Making a will is one of the most essential estate planning tasks you can complete. Yet many people put it off, unsure of what to include or how to get started. Having a solid will in place is crucial for ensuring your final wishes are carried out and your loved ones are provided for when you pass away. This guide will walk you through everything you need to include in your Florida last will and testament.
Writing a will step-by-step.
While there is no one-size-fits-all template, most will include some standard provisions. Some of the critical components of a Florida will are:
1. Declaration
Your will needs to clearly state that this is your last will and testament and revokes any prior wills. Be sure to include your full legal name and any other names you have used.
2. Name an Executor
Assign a reliable individual to serve as the executor of your will. This individual will be responsible for carrying out the administration of your estate after your passing. Choose someone you trust who is organized and responsible. In the unlikely event that your first choice is unable to serve, you should also designate a backup executor.
3. Identify Beneficiaries
Specify who will inherit your assets by listing each beneficiary by their full legal name. You’ll want to state clearly what each beneficiary will receive from your estate.
4. Name Guardians for Minor Children
If you have minor children, your will must designate a guardian to care for them in the event of your death. Discuss this vital role with a guardianship attorney ahead of time.
5. List Your Assets
Create a detailed list of your assets, including real estate property, financial accounts, personal belongings, vehicles and any other items that make up your estate.
6. Make It Legally Binding
To make your will valid in Florida, it must be signed by you and two witnesses. Their signatures must also be notarized. Some states allow for electronic or remote notarization.
7. Store Your Will
Keep the original copy of your signed and notarized will in a safe but accessible place, like a fireproof safe or safe deposit box. Provide copies to your executor and will lawyer.
By including these core components in your Florida last will and testament, you can ensure your estate is distributed as you wish when you pass away. But creating a comprehensive estate plan involves more than just a will.
Complement Your Will with Other Estate Planning Documents
While your will guides the distribution of probate assets, other estate planning documents work together to transfer and manage property outside of probate. Here are some other documents you may need:
- Living Trust: Holds assets and distributes them privately upon your death. Avoids probate.
- Transfer on Death Deeds: Transfers real estate to beneficiaries without probate.
- Payable on Death Accounts: Pass specific bank accounts or investments directly to beneficiaries.
- Power of Attorney: Names someone to handle finances if you’re incapacitated.
- Advanced Healthcare Directives: Outlines medical wishes and names someone to make decisions if you’re unable.
Consulting with a knowledgeable estate planning lawyer can help you determine which additional documents are right for your goals and situation. The attorneys at Stivers Law in Coral Gables provide comprehensive estate planning services to protect your legacy.
Key Mistakes to Avoid When Making a Will
Creating an ironclad will take care and attention to detail. Be sure to steer clear of these common errors:
- Not having the will witnessed – Florida law requires two witnesses for your will to be valid.
- Forgetting to name a personal representative or alternate.
- Failing to update your will when major life events occur.
- Not being specific enough in descriptions and instructions.
- Not coordinating your will with other estate planning documents like trusts or beneficiary designations.
- Choosing an executor who is unable or unwilling to serve.
- Making handwritten notes or changes that have not been incorporated into the will formally.
Make Changes to Your Will As Needed
Your will should be reviewed every 2-3 years and updated anytime a major life event occurs. Common reasons to make changes to your Florida will include:
- Marriage, divorce, or death of a spouse
- Birth or adoption of a child
- Illness or death of your chosen executor, guardian or beneficiaries
- Change in financial circumstances
- Move to a different state
- Purchase of significant assets
- A substantial increase or decrease in wealth
Modifying your existing will is easy. Use a codicil form, which is an amendment that details the precise changes to make. More significant changes may require drafting a new will. Having an estate planning lawyer handle any updates can help prevent errors.
Working With Stivers Law for Your Florida Estate Plan
The estate planning attorneys at Stivers Law have the experience to guide you through making a customized, legally valid will while avoiding any pitfalls. We take the time to understand your wishes and family circumstances, tailoring a plan that fits your unique needs.
