Last Will and Testament

The Foundation of Every Estate Plan

A Last Will and Testament is often the document most people think of first when they hear "estate planning." A will allows you to put your wishes in writing, instead of leaving them to chance.

Having a will is always better than having no plan at all. Without one, Florida law decides who inherits your assets and who raises your children, not you.

 

A properly drafted will allows you to:

  • Name beneficiaries for your assets. You decide who receives what, instead of relying on Florida's default inheritance laws.

  • Appoint an executor. Your executor (called a personal representative in Florida) is the person you trust to gather your assets, pay outstanding debts, and carry out your wishes exactly as you've laid them out.

  • Name guardians for your minor children. This is one of the most important decisions any parent can make, and a will is the only way to legally name who you want raising your children if something happens to you.

What a Will Can Do

  • Name a personal representative to manage and settle your estate.

  • Designate a guardian for your minor children.

  • Express your wishes regarding sentimental or personal property by directing how your assets are distributed among your chosen beneficiaries.

  • Reduce the likelihood of family conflict by making your intentions clear.

What a Will Cannot Do

  • Govern assets that pass by beneficiary designation, such as life insurance policies, IRAs, or 401(k)s.

  • Avoid probate; in Florida, a will must typically go through the probate process before assets can be distributed.

  • Protect assets from creditors during probate.

  • Provide incapacity planning; a will only takes effect at death.

For many families, a will works best as part of a broader estate plan that may include a revocable living trust, a durable power of attorney, and healthcare directives.

A will may be a great fit if:

  • You're just starting out and building your foundation.

  • You don't yet own a home or have significant assets.

  • The people in your life who matter most are already adults, and you're comfortable with assets passing directly to them.

For many families, a will is just the first step. If you have minor children, own a home, or want to avoid the probate process altogether, a Revocable Living Trust may offer more protection and control. We'll walk you through exactly what that looks like in the next section.

Is A Will Right For You?

How Ace Legacy Law, PLLC Can Help

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