Florida Wills

Understanding Wills in Florida, What They Can & Cannot Do:

Trusted Elder Law & Asset Protection, your trusted source for navigating the complex world of Will creation in Florida. Learn the importance of wills and understand what they can and cannot do under Florida law, find out if they are right for your situation.

A will, often referred to as a last will and testament, is a crucial legal document that allows you to outline your wishes regarding the distribution of your assets and the guardianship of your dependents after your passing. However, it's essential to understand that while wills serve as vital tools in estate planning, they have limitations, particularly within the legal framework of Florida.

What a Will Can Do:

• Asset Distribution: A will enables you to specify how you want your assets, such as property, finances, and personal belongings, to be distributed among your chosen beneficiaries. Without a will, Florida's intestacy laws will dictate how your assets are distributed, which may not align with your wishes.
  
• Guardianship Designation: For parents of minor children, a will allows you to designate a guardian who will care for your children in the event of your passing. This ensures that your children are placed under the care of someone you trust and who shares your values and parenting philosophy.
  
• Personal Representative (Executor) Appointment: Through a will, you can appoint an Executor, also known as a personal representative, to manage your estate and ensure that your wishes are carried out according to your instructions.
  
• Charitable Bequests: If you wish to leave a portion of your estate to charitable organizations or causes close to your heart, a will allows you to do so.

What a Will Cannot Do:

• Bypass Probate: While a will provides instructions for asset distribution, it does not bypass the probate process in Florida. Probate is the legal process through which a court validates a will, settles debts, and distributes assets to beneficiaries. Certain assets, such as those held in joint tenancy, payable-on-death accounts, or assets held in a trust, may bypass probate.
  
• Address Certain Assets: Some assets are not governed by a will, such as life insurance policies, retirement accounts with designated beneficiaries, and assets held in trusts. It's essential to coordinate these assets with your overall estate plan to ensure they are distributed according to your wishes.
  
• Provide for Incapacity: A will only takes effect after your passing and does not address the possibility of incapacity during your lifetime. To plan for incapacity, you may need additional documents such as a durable power of attorney, healthcare surrogate designation, or living will.

Why Creating a Will is Important:

Having a will is crucial for several reasons:

• Control: A will allows you to retain control over the distribution of your assets and ensures that your wishes are followed.
  
• Avoid Intestacy: Without a will, Florida's intestacy laws will determine how your assets are distributed, which may not align with your wishes or familial circumstances.
  
• Peace of Mind: Creating a will provides peace of mind knowing that your loved ones will be provided for and that your wishes will be carried out according to your instructions.

While a will is a fundamental component of estate planning, it's essential to understand its limitations and consider additional planning strategies to address your specific needs and circumstances.

At Trusted Elder Law & Asset Protection, we're here to help you navigate the complexities of estate planning and ensure that your wishes are honored.

Getting Started with Creating Your Will:

To start the process of creating a Will, self-schedule a free Peace of Mind Estate Planning Strategy Session by clicking HERE or contacting our office at 850-607-2222 or toll-free at 855-ELDER-FIRM. Our knowledgeable staff will provide insights into what to expect and what documents to bring to your meeting.