A will allows you to pass your assets according to your preferences and direct the disposition of your estate. However, it must be carefully drafted in order to be legally binding and minimize the potential for disputes. Talk to a knowledgeable estate planning attorney from Tupper Law, P.A., in an initial evaluation to discuss your legal options.
What Is a Will?
A will is an estate planning document that governs the disposition of a decedent’s estate following their death. Wills serve several critical roles:
- Appointing an individual to serve as the personal representative responsible for managing the estate administration process for the decedent’s estate
- Designating beneficiaries and determining what assets or portion of the estate they will receive (after the estate pays creditors and estate administration expenses)
- Nominating someone to serve as the guardian for the decedent’s minor children if both of the children’s parents have passed away
In Florida, a will must meet specific requirements:
- A testator must place their will in writing.
- The testator must sign the will at the end of the document or direct someone to sign the testator’s name in their presence.
- At least two witnesses must see the testator’s signature or acknowledgment of the signature on the will; these witnesses must also sign the will in the testator’s and each other’s presence.
However, Florida recognizes wills (except for holographic and nuncupative wills) executed by nonresidents outside of Florida if such wills meet the requirements of the jurisdiction where the testator executed the will.
A will can form a comprehensive estate plan with other estate planning tools. For example, a trust can manage a person’s assets during their life and pass them to heirs or beneficiaries outside the probate process. In contrast, a will can manage the distribution of assets remaining in the decedent’s estate when they pass away.
Do You Need a Will?
Some of the benefits of creating a will include:
- Ensuring that assets in your estate pass according to your wishes after your death
- Allowing you to nominate a trusted family member or friend to become guardian for your minor children if they lose both you and their other parent
- Selecting a family member, friend, or advisor to manage your estate following your death
- Avoiding family disputes and complications by leaving clear instructions about who will inherit from your estate and what each of your beneficiaries will inherit
Types of Wills
A person undertaking estate planning may create various types of wills for their estate plan. Common types of wills include:
- Simple will: A basic will serves the core estate planning functions of designating an executor to manage the decedent’s estate and directing the disposition of estate assets.
- Testamentary trust will: This type of will works with a testamentary trust. The will creates a testamentary trust and “pours over” the decedent’s estate into it. The trust then manages the decedent’s assets on behalf of beneficiaries rather than giving those assets directly to the beneficiaries to use as they wish.
- Joint will: Also called “sweetheart” wills, joint wills refer to wills created by married spouses. Joint wills typically mirror one another by leaving the deceased spouse’s estate entirely to the surviving spouse. Couples may also use their joint wills to nominate a guardian for their children should both spouses pass away.
- Living will: A living will serves an entirely different function from other wills. Whereas most wills govern the disposition of a decedent’s estate, a living will contains a person’s instructions, wishes, or preferences regarding their medical treatment, end-of-life decisions, and disposition of their remains after death (i.e., organ/tissue donations and funeral/burial arrangements). People create living wills to instruct loved ones regarding preferences and wishes at the end of their lives.
- Holographic will: A holographic will refers to a will written in the testator’s handwriting. Some jurisdictions recognize holographic wills since the testator’s handwriting tends to prove that the testator intended for the document to serve as their last will and testament. However, Florida does not recognize holographic wills.
Common Mistakes in Will Drafting
Some of the top mistakes that individuals and families make when drafting wills for an estate plan include:
- Not meeting legal requirements: A person may miss various legal requirements for a valid will in Florida, such as not signing the will, not signing in the presence of witnesses, or not having at least two witnesses. Overlooking any requirement can jeopardize the enforcement of the will after the person’s death.
- Choosing the wrong personal representative or executor: Legal issues or disputes may arise if a person selects someone unwilling or unable to serve as personal representative. People should talk to their chosen personal representative to ensure those individuals will serve as a personal representative.
- Overlooking digital assets or other property: People may not cover the disposition of digital assets, such as cryptocurrencies, or other property in their will. Failing to specifically bequeath property in a will results in that property passing under the will’s residuary clause or, in the absence of a residuary clause, under state intestacy law.
Reviewing and Revising Wills
People who create wills frequently make the mistake of not reviewing and updating them periodically. Your wishes, preferences, and estate planning goals can change over time, and your will may not reflect those choices unless you review and revise it. Typical events that should prompt you to review your will include:
- Marriage
- Divorce
- Birth or adoption of children or grandchildren
- Substantial increases in income
- Inheriting substantial assets
- Deaths of the nominated executor or named beneficiaries
- Changing family dynamics (e.g., falling out with certain family members)
Individuals can revise their wills either by executing codicils, which amend specific parts of a will, or creating a new will that supersedes and revokes all prior wills.
Why Choose Our Firm?
Experienced legal advice and guidance can help you build a tailored will and estate plan. Choose Tupper Law, P.A. for legal assistance. Attorney Michael Tupper has nearly 20 years of experience making a difference in the Jacksonville community. His extensive legal knowledge and dedication to positive results provide assurance and support for clients worried about their legal needs and situations. We listen to our clients, help them understand their rights and options, and deliver caring support.
Contact Our Jacksonville Estate Planning Attorney Today
When you create an estate plan, an experienced estate planning lawyer can help you create a will tailored to your needs and objectives. Contact Tupper Law, P.A. today for an initial consultation to discuss your options for your estate plan’s will.
Located in Jacksonville, Florida, Tupper Law P.A. stands as a distinguished legal practice dedicated to offering high-quality legal advice, advocacy, and representation. Our services extend beyond Jacksonville to Yulee, Nassau County, Duval County, Clay County, Orange Park, and Baker County.