Four Things Wills Cannot Do

When many people consider estate planning, drafting a will is often the first thing that comes to mind. Sometimes, it is the only legal tool people think they need. While wills are important legal documents and all adults should have one, there are many functions wills cannot perform. Below, our St. Petersburg estate planning attorney explains what these are.

Avoid Probate 

Many people think that drafting a will ensures their estate will not be subject to the probate process after they pass away. This is not true. In fact, one of the first steps of probate is to prove, or validate, the will. The probate process can be time-consuming and expensive, depleting assets from the estate and leaving less for beneficiaries and heirs. Probate proceedings are also part of public record, meaning anyone can look up what occurred.

Although a will alone does not keep your estate out of probate, there are other tools that can. For example, if you draft a trust, the property within it is not subject to probate.

Distribute All Property 

One of the main functions of wills is to outline how you would like your property distributed after you pass away. However, wills do not distribute all property within the estate. For example, if you have a life insurance policy, you may have named a beneficiary on the account. You can also create payable-on-death designations on bank accounts you want passed to someone else after you pass away. These designations take precedence over the provisions within a will.

Provide Protection During Your Lifetime 

Your will only becomes effective upon your death. Due to this, it will not provide you with any protection if you become incapacitated in the future and cannot make legal, medical, or financial decisions on your own. To ensure you are cared for, the court will have to appoint a guardian and the person selected may not align with your wishes. To avoid this, it is important to draft a power of attorney and other legal documents that can protect you during incapacitation.

Select Anyone as Your Personal Representative 

In Florida, personal representatives are the ones who administer an estate after someone passes away. You can and should name a personal representative you trust in your will. However, it is important to know that you cannot choose anyone you wish. State law in Florida stipulates that your personal representative must be a resident of the state and if they are not, they must be a close blood relative or relative through an existing marriage.

If you wish to choose someone else to distribute your estate, you can establish a revocable trust. When drafting a trust, you can name anyone you wish as the successor trustee and they will be responsible for administering the trust.

Our Estate Planning Attorneys in St. Petersburg Can Help Draft a Comprehensive Plan 

Creating an estate plan is of critical importance to protect you and your loved ones and comprehensive plans include much more than just a will. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning attorneys can advise on the documents that will meet your needs and ensure they are executed properly so you and your family are protected. Call us today at 727-471-5868 or contact us online to request a consultation and to get the legal help you need.

Source:

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