Putting together a will or trust is not exactly an activity of choice for many consumers in Florida. However, estate planning is paramount for protecting one's assets long-term. Here is a look at what happens if people fail to create wills.
Wills are essential documents because, at the most basic level, they determine what will happen to people's property and assets after they have died. If people pass away without wills, decisions regarding who will inherit responsibilities or assets will pass to the courts. These decisions will then be made based on various factors, such as whether those who died were married or had children, nephews, nieces or siblings, for example.
In some situations, a deceased person's assets end up being distributed as he or she would have wanted, even in the absence of a will. However, in many situations where there is no will, the heirs will fight both outside of and in court. The result? Legal fees may quickly add up, and valuables and money might end up going to those for whom they were not intended. In other words, the entire situation can turn into a long-lasting emotional and financial mess.
The above is true no matter how large or small a deceased person's number of assets is. However, it is especially the case for any small business owner in Florida. Fortunately, an estate planning attorney can help asset owners to draft wills or trusts that accurately reflect their wishes and needs, so that their valuables end up in the right hands after they pass away.