As much as we would like to avoid, or deny the thought, all of us will eventually pass from this earth. In addition, unlike the ancient Egyptians, we now realize that we really cannot take our worldly possessions with us when we die.
If we fail to designate our wishes by preparing a will or trust, our property might go to the “Wrong” family member. For example, under Florida Law your estate may be divided between a spouse and your children. If those children are under the age of 18, their share will probably be held by the court until they reach that milestone. A child can receive a lump sum of money over which they now have total control and which you worked a lifetime to accumulate. I do not believe I have to spell out how long that money will last.
A Will allows you to spell out who will get those assets, and when they will receive them. If you have young children, you can put in place an arrangement that will spell out who will manage the assets of the children, the circumstances under which they get “an advance”, and the age at which you feel your children will be mature enough to have complete control over their share. You have the power to name a personal representative, a trustee (if necessary) and a guardian (if there is no parent to take care of your children when you are gone). You can also designate replacements or successors for each of these persons if the original designee cannot or will not perform their duty. Finally, if you have a child with special or unique needs, arrangements can be made to treat that child in a different manner than the other children.