If you are embarking on the creation of an estate plan for the first time, your first task will likely be to create a Last Will and Testament. Your Will can distribute all your estate assets; however, you may later decide to incorporate a trust agreement as your primary method of asset distribution. Your Will, however, may remain the cornerstone of your estate plan for many years to come. With that in mind, the Vero Beach attorneys at Kulas Crawford & Smith as you if you are ready to create your Florida Will?
What Is a Last Will and Testament?
A Last Will and Testament is a legal document that allows the Testator (the person creating the Will) to decide what happens to their assets after his/her death. Along with allowing you to dictate how your estate assets are handled after you pass away, your Will lets you appoint an Executor. The Executor of your estate is responsible for overseeing the probate process, which is the legal process that is typically required after someone passes away. Finally, if you are the parent of minor children, your Will provides the only official opportunity you will have to tell a judge who you want to be their guardian if a guardian needs to be appointed following your death.
What Is Required to Make a Valid Will in Florida?
Florida Statute 732.501 et seq. governs the Wills in the State of Florida. “Any person who is of sound mind and who is either 18 or more years of age or an emancipated minor may make a Will” in Florida. For the Will to be valid, the Testator must sign the Will or direct someone to sign it for them, in the presence of two witnesses. Florida also allows you to “self-prove” your Will by attaching an attestation signed by you and your witnesses swearing to the authenticity of the document. Although some states recognize holographic (written in the Testator’s handwriting) and/or nuncupative (oral) Wills under certain circumstances, the State of Florida does not recognize them under any circumstances.
What Happens to My Will after I Pass Away?
Shortly after you pass away, the person you named as the Executor of your estate will submit an original copy of your Will along with a petition to the appropriate court to initiate the probate process. During probate, your estate assets will be inventoried and valued, creditors will be given the opportunity to file claims against the estate, and debts of the estate will be paid, including state and/or federal taxes. The remaining assets will be distributed to the beneficiaries named in your Will according to the terms you created in that Will.
What Other Information Should Be Part of My Florida Will Guide?
When creating your Last Will and Testament, you should always be aware of the possibility that someone will contest the Will after you are gone. One way to decrease the likelihood of a Will contest in most states is to include a “no-contest” clause that effectively penalizes anyone who challenges your Will. Florida, however, is one of only two states that will not enforce a no contest clause under any circumstances. That means that someone could try to contest your Will claiming that you lacked testamentary capacity, the Will was not properly executed, or that the Will was the product of undue influence or fraud. The best way to guard against a successful Will contest in Florida is to work closely with an experienced estate planning attorney during the creation and execution of your Will.
Can We Help You Create Your Florida Will?
To learn more, please join us for an upcoming FREE seminar. If you are ready to get started creating your Florida Last Will and Testament, please contact an experienced Vero Beach estate planning attorney at Kulas Crawford & Smith by calling (772) 398-0720 to schedule a consultation.
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