In order to complete your estate planning, inclusion of a will is essential. A will is a written legal document that tells who will inherit your property after your death. A will must be submitted with the Florida probate court after the death of the testator. The court then supervises to distribute the assets as per the clauses therein.
Many people suffer due to the misconception that their estate is not subject to estate taxes and consequently there will be no need for probate. Any estate where assets are going to be distributed through the provisions of a will is subject to probate. It doesn’t matter whether or not the estate is taxable.
If someone dies without a will in place, the state of Florida determines how your assets will be distributed and moreover, the beneficiaries.
Read on to know more information about wills in Florida.
A personal representative is required to report to the Probate Court periodically. Choosing a personal representative is always a hard nut to crack. Therefore, before appointing anybody, his/her minimum responsibility levels should be judged. If someone is thinking of appointing several, he/she should consider Florida restrictions on how many and who may serve.
According to Florida estate preparation law, the spouse is entitled to 30% of the augmented estate. An augmented estate includes both probatable and non-probatable estate. A person can leave whatever portion he/she wants for his/her spouse, but 30% is the minimum requirement as per law. A spouse can, however, erase the question of inheriting augmented estate in either a prenuptial or postnuptial agreement. These practices are usually committed in second marriages.
Preparing a will in the state of Florida is the only possible way to appoint a guardian for your minors in the event of your death.
Assets that are co-owned or which are titled payable on death to a pre-designated beneficiary cannot be governed by the terms of the will. Such assets always pass by the state law and not by the terms of the will. Assets that are co-owned, always create some sort of chaos while distribution. Therefore, it is always better to designate the co-owned assets up-to-date and consistent with the terms of the will.
A not Do-it-Yourself job!
Your will must conform to the state law of Florida and much clearly reflect your wishes after your death. Though preparing one yourself might be tempting, you should know that a Last Will and Testament is just the last thing that you’ll do. You won’t get a second chance to rectify a clause if it gets discovered after your death. So counsel of an attorney is a significant step before you pen down your last wishes.