What Should Be Included in Your Will
Regardless of your age, a will is an important document that can help your family determine what to do with your possessions and assets after you pass away. Dying without a will can cause undue stress and turmoil for your loved ones.
In addition to who should get an inheritance, there are a few other things to include in your will, such as who will be the executor of your estate.
Learn what you should include in your will from Elaine McGinnis P.A, so you can rest assured that your assets are protected when you pass away.
What is a Will?
A will, also called a “last will and testament,” is a legal document that details your wishes regarding the distribution of your property and assets, as well as the care of any minor children. If you die without a will, your wishes might not be carried out as you planned.
It is important to note that a will does not cover everything, so you might consider drafting additional estate planning documents to meet your needs including:
A living will for your medical decisions
A letter of intent to express your wishes
A durable power of attorney (DPOA) in case you need someone to make financial or medical decisions for you.
Though no single document can resolve every issue that might arise after your death, a properly executed estate plan can provide peace of mind for you and your loved ones. Now, let’s discuss what should be included in your will.
What Should Be Included in Your Will?
To ensure that your wishes are carried out following your death, here are some important things to include in your will:
Personal Information
You must include your full name. It also might be helpful to include a list of any other names that you go by as well as the name of your spouse and family members along with their relationship to you.
Testamentary Intent
Your will must be properly worded to state that it is in fact, a will. This is frequently done with a phrase like "This is my final will and testament," but it can be any wording that expresses your desire to leave your property and assets to certain people once you pass away.
For a will to be valid, testamentary intent is required.
Assets and Beneficiaries
Specifying the assets you intend to leave behind and the recipients is one of a will's most crucial elements. Assets including cash, possessions, and even real estate might be donated.
The beneficiary of your will can be a family member, friend, business, charitable organization, or trust. It is also wise to consider including a contingent beneficiary in your will, which defines who will receive the assets if the primary beneficiary is deceased or unable to receive them.
It is important to take special care in naming certain beneficiaries, such as a civil partner if you are in a domestic partnership but not married. If you don’t, they might not be able to take possession of what you left for them in your will since they aren’t next of kin.
Appointment of Personal Representative
Selecting an executor, also known as a personal representative, is a necessary step in the will-writing process. Your personal representative will manage your affairs and complete estate after your death, including submitting your tax return and paying any outstanding obligations, in addition to transferring your assets to your beneficiaries.
The personal representative of your will can be a family member, trusted friend, or lawyer.
There are requirements under Florida law regarding who may act as a personal representative, such as residency requirements for non-family members and the person may not have a felony record.
If you forget to name an executor in your will, someone will have to apply with the probate court to act as your personal representative to handle your estate. If no one applies, the court will name one for your estate.
Appointment of Guardian
If you have minor children, you should name someone to act as their guardian if you and your spouse pass away. You can also name a guardian for other dependents that you might have, such as a disabled adult child or a senior parent. If you do not name someone, the court will choose for you.
Learn More> Estate Planning for Families
Signatures
In Florida, your will must be signed by you and two competent witnesses. The witnesses sign the document confirming the testator’s (your) identity.
Notarized Self-Proving Affidavit
In Florida, you should include this short affidavit in your will to make it self-proved, so your witnesses don't have to testify in probate court after you die, causing delay and added expense.
Plan Your Estate
Don’t wait to create a will and a plan for your estate in Florida—regardless of your age. Our Tampa estate lawyer can help you develop your will and ensure that your wishes will be carried out when you pass away and can also provide solutions to avoid probate at death.
We are known for our compassionate approach to estate planning. Contact Attorney Elaine McGinnis to begin drafting your will today; (813) 851-3380.