At The Williamson Firm, we believe informed clients make the best decisions about their estate plans. That’s why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Contact our office either online or at 904-412-8739 for a Free Consultation to get specific legal advice for your estate plan. In the meantime, here are responses to some of the most frequently asked questions we get about wills from new clients.
WHAT IS AN ESTATE PLAN?
In simple terms, estate planning is a comprehensive set of documents that manages how you want your stuff (money and property) to be managed. The plan covers what is to happen to you and your stuff if you are unable to manage your own affairs or die. An estate plan will include lots of different documents and in today’s post, we will focus on questions you may have about wills.
WHAT IS A WILL?
A will is a legal document that describes your wishes regarding the distribution of your stuff after you die. If you have children under the age of 18, your will may also include information on who will care for them after you pass.
DO I NEED A WILL IF I HAVE NO CHILDREN?
If you die without a will, your stuff will pass to others based on the method established by the state under Florida law. If you have no children, then property will be disbursed to family members. If there are no heirs as defined by Florida law, then the state may acquire the property. So, even if you do not have children, you still need a will if you do not want the state to make decisions for you about who gets what from your estate.
Keep in mind you do not have to create a will to benefit only family. A will allows you to pass your stuff along in a way that will serve what matters most to you: this could be preserving the financial wellbeing of your partner, parents, or siblings, but also setting money aside for the care of a pet, or assisting a charitable organization aligned with your values.
WHAT IF I DON’T HAVE A WILL?
The state will decide what happens to your stuff. There are some exceptions for accounts with beneficiary designations and life insurance, but other property will have to go through a process called probate.
WHAT IS PROBATE?
Probate is a court process that determines whether a person died with a valid will, who will wind up the affairs of the person who died and who will receive their stuff. The probate process is a matter of public record, will generally involve attorney’s fees and court costs, and can be time-consuming.
CAN’T I JUST ADD SOMEONE AS A JOINT OWNER?
You may be asking yourself whether you can avoid probate by adding someone to your accounts or your property as a joint owner. The answer is sure, but this approach comes with risk. If you add a child or a friend as a joint owner, the property or account becomes available to the joint owner’s creditors. This means that if there is a judgment against your co-owner, your property or account could be used to satisfy the judgment. In addition, the person has all of the rights of an owner—in the case of a bank account, for example, this person could drain the account without your permission.
DOES MY WILL AUTOMATICALLY CHANGE IF I DIVORCE?
No. It is crucial to update your will after getting a divorce so that your most recent wishes are reflected in it.
DOES MY WILL AUTOMATICALLY CHANGE IF I HAVE A CHILD?
It depends on the language in the will. If your will specifies an action that will happen to unnamed children (for example: “All of my property equally to my children”), the interpretation would be different than if you made a specific bequest to a named child or children. You should always revisit your will after having a child.
WHAT IS THE DIFFERENCE BETWEEN A WILL AND A LIVING WILL?
A will – also called a last will and testament – comes into effect when its creator dies and directs the executor on how to transfer the property in the estate. A living will, on the other hand, comes into effect when its creator is alive but incapacitated – it tells others what the creator’s preferences and medical decisions are regarding their healthcare.
DO I NEED A LAWYER TO WRITE MY WILL?
This is one of those “can do versus should do” questions. While you do not need a lawyer to write a will, there is a considerable risk to the DIY approach. A will that was not written by a lawyer or that was created using an online form is more likely to be challenged, deemed invalid, or fail to account for significant assets. As a practical matter, this means that your plan is more likely to fail and people wind up fighting over your stuff.
CONTACT AN ESTATE PLANNING LAWYER IN FLORIDA TODAY
At The Williamson Firm, we know you have lots of questions about estate planning, and are here to answer your specific questions. Contact us either by using our online form or calling us directly at 904-412-8739 to schedule a Free Consultation.
