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5 Tips For Creating A Will With Few Assets

Sat, Jan 15, 2022 at 8:45AM

5 Tips For Creating A Will With Few Assets

Many people think that only wealthy individuals need a will. But in reality, wills can serve almost every person. A will can help you ensure that your property goes where you want it to go.

Even if you have only a few assets, a will provides necessary instructions about who will manage your estate and take care of your children. It even stops people who you do not want to receive property from taking anything from your estate.

Here are five tips for creating a will with few assets.

1. Talk to a Lawyer

Every state has unique laws that govern wills and estates. Even if you understand the general concepts about how a will gets written and executed, a wills attorney in Daytona Beach can provide Florida-specific guidance. A lawyer can also provide alternatives to a will like a revocable trust.

If you fail to follow Florida’s estate laws, a judge could throw out your will. When this happens, the judge will distribute your property according to Florida’s inheritance laws despite your wishes.

2. Make a List

Before you write your will, you should make a list that outlines your important decisions, including:

  • Who acts as your healthcare surrogate if you become incapacitated
  • Who will manage your estate
  • Who will gain guardianship over your children
  • How assets, like real estate, will be liquidated
  • Whether part of your estate should go to charity

These decisions go beyond a mere list of assets with the names of the friends or relatives who will receive them. Instead, a will helps you to guide what will happen after your death in all aspects of your financial and familial life.

3. Understand the Tax Implications

Even with few assets, your will can create tax consequences for your estate and the recipients of your bequests. Before you create your will, you should have a conversation with a Daytona Beach wills lawyer about the taxes your estate and your heirs will pay.

This conversation will help you structure your estate so you can leave something aside to pay any taxes, like your income taxes, that might otherwise fall on the estate. It will also give you some information to pass along to your heirs about their potential tax burdens.

4. Talk to Your Executor

The executor of an estate has a lot of responsibilities. The person who you want to act as your executor might lack the time or health to perform the tasks required. You should discuss your plans with your designated executor to make sure they can do the job.

The executor will help to:

  • Liquidate property
  • Distribute bequests
  • Ensure taxes get paid

The executor will also work with a probate attorney in Daytona to get your will authenticated and approved by a judge.

5. Update Your Will as Needed

You should not think about writing a will as a single event. Instead, you should view it as a process. 

As you acquire or dispose of assets, your will may need to be updated. Similarly, as  your relationships with the people and organizations named in your will change, you may adjust the bequests listed in your will.

The Role of a Wills Attorney in Daytona Beach

Wills and estate lawyers help people to plan. This planning can ensure that your decisions get carried out exactly as you intend. When you speak to a lawyer, both you and your heirs can have peace of mind that your intentions will be legally binding.

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