Last Will & Testament
Estate Planning Benefits Everyone.
Last Will & Testament
Last Will & Testament The Last Will & Testament is a planning device that is only effective once you pass away. All property that passes through a will is subject to the probate process and your will is filed at your death, becoming public record. However, the Last Will & Testament does offer a great deal of benefits and still remains a popular planning tool. Benefits of creating a will include:
- Name your executor or personal representative. This is the person who will take responsibility to wrap up your estate.
- Name a guardian for any minor children.
- Include burial or cremation request.
- Name beneficiaries who will inherit your assets.
The Functions of a Will
If you die without a will, the probate court will determine what happens to your estate, which includes all of the property and assets you owned when you died. This includes the judge appointing someone as the personal representative and distributing your property in accordance with Florida intestate law. These laws are complicated, and intestate succession may not result in a distribution that you would have preferred.
The primary function of a will is to name which beneficiaries will receive which property. This gives you control over what happens to your hard-earned estate, as you know your beneficiaries better than the law does. A will also allows you to do the following:
- Designate who you want to serve as the personal representative
- Name who you would like to become guardians of your minor children when necessary
Requirements of a Valid Will
Florida law requires the following for a will to be valid and enforceable:
- You must be 18 years old
- The witnesses must also sign the will
- You must not be induced by fraud to sign the will
- You must sign the will in front of two witnesses
- You must have the requisite mental capacity to understand the effects of the will, the nature of your property, and the identity of your beneficiaries
- You must not be affected by the undue influence of someone who will benefit under the will
If any of these requirements are not met, people can challenge certain terms of the will or the validity of the entire will. You want a lawyer who can ensure your will is enforceable after your death.
When Should You Draft a Will?
Anyone over the age of 18 should have a valid will in place. Wills are not only for older or very wealthy people, as this document can help your family if you suddenly pass away. You should definitely draft a will if you experience life changes, such as getting married, having children, getting divorced, or obtaining new property.
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To learn more about the revocable living trust or estate planning in general, please visit our blog.
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