I’m Too Young for a Will… I’ll get one later…
Having a will drafted is probably one of the most overlooked things a person needs, however, it can be one of the most important documents you’ll ever have drafted. And you’re not too young for a will. Granted, we all like to believe we’ll live forever… the problem – you won’t. Sad but true, we’re all going to face that inevitability someday. A will allows you to the peace of mind of knowing exactly what will happen to your worldly belongings when you pass away. Included in this is going to be your business interests. Your interests are assets and part of your estate. A will is your opportunity to dictate how these interested will be passed.
What Happens if I Don’t Have a Will?
If you don’t have a will, your estate will be probated and will be distributed according to Florida Statutes Chapter 732. The legal term is called Intestate Succession. Essentially, the Florida Statutes sets out a number of scenarios, going down a list of kin, to which the assets will be distributed. This could mean a number of things for your small business… including its demise. An attorney can draft a custom will for you in a matter of days that will protect your interests and distribution of your assets so you can worry about living and not about passing.
Can I Change My Will?
Of course! Our advice is to have a will drafted early and then change it as necessary throughout your life. A fact of life is that it constantly changes… as such, so may your will. While there are a few instances in which a will can’t be changed (i.e. you’re not of sound mind), in general, you can make whatever changes you want to make in how your estate will be distributed. A skilled attorney can help advise you on how best to accomplish your estate goals so that your heirs won’t be entangled in long legal battles. We cannot stress enough the importance of a will to the small business owner. While the stress may be onerous, remember that this document will allow you create your own legacy… and not a probate court.
Isn’t a Will Too Expensive Right Now? I Don’t Really Have That Much…
A will, especially a “simple” will, is really pretty inexpensive, but it not only protects and dictates how your estate, no matter how small or large it may be at your passing, is ultimately distributed. At Carpenter Gandhi, our normal flat rate for a simple will is $475.00 per will. While the rate may be higher for more complex estates, we attempt to work our rates to fit your needs. And, the initial consultation is absolutely free – at least you can discuss where you are, what your needs are, and we can discuss a plan to get you there.