Three Important Elements To Include In Your Will
Drafting a will is one of the most responsible things you can do for your loved ones. You will have to make many personal decisions when drafting your will, but that does not mean you can include any provision you wish. Below, our Daytona Beach will drafting lawyer outlines the three most important provisions to include in these legal documents.
Interested Parties
There will be many parties that have a legal interest in your estate. These include your personal representative, your beneficiaries, and any guardian you may appoint for your minor children.
Your personal representative, sometimes referred to as an executor, will oversee the administration of your estate. They will pay creditor claims and court fees from the estate, manage your property and accounts, and ultimately distribute the property to your beneficiaries. Your beneficiaries are the individuals who will receive the property remaining in your estate.
Lastly, you may also wish to name a guardian for your minor children. This individual will be responsible for caring for your children in the event that you pass away. It is critical to choose a personal representative and guardian who you trust implicitly.
Complete List of Property
You should compile a full inventory of all assets you own before drafting a will. These may include cash, vehicles, real estate, bank accounts, investment portfolios, and more. It is critical to account for all of the property you own to ensure there are no discrepancies.
However, there are certain types of property that you should not include in your will. These include property held in trusts, property co-owned with another person that has a right to survivorship, and financial accounts that have beneficiary designations, such as life insurance policies.
Legal Requirements
In addition to ensuring your will clearly outlines your wishes, it is just as important to make sure the document is legally binding and complies with the requirements of state law. In Florida, all wills must:
- Be drafted of a person who is at least 18 years old, of sound mind when drafting and signing the will, and who is not under duress or undue influence
- Be in writing
- Be signed at the end of the document by the testator and two witnesses who sign in the presence of each other
In Florida, wills do not have to be notarized. Still, if you have your will notarized, it becomes self-proving, which can help things proceed during the probate process.
Our Will Drafting Lawyer in Daytona Beach Can Execute Your Plan
If you are thinking about drafting a will or any other estate planning documents, it is important to seek legal help from a Daytona Beach will drafting lawyer. At Bundza & Rodriguez, our experienced attorney can advise on the important provisions to include in your will and ensure it is executed properly so it is enforceable by the courts and your wishes are respected. Call us today at 386-252-5170 or chat with us online to request a consultation with one of our experienced attorneys.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
