If you realize that you need to create or update your will, you are ahead of the game. Many people think that Florida laws automatically distribute their property to the right people. Or they think that if their property is set up to transfer through a trust or planning strategy, a will is not necessary.
But a will remains essential for every adult, and it is important to work with a legal team that is willing to take the time to learn about your unique situation and to create a custom will tailored to your needs and goals. At The Estate, Trust & Elder Law Firm, P.L., we don’t believe in making your objectives fit into a standard document. Instead, we start by ascertaining the features that will serve you best and creating a will that incorporates those features without unnecessary complications. We want to accomplish your goals effectively and efficiently.
It is important to understand what a will can do and what it cannot. A will tells the probate court how property in your estate should be distributed after you pass away. Your will can also nominate a guardian for minor children and you can use your will to create a testamentary trust to provide for the needs of a child, a loved one with special needs, or even a pet.
Wills direct the disposition of property in your estate. In this sense, an estate refers to the property you own at death that is not set up to pass to someone directly. So most people leave an estate behind when they pass away. If you don’t have a will, your property is managed and distributed according to the Florida laws of intestate succession, regardless of what you may have wanted or promised to others.
Even people who don’t think they own very much or people who have taken steps to provide for their assets to pass through other means should still have a will to cover any property that may be left out. However, certain property, such as assets co-owned with someone who has a right of survivorship, or assets in a trust, will not become part of your estate and not be distributed through your will but will pass directly outside the probate process.
One of the most important reasons to establish a will is to inform your loved ones—and the court—about the person you want to be in charge of winding up your financial affairs. Your will should contain a provision nominating someone to serve as your personal representative, also known as an executor. You should also nominate one or more alternates in case the person you name first is unable to serve for some reason.
The designated as your personal representative will need to obtain official authority from the court, but that is usually just a formality. Once they receive letters of authorization, they will have access to accounts and can pay final bills, manage property, fulfill the requirements of the probate process, and distribute assets according to the terms in your will.
Wills can vary in complexity, with some being straightforward and simple while others contain terms establishing trusts and other complex provisions. At The Estate, Trust & Elder Law Firm, P.L., we build wills individually based on the needs of clients, so we don’t have generic categories of wills. But it is helpful to understand some of the provisions that can be included in a will, so here are some examples.
Regardless of your intentions or what you may have promised to loved ones. If you pass away without a will or other estate plans, the intestacy laws of Florida will determine who gets your property. The dedicated team at The Estate, Trust & Elder Law Firm can prevent that from happening by designing the right will to meet your needs and goals. To get started, visit our website or give us a call so we can get to know you and begin assessing the best options to secure your loved ones. Â
