The main purpose of executing an estate plan is so that you are in control of your personal affairs before and after you're gone. Believe it or not, so much can come from estate planning. For example, when you are thinking about your estate, you are considering many things such as your assets, whether it's your home, checking account, life insurance policy, 401k, or personal property like your gold watch or shoe collection. You are also thinking about your loved ones and how meaningful it would be if you were to leave each of one them with something of great sentimental value. e.g., Your oldest daughter will receive your wedding dress, your children are to equally receive the proceeds from the sale of your home, or the minor child is to receive life insurance proceeds disbursed by a trustee, who is to look over the funds until the child reaches the age of 19, 20, 21, or whatever the age you set.
However, distributing assets is not the only thing you can dictate in your will. You can also designate a guardian to look over your minor child. You will also designate your personal representative, which will be the person responsible of administering your estate. This can be any person you think is responsible enough to handle such tasks, though their are some eligibility requirements on who can serve as personal representative. If, however, there is no will in place, I can imagine the chaos that can ensue amongst siblings (and others) on who is to receive what! We have all heard about it. Someone dies and everyone is fighting to get a piece of the pie, but with a will, that pie has already been claimed. No fighting, unless there is some cause or legal justification to dispute the will such as undue influence or fraud in the creation of the will, or the person who created the will lacked the mental capacity to create the will in the first place. In either case, there must be sufficient evidence to support such claims, which is to be decided in court.
Lastly, once you have looked over your estate plan, you can be at ease knowing that after you're gone, you did the most you could to leave things as you wanted. Take some time to exam what you have, which includes your belongings, your family and friends, and how all of that will come together when you are gone. Just think about it for a little bit!
If you or someone you know is interested in creating a will, please give me a call at 305-814-4283, or email me at Gadiel@GespinozaLawFirm.com. Lastly, I serve clients from all over the State of Florida, so there is no need for you to reside in Miami or somewhere local in order for me to create your will. These transactions can be done via email, phone, and good Ol' USPS. Have a blessed day!