PROTECTING ASSETS AND THE FAMILY IN THE EVENT OF DEATH: WILLS

Floridians know that death is part of a human's life, and eventually the end of all living things. People may accumulate assets and properties throughout their years. These assets may be distributed in various ways in the event of death. An individual may set up a will protecting assets as preparation for the death. Setting up a will may spare families from a possible fracture of relationships due to the amassed assets and properties.

Wills can be established with the help of a legal representative. A person should write the will while he or she is mentally alert in the presence of witnesses. A person should describe how the assets will be distributed according to the will. A person may also put some conditions in the will regarding inheritance. The power of attorney may be added to the will where an individual is appointed to take care of health care payments and other financial issues prior to death.

Residents may learn from the experiences of famous individuals pertaining to estate planning issues like wills. President Lincoln, who was an attorney before he was the President, left a financial estate with many glitches. His estate was settled after two years after his death.

Howard Hughes, a famous business magnate, philanthropist and aviator died intestate-meaning, without a valid will. Prior to his death, a handwritten will was found and eventually determined as forged. Howard Hughes's $2.5 billion estate was finally settled in 2010 and was divided among his 22 cousins after a series of litigation.

Elvis Presley, on the other hand, was well prepared for his death because he carefully set up wills and trusts. He ensured that his finances would be handled properly after his death.

Still, many people do not have a will. Everyone should have a will so that their possessions go to the people whom they wish to receive certain assets. How one's property is distributed upon death should be his or her choice and not someone else's.

An estate plan is an important set of legal documents for many Florida residents. It likely contains a will and other estate planning documents that set out a person's final wishes. While these documents are not needed until a person's death, Florida residents should avoid the temptation to just file them away and forget about them.

Just like people's preferences for other areas of their life, people's preferences for their estate can change over time. It is important to review these legal documents and update them from time to time. In general, it is recommended for people to review their will at least every three to five years to ensure that it still meets all of their needs. However, there are other times were a complete review of a person's estate plan is necessary.

In particular, it is important to update a person's will after major life changes. These include the death of someone named in the will, the birth or adoption of a new child, a new marriage or following a divorce. These events can all significantly change how a person's estate plan will look.

People should also review their will when there have been significant changes in their estate, when their children reach adulthood, when they reach retirement age or after acquiring a significant asset. If people want to change the guardian named in the will or other personal representative, then a change is necessary. Additionally, changes in state laws can necessitate a review of a person's will.

Creating a will and maintaining it are often no easy task. It is important that people realize that these documents need to be reviewed and updated over time. An attorney can help to create an estate plan and keep it updated so that people can best protect their family.

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: Findlaw.com, "Checklist: Reasons to Update Your Will & Estate Planning Documents," accessed Feb. 9, 2015

Source: Wealthmanagement.com, "Lessons of the rich and famous ... in death," Jim Moniz, Dec. 24, 2012