August is recognized as National Make-A-Will Month, so we’re diving into the world of wills to celebrate! This month serves as an important reminder to draft or update your will, which can help protect your loved ones, support your values, and make important decisions about your future. A will is one of the most important documents of a comprehensive estate plan.
In this blog, we’ll cover what a will is and what it does, the probate process, what is contained in a will, how to create a valid will in Florida, and how to revoke or amend a will.
What Is a Will?
A will, or last will and testament, is a legal document specifying where you want your property to go after you pass away. It names a personal representative, beneficiaries, and guardians for minor children. A common misconception is that a will controls all your assets. In reality, a will only controls assets that go through the probate process. Assets that pass automatically to a beneficiary outside of probate are not controlled by your will.
Key Players in a Will
- Testator/Testatrix: The person making the will. “Testator” refers to a male, while “testatrix” is a term for a female will-maker.
- Personal Representative: Known in some states as an executor or administrator, this person administers the estate, signs and files paperwork with the probate judge, and wraps up the decedent’s final affairs.
- Beneficiaries: The individuals who inherit property. Beneficiaries can be specific (receiving a particular item), residuary (receiving the remainder of the estate), or contingent (backup beneficiaries).
- Guardians for Minor Children: If you have minor children, your will can name guardians for them if something happens to you.
What Is Probate?
Probate is the court process that is sometimes required to transfer property to beneficiaries after someone passes away. It can be time-consuming and expensive, and it often adds emotional stress for the beneficiaries. However, probate isn’t always necessary; it depends on how assets are titled and whether beneficiaries are named.
Also Read: What is Probate?
Intestate vs. Testate
When someone passes away without a will, the probate process is called intestate administration, and the beneficiaries are determined under the state’s default inheritance scheme, called the “intestacy laws”. With a valid will, the process is called testate administration, and the will outlines who the beneficiaries are.
What Passes Through Probate?
Assets that pass through probate include those that are held in your individual name and don’t have a way to pass automatically to a beneficiary, such as by beneficiary designation or certain kinds of joint ownership. Assets titled in a revocable trust also avoid probate.
Also Review: Does It Need Probate Flowchart
Creating a Valid Will in Florida
To create a valid will in Florida, you must be at least 18 years old and be of sound mind. The will must be signed at the end by the testator and witnessed by two people who are present together with the testator. While notarization isn’t required, a self-proving affidavit can make the probate process smoother.
Also Read: Understanding the Legality of Video Wills in Florida
Amending and Revoking Wills
Amending a will is done through a codicil, which must be executed with the same formalities as the original will. A will can be revoked by creating a new one or by a physical act of destruction, provided there is intent to revoke.
Also Read: Can I Revoke My Will?
Types of Wills
- Simple Will: A straightforward document that names a personal representative and beneficiaries.
- Pour-Over Will: Used with a revocable trust, this will transfers any remaining probate assets into the trust.
- Holographic Will: A handwritten will recognized in some jurisdictions but not in Florida unless it meets all formal requirements.
Where to Keep Your Will
It’s essential to keep your will in a safe place. The original document is required for probate, so ensure it’s somewhere secure. Inform your personal representative where the will is stored, but generally avoid distributing copies. Safe deposit boxes can be tricky to access after death, so consider other secure locations.
Contact Our Estate Attorneys
Protect your legacy today. Book a consultation with our expert estate planning lawyers and get peace of mind for you and your loved ones. We offer in-person and virtual appointments throughout Florida.