A Will, or “Last Will and Testament,” is the legal document by which an individual (also known as the Testator) expresses his or her final wishes for the management of his or her estate. This includes the distribution of assets, guardianship for minor children and burial instructions. Without a properly executed Will, a person is deemed to die intestate and his or her assets will be distributed pursuant the state’s intestacy statute.
Practically speaking in Florida, intestacy means that all of your assets will be distributed pursuant to the Florida statute, regardless of your intent. Additionally, under intestacy your Personal Representative or Executor, will be appointed by a judge.
Intestacy becomes extremely problematic if you die and have a minor child, as that child’s guardian will also be determined by a judge. The Court will base its decision on the best interests of the child, a vague standard with potentially catastrophic results such as disputes among relatives.
Although a Will can adequately provide for the distribution of assets upon your death, it does not sufficiently provide for your necessary care in the event you become incapacitated. The other major drawback of a Will in comparison to a Revocable Trust is that it must proceed through the costly and public probate process. Once a Will is probated, it becomes a public record and can be viewed by any member of the public.
Our expert attorneys here at Morris Law Group strive to simplify the process of securing your estate’s future by helping you choose the right option. If you have already written a Will, we can work with you to ensure that it is legally sound and in the best interest of you and your family. Contact our office for a consultation today!
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.