Wills
The Importance of a Will in Florida
A Last Will and Testament (not to be confused with a “Living Will / Medical Directive”) is a foundational planning document that explains how the creator of the will wishes for their assets to be distributed after their passing. Once legally executed, a will only is utilized after the creator’s death. Without one, Florida intestacy statutes decide how your assets are assigned, which may not be in line with your wishes. Once the creator of the will has passed away, the will enters probate, an often slow, time consuming, and expensive process, so that the intent of the will can be carried out.
Probate, which means "to prove," is the legal process where a court oversees the distribution of a deceased person's assets according to their will. In Florida, the individual responsible for managing the estate is called a personal representative, commonly referred to as an “executor” in other states, and they are given specific legal powers to carry out this role. A will often includes specific gifts, known as "specific devises," such as leaving a portion of a bank account to a named individual. After these are distributed, any remaining assets fall under the "residue" of the estate, which is addressed in a residuary clause. This clause directs how leftover assets are to be divided and can also identify a main beneficiary along with backup, or contingent, beneficiaries. This process is sometimes severely slowed down if the will becomes contested, which frequently ends up causing the estate to hire an attorney to protect the assets against claims of parties opposing the validity, or contents of the will. There are strategies attorneys can implement to help minimize this risk in your estate plan including no-contest clauses and ensuring that wills are executed with all the proper legal formalities required.
Key Benefits of Having a Will
- Control Over Your Assets: You decide who your beneficiaries to your personal assets and property are.
- Guardianship for Minor Children: You can ensure who will look after any minor children in the event of your death.
- Reduce Family Disputes: A will, especially with no-contest clauses, can help prevent lengthy and costly legal battles.
- Ease the Probate Process: A legally enforceable will can cut down on certain processes in probate making the process quicker and easier.
What to Include in Your Florida Will
Estate planning can be a daunting process. Here at The Simons Law Firm, PLLC, we try to make the estate planning process as simple as possible. We provide a questionnaire for all clients to fill out, or if needed, a consultation with the client to complete the document together. This provides us with the information needed to begin drafting your estate plan to achieve your specific goals and desires.
