Some people in Florida believe that they don’t have enough assets to warrant the creation of a will. While some people can actually get away without any estate plan at all, the fact remains that most people should look into wills and trusts to ensure their estates are well-taken care of after they’re gone. The Huffington Post explains just what can occur if you don’t have an estate plan in place upon your demise.
Conflicts May Arise
While conflicts can happen even with a will in place, they are far more likely if you lack an estate plan. In this case, your estate will go into probate where the courts will decide who gets what. If your family disagrees it can result in a long and contentious battle, which can result in a much strife and potentially lasting divisions. When your wishes are spelled out in a valid will your family is less likely to disagree.
Your Final Wishes Will Not Be Honored
Even if you don’t have an estate plan you probably have some idea of how your want your assets distributed. Without a will your assets will be distributed according to the laws of your state, which can vary quite a bit. This may lead to unwanted relatives receiving assets, which can be heartbreaking to the rest of your family. This can also be costly, as it may be necessary to track down long-forgotten relatives, all at the expense of your estate.
Your Family May Not Be Able to Provide Answers
Even though it’s likely that your family knows you better than anyone else, they might still might not be able to determine how you want your estate handled. This is especially relevant if you’ve already made arrangements that no one else is aware of, such as promising to pay for a relative’s college education. Having an estate plan in place will provide answers when your family cannot, which will be a great relief to both you as well as the people you care about most.