With the new year in full swing, now may be a wise time for asset owners in Florida to start creating wills, especially if they are parents. However, a common mistake that parents make is thinking that they must treat all of their children the same in their estate planning. The truth is, this is not necessary.
Of course, many parents would like to avoid playing favorites. In their minds, all of the children should get the same shares of the parents’ assets. However, the reality is that the terms of fair and equal are not always the same.
In other words, no law says that parents have to treat their children the same. Some children may need more money than the other ones do, depending on their particular life situations, for example. For this reason, it may behoove parents to start seriously thinking about which children should receive certain assets and control things. In addition, they might want to draw a roadmap for the children so that they know what estate planning steps to take if their parents pass away.
Creating an estate plan can seem like a complicated and overwhelming ordeal, especially for those with many assets and/or many children among whom to divide their assets. However, estate planning is paramount for ensuring that a person’s assets end up in the intended hands in the event of his or her death. An attorney in Florida can help people to protect their assets and best interests through well-thought-out estate planning.