Seminole Will Lawyer
Your will is a legally-binding statement directing who will receive your property at your death. It nominates a legal representative to carry out your directions and represent your estate. However, the will covers only probate (estate) property. Many types of property or forms of ownership pass outside of probate. Jointly-owned property, property in trust, life insurance proceeds and property with a named beneficiary, such as IRAs or 401(k) plans, all pass outside of probate.
Why should you have a will? Here are some reasons:
First, with a will you can direct where and to whom your estate (what you own) will go after your death. If you died intestate (without a will), your estate would be distributed according to Florida's laws of intestacy, going to your family members in an order of distribution. Such distribution may or may not accord with your wishes. Contrary to popular belief, if you die without a will, all of your assets do not go to the state.
Many people try to avoid probate and the need for a will by holding all of their property jointly with their children or other relatives. This can work in certain situations, but often people spend unnecessary effort trying to make sure all the joint accounts remain equally distributed among their children. These efforts can be defeated by a long-term illness of the parent or the death of a child. A will can be a much simpler means of effecting one's wishes about how assets should be distributed. There are also various tax reasons for not creating jointly held property, as well.
The second reason to have a will is to make the administration of your estate run smoothly. Often the probate process can be completed more quickly and at less expense to your estate if there is a will. With a clear expression of your wishes, there are unlikely to be any costly, time-consuming disputes over who gets what.
Third, a will can choose the person to administer your estate and distribute it according to your instructions. This person is called your "personal representative". One limitation on your nomination is that if your personal representative does not live in Florida, he or she must be related to you by blood.
Fourth, for larger estates, a well-planned will can help reduce estate taxes.
Fifth, and perhaps most important, a will can appoint who will take your place as guardian of your minor children should both you and their other parent both pass away.
To schedule an initial consultation to discuss wills and estate planning, call us at 727.475.6680 or contact us online any time.
