When you first meet with an estate planning lawyer in Florida, you and your attorney will likely talk about creating a last will and testament. Wills are essential pieces of every estate plan, and give you some significant benefits. While your lawyer will give you detailed advice on what you need to do to create your will and the types of choices you will need to make when you do so, here are several tips you might want to keep in mind.
Tip 1. Consider your last will as one piece of a broader inheritance plan.
When people first go to talk to an estate planning attorney, they often go into the meeting with certain assumptions that may not be correct. One of these assumptions is the idea that you will only use your last will and testament to distribute inheritances. While this is correct, your tool will only be a single part of your overall inheritance plan. In fact, there are other tools you will likely create that you will probably use as the primary method through which you distribute inheritances.
Tip 2. Consider who will be around when you are not.
Another key part of creating a last will and testament is choosing someone to act as the executor of your estate. Your executor will have a lot of responsibility when it comes to managing your estate and making sure your wishes are carried out. Even though the executor will likely be advised by an experienced probate and estate planning lawyer, the executor will still need to be a responsible, capable person.
So, when you choose an executor in your last will and testament, you will want to make sure that you choose someone who will be there when the time comes to begin managing the estate. In other words, you should be prepared to choose someone who is young enough to still be capable when needed.
Tip 3. Don’t presume that family will be the best choice.
Creating a will requires you to not only choose an executor, but, if you are a parent of a young child, you will also need to choose a guardian. When most people choose an executor or guardian, they typically choose someone in their family. Whether it’s a sibling, parent, or even more distant relative, choosing a family member to act in these positions of responsibility is a natural choice.
Though family choices are, in most circumstances, prudent, you shouldn’t automatically assume that only family will do. In some situations, you might want to look outside of the family when selecting a guardian or an executor. Matching the qualities you are looking for with the qualities of the person you are considering is essential whenever you choose someone to take on a position of responsibility.