WHICH KINDS OF LIFE CIRCUMSTANCES WARRANT PREPARING A WILL?

Thinking about death is never fun, and most people probably don't like to discuss issues that involve other people dying, let alone having discussions about their own death. At some point, however, everyone must face their own immortality. Preparing a will is one of the things that usually goes hand-in-hand with the realization that no one lives forever. But what are the different life circumstances that warrant executing a will?

Logically, one of the times that it makes sense for a person to create a will is when they have accumulated a certain amount of assets. If the person wants to decide what happens to those assets when they die, they will need a will. There is no threshold level of assets that a person must have for them to draft a will. For some people, $500 in savings may be enough for them to decide that it's time to have a will. Other people, however, may not feel that they need a will until they own something more substantial, like a home.

Marriage is another big life event that should prompt a person to create a will. When a person gets married, they often want to make sure that their spouse is one of the principal beneficiaries of their estate. Furthermore, if a person gets divorced and then re-marries, it is important for them to update their will or draft a new one.

Just like marriage, having children is another time when a person should think about drafting a will. Parents usually want to ensure the financial stability of their children should one or both of the parents pass away unexpectedly. Likewise, they may want to tailor their will, and other estate documents, with specific provisions, based on the child's age.

These are just a few of the common life circumstances that can arise and can make drafting a will more of a priority for a person. Proper will execution is also essential to creating a legally enforceable will. People in Florida who have any questions about how or when to establish their own will and estate plan should contact an experienced probate and estate administration attorney.

Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.

Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.

On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.

Source: The Week, "When should I write a will?," Alexis Boncy, accessed on Oct. 6, 2016