Why A Will Alone Is Not Typically Enough

For many people, estate planning only entails drafting a will. Creating a will is an important part of estate planning, and it can lay the groundwork for other parts of an estate plan. However, simply having a will is not enough for most people. Using only a will does not guarantee that your wishes will be carried out after you pass away or become incapacitated. Although wills certainly have many benefits, they can also cause certain issues for your family.

How Do Wills Work? 

A will is a legal document that directs how you want your assets distributed upon your death. Your will can also designate a personal representative, a person you trust who will administer your estate after you pass away. Within your will you can also name a guardian for your minor children and charitable gifts you want to leave behind. Wills can be fairly straightforward or they can be quite complex. However, a will is only legally binding if it is executed according to state law. Florida law requires you and two witnesses to sign the document in the presence of each other.

Wills are Subject to Probate 

If your will is the only component of your estate plan, you are guaranteeing that your family will have to go to court after you pass away. Many people are under the misconception that a will can help your loved ones avoid probate, but that is not true. In fact, wills only become effective once they are in probate. After the court validates the will, it will then oversee the distribution of your property, which your personal representative will organize.

Probate typically takes about six months for small estates and can take over a year when estates are more complex. Additionally, wills become part of the public record, which means anyone can see your assets and how they were distributed.

You Cannot Include all Assets in Your Will 

Again, many people believe that they can list everything they own within their will and it will be distributed accordingly. This is also not true. You can only include certain types of assets within your will. For example, you cannot include property that is jointly owned. As such, if you co-own property, such as a business, with another person you cannot include it in your will. You can only leave behind your share of the property, and not the entire asset.

You also cannot include property that has beneficiary designations, such as life insurance policies. Accounts with beneficiaries are directly distributed to them.

Our Wills and Trusts Lawyer in Daytona Beach Can Help You Create a Comprehensive Plan 

Wills are very important parts of estate plans, but yours should not form your entire estate plan. At Bundza & Rodriguez, our Daytona Beach wills and trusts lawyer can help you create a comprehensive plan that covers all your needs and will provide for your family in the manner you intend. Call us now at 386-252-5170 or contact us online to schedule a meeting with our attorney and to learn more.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html