I am in the process of obtaining a 10 year term life insurance policy for my sons to be able to pay off my existing home mortgage in the event of my death, so they can buy or sell the home. What requirements do I need to meet in the state of Florida for legality?
Your Will must be in writing (hand written or typed) and signed by you in the presence of two subscribing witnesses. I do recommend meeting with an estate planning attorney, however, to consider options that would allow your sons to inherit the property without having to go through probate. By saving a few pennies now, your sons may wind up spending several pounds later, all of which could be avoided by using some very simple estate planning strategies. "Penny wise and pound foolish."
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You want a lady bird deed so the house avoides probate. Don’t use a form for that. A good attorney will advise you on the minimum estate planning you should go through. Best of luck!
In order to make a Will valid in Florida you will want to look over and review the Florida Statutes.
732.502 Execution of wills.—Every will must be in writing and executed as follows:
(1)(a) Testator’s signature.—
1. The testator must sign the will at the end; or
2. The testator’s name must be subscribed at the end of the will by some other person in the testator’s presence and by the testator’s direction.
(b) Witnesses.—The testator’s:
1. Signing, or
a. That he or she has previously signed the will, or
b. That another person has subscribed the testator’s name to it,
must be in the presence of at least two attesting witnesses.
(c) Witnesses’ signatures.—The attesting witnesses must sign the will in the presence of the testator and in the presence of each other.
(2) Any will, other than a holographic or nuncupative will, executed by a nonresident of Florida, either before or after this law takes effect, is valid as a will in this state if valid under the laws of the state or country where the will was executed. A will in the testator’s handwriting that has been executed in accordance with subsection (1) shall not be considered a holographic will.
There is much more that goes into estate planning as it related to Power of Attorney, Living Will, Florida Healthcare Surrogates, limitations on being able to dispose of homestead property and much more. If all you are worried about is a Will, the statutes above are a good starting point, I would further encourage you to look up some of the other aspects of estate planning as well.
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