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There are several common mistakes that Florida residents make regarding wills. Some people fail to write one in the first place, either because they consider doing so is an arbiter of their death or they simply put it off, thinking it is something to do when they are elderly. Others write wills and then forget about them, failing to update them or review them despite having major life changes.
Making common errors with wills can lead to a long probate process and can risk how and to whom the person’s assets will be distributed. When to write a will is not a matter of how old a person is. It is instead more relevant what is happening in their lives.
A person who has a minor child should have a will in place to make certain the child will be provided for in the event they die. People who have blended families may also need to write wills to ensure children from previous marriages receive the assets intended for them. Wills may also be used to name guardians who will care for children in the event the person dies. After a will is written, people should review it a minimum of every three to five years. They should remember to update it following any major change in life circumstances as well.
Will planning necessitates a careful review of assets and liabilities as well as the person’s goals and intended beneficiaries. People may want to seek the help of an estate planning attorney in drafting the documents most appropriate for their particular circumstances. An attorney might help clients make certain their assets will be distributed smoothly and as intended when they die. Careful planning may help avoid later will contests and costly litigation.