Residents of Miami, Florida, might be aware that approximately 70 percent of Americans do not have a valid will. People have different reasons for not writing a will. While some people think that they do not have a significant amount of assets to include in a will, others avoid writing a will because they think that it may be costly.

However, neither is necessarily true. Writing a will with the help of a lawyer typically costs between $500 and $1,000. Nonetheless, it may cost as little as $75 at a legal clinic. A person can even create a will online with the help of online software for even less than $75.

As far as not having enough assets is concerned, a person may be surprised to learn that the person may have more assets than expected. Importantly, if the person has a house, investments and children, a will is very important. It will help the child to avoid legal issues and court visits after the person or people passes.

In the event of a terrible accident, if both parents die without having a will, what will happen to their estate? Will the child inherit the estate automatically? Who is going to be the child’s guardian if both parents are gone? The answer is that if that situation occurs, the courts will decide on behalf of the child and it may not be a positive experience for the child.

When writing a will, the person should state clearly what is intended for whom. Before writing the will, the person should add up the assets. Those assets may include a house, investment portfolio, retirement plan account or accounts, payout from a life insurance policy and other assets.

If there are minor children involved, the person should designate the guardian of the children in the parents’ absence. Experts recommend that not only should the parent designate a guardian, but the person should also name an alternate guardian in the will, just in case something happens to the first guardian.

Luis E. Barreto