Estate Planning - Wills

So what do we derive from reading these wills? Some makers may seem foolish or ill-planned, but to them they were perfectly logical and exactly what they wanted.

Whether you are famous, infamous, or neither, you have the opportunity to set forth how your estate assets will pass at your death. There is no “right” or “wrong” way to leave your estate. That is completely your own decision. The purpose of a will is to specify who you want to receive your hard-earned estate regardless of its size.

• What if you die without a will living in Florida? The State of Florida will make your will for you — whether or not, you like the arrangement. The best course is to make your own will, with careful, deliberate planning. Once that is done, you can sleep well at night.
• And what if you make your will and later change your mind? You are always free to change your will as often as you change your mind.
• Who needs a will? Anyone over age 18 needs a will — regardless of the size or complexity of the estate.
• If a couple owns all assets jointly, do they need a will? That depends. Do you want all your assets to pass to your spouse, or do you want to make provision for some other family members at death, perhaps children by a former marriage, an elderly parent, or a financially-strapped sibling? Estate tax reasons may dictate that joint ownership is not always to best way to hold property. Joint ownership may work out the way you want, but then again, why take the chance and run the risk of having your wishes frustrated?
• Who do you want to manage and settle your estate, according to your will called your “Personal Representative”? In your will, you can name anyone whom you trust to administer your estate. Serious discussion should be made in selecting a personal representative, since the probate court places full responsibility on that person to administer the estate properly. Those duties include determining the validity of creditor claims, collecting and gathering estate assets, filing inventory, canceling existing accounts of decedent, filing federal fiduciary income tax returns, and possibly federal estate tax return, selling assets, filing accounting, valuing estate assets, and making final distribution of estate assets.
• What about minor children? You can create a trust or trusts in your will for any minor children, or any adult children, until they reach a certain age of responsibility. These trusts will then protect your estate against any loss or dissipation that might result from giving them funds too early. If you fail to include trusts for minor children, at the age of 18, minors become entitled to their inheritance, regardless of whether they are capable of receiving it.
• What about burial or cremation instructions? Your will does not take effect until you die, and therefore you should make separate provision for these arrangements, stating your funeral and burial preferences.
• What about gifts to charity? If you die without a will, your estate will pass to your closest family, and nothing will go to your favorite charity. However, in your will, you can make provision for an charities you wish, and possibly receive a tax benefit by doing so.
• Can I just prepare my own will? Preparing a will is not a job for amateurs. Every will must be tailor-made to fit your particular circumstances. All wills in Florida must be prepared and executed according to Florida law – including signing before two independent witnesses and a notary public. At death, the original signed will must be submitted to the court. A copy is not acceptable, since the court assumes that the decedent destroyed the original before death. It is extremely important to devote your time and attention to making your will, so you can know for certain that your wishes will be carried out. After working hard to acquire your estate assets, why take a chance on a do-it-yourself kit that might not be valid at death?
• What about proceeds of life insurance and pension plans – do they pass through my probate estate? If insurance policies or retirement accounts name a beneficiary, upon death of the decedent, the proceeds will be distributed to the named beneficiary, and will not go through the probate estate.
• Does my will avoid probate? No, to the contrary, if anyone dies in Florida owing assets in his/her own name, his/her estate will be administered under the supervision of the probate court. The probate process is necessary, and can sometimes be time-consuming and expensive. The alternative to probate is through use of a revocable living trust.