Expert Advice When You Need It Most
Posted over 3 years ago. Applies to Florida, 3 helpful votes, 0 comments
1
What is a Will?As a way of general information, let’s review what a Will is. Most estate plans contain a Will document, and are often referred to as a “Simple Wills.” A Will document is a foundational part to almost everyone’s estate plan, and provides written authority as to the disposition of your assets, and perhaps who you wish to take care of your children. Every Will should have a person designated as a “personal representative” (or may be called an “Executor” depending upon the state where you live) that you wish take care of paying your debts and making sure that your wishes are carried out. 2
Can a I use a Simple Will?What makes a simple Will “simple”? The term “simple” has nothing to do with the document not being complex – most simple Wills are quite complex in their construction, and are very structured documents that comply with the formalities of the state where the person resides. Basically, the term “simple” means that the Will contains no trust provisions (we’ll discuss trusts in the next several posts). A simple Will makes an outright provision for passing the asset directly to the beneficiary without having it administered for their benefit by someone else (called a Trustee). 3
What if I have minor children?If you have children that are under the age of 18, then you most likely will not be able to use a simple Will. You will need to consider some type of a trust document as part of your estate plan to ensure that your assets are managed for the benefit of your children. However, if you are under age 50 and don't expect to leave assets valuable enough to be subject to Federal estate taxes, you can probably get by with only a basic will. But as you grow older and acquire more property, you may want to engage in more sophisticated planning. 4
What do I do with my Tangilble Pesonal Property?For tangible property, such as household furnishings, art work or jewelry, there is no title or “deed” of ownership so a specific designation in either made by a referenced list in the Will or specific bequest within the Will is necessary to designate who is to receive the property. You may have heard that "possession is 9/10th's of the law" and there is some merit to this perspective. Unless someone has written evidence to the contrary, it is generally presumed that if a person has possession of an article in their routine place of work or home, the article belongs to the person. You should make it clear in your Will what you wish to happen to these types of Tangible Personal Property. 5
If I name a Beneficiary in my Will, can they make a claim or mortgage the property I intend to leave them?Any potential beneficiary has NO interests in a person’s property prior to death. In legal terms, it’s considered to be a “mere expectancy” and has no legal bearing and the property rights of the current owner. If the property is sold, destroyed, or lost, the named beneficiary has no rights for claim. Also, it is entirely possible that the beneficiary could pre-decease the person who made the Will . Depending upon how the Will is drafted, the heirs of the beneficiary may or may not have a right to later claim property in the beneficiary’s name. 6
Do I have to disclose the contents of my Will to my family?No, you are under no obligation to disclose the contents of your Will to anyone prior to your death. It is a good idea to discuss your naming of persons as personal representatives to make sure that they are willing to serve prior to drafting and execution of the Will, but even that is not required by law. I generally recommend that a person discusses with their family and domestic partners the contents of their Will to minimize legal disputes later, but this is NOT a requirement of the law. A last important consideration in drafting your Will is to remember that this document will ultimately be considered “public” information. Once your Will has been admitted to probate, your wishes are a part of the public record. If you have concerns about the privacy of your affairs, you may wish to work with an attorney to set up a trust that will ensure that your assets will not go through the Probate process, and therefore will be kept quite confidential. Additional ResourcesMany of the Circuit Courts have additional guides available. Please check with your County Clerk - Probate Division office for additional information. Related Questions1 Attorney answers: 
Asked by a user in New York, NY - almost 4 years ago. 3 Attorney answers:
Asked by a user in California - about 3 years ago. 2 Attorney answers: 
Asked by a user in Pittsburgh, PA - about 2 years ago. Find Ethics LawyersRelated Searches |