Wills and Estate Planning

Your will is a legal document that designates where you want your property and assets to go upon your death.
Wills commonly contain:

1. your name
2. the name of your spouse and the date of your marriage
3. The names of all of your children (and any foster and stepchildren)
4. the revocation of prior Wills
5. allocation of special gifts
6. distribution instructions for what remains of your estate after payment of debts, taxes and any other administration expenses
7. nomination of a Personal Representative
8. powers given to the Personal Representative
9. nomination of a designated guardian of your children, plus alternates
10. waiver of the surety bond requirement

If your estate is small, you may believe it won’t be subject to estate taxes, and therefore won’t need probate. In reality, any estate where assets are distributed via a will is subject to probate, regardless of whether it is taxable.

If you die without writing a will (intestate), the State of Florida––a judge, specifically–– will divide the assets and decide who gets them. It is far better to plan ahead so that the government doesn’t have to be involved in such an important event.

Personal Representative
Before you appoint your personal representative, there are multiple factors to consider: sense of responsibility, geographic location, schedules, etc. If you would like to appoint a number of co-representatives (your husband and two sisters, for example), please be sure they can work together to solve problems an a civil manner. Florida also has restrictions on who can represent you. For example, the regulations allow you to select an out-of-state representative only if he or she is a relative. Your attorney can help you think your decision through until you arrive at choice that works for you and your family.

The Elective Share
You must leave your spouse at least 30 percent of your property (the minimum required by the state of Florida) unless he or she waived the elective share in a prenuptial agreement. This commonly happens in second marriages, when spouses wish to ensure that children conceived in prior marriages will receive their inheritance.

Care of Children
If you have children under the age of 18, a will is the sole method of appointing guardianship for your child if you should die.  

Co-owned Assets
Assets you own with someone else are not governed by the terms of your will, because they pass by operation of law, outside of the will. If any of your assets are co-owned or possess a designated beneficiary, keep the information about them in your will update as much as possible.  

A Will is a Legal Document
Wills must keep with state laws and should clearly reflect your desires. Remember: a Last Will and Testament is exactly that -- the last thing you'll ever do. Please contact Mary Jo Rivero in Hollywood and Pembroke Pines, FL of at 1-888-649-3757.