You may not want to think about the day when you are no longer around to physically, emotionally, or financially care for your children. However, estate planning itself essentially entails preparing for a worst-case scenario for the sake of your loved ones’ best interests. Specifically, this is to say that you must establish a Last Will and Testament with your children at the top of your mind. Continue reading to learn the importance of making a will for your children and how an experienced Broward County wills lawyer at The Probate Lawyers can help you establish it on time.
Why is it important to make a will for my children?
Put in simple terms, making a Last Will and Testament is important if you wish for your children to be the beneficiaries of your estate. This is because this estate planning document may allow you (i.e., the testator) to instruct which of your assets are to be distributed to which of your children (i.e., the beneficiaries) at the time of your unfortunate passing. All the while, it may allow you to appoint a trusted individual (i.e., the executor) to handle and administer these assets at the time and manner you directed.
This is all to say that establishing this document may not leave anything up for chance when it comes to your children and their financial stabilities.
What happens if I fail to establish a will on time?
To reemphasize, if you fail to establish a Last Will and Testament during your lifetime, you may be unable to guarantee that your children are financially taken care of. At the very least, you may be unable to control the type and amount of financial support your child is afforded at the time of your unfortunate passing.
This is because there is what is known as intestate succession in the state of Florida. Essentially, this is the process the Florida probate court may use to distribute your assets if you sadly pass on without a valid and enforceable will. The general rules for Florida intestate succession are as follows:
- If you have children and no spouse: then your children may inherit your entire estate.
- If you have a spouse and no children: then your spouse may inherit your entire estate.
- If you have a spouse and shared children: then your spouse may inherit your entire estate.
- If you have a spouse and shared children, and your spouse has children from a previous marriage: then your spouse may inherit half of your estate and their children may inherit the other half.
In conclusion, you should not proceed with any will preparations without the strong legal representation of a skilled Broward County estate lawyer. So contact our firm, The Probate Lawyers, today.
