likelihood is that when the state manages the process, what you wanted will not be what actually takes place.

Intestacy laws are how the state is able to essentially have a pre-written will for you that can go into effect upon your death and if you have no other sound estate planning documents in place. And every state has its own intestacy laws including Florida. Only with an estate plan that is active can you override the state’s authority and have your assets go exactly where you want them to go and to whom you prefer to receive them.

The Florida estate planning attorneys at Millhorn Elder Law Planning Group can help you in many ways including:

• Put together a will.
• Establish a revocable trust.
• Ensure your assets are jointly owned.
• Develop a transfer on death deed.
• And more.

Speak to a Florida Estate Planning Attorney Today

Residents of The Villages, Florida can call on The Villages wills and trusts attorney at Millhorn Elder Law Planning Group at 800-743-9732 to get started on a custom estate plan today. Whether you have only some possessions, a mid-sized estate, or you need advanced estate planning services to manage substantial wealth, the legal team at Millhorn Elder Law Planning Group can help you so that your wishes are respected and the state does not take over.

Source:

flsenate.gov/Laws/Statutes/2020/0732.101