A lot of clients come to their initial consultation, and when asked how we can help them, their answer sounds something like this: “I need to get my last will done, I’ve put it off for far too long, I don’t have a large estate so I just need something simple.” So in which situations is a simple. An efficient estate planning document?
- When you have a sole heir. In a case where there is one heir who is not a direct lineal descendant (children), such as brothers, sisters, nieces, nephews, etc., a will works well to establish in writing who the heir is and who the person in charge of the estate is.
- For distribution of homestead property. In Florida, homestead property is constitutionally protected from the claims of creditors. A will works well in this situation to name the beneficiary or beneficiaries of this property.
- When it’s in line with your planning goals. If your goal is to create a cost efficient document that states clearly who inherits what assets and who is in charge of administering the estate. The document accomplishes those goals.
Always be clear with your estate planning attorney about your goals, assets, and family structure and dynamics. A will almost always accomplishes the goals stated in paragraph number three above.