Three Important Things To Include In Your Will

Writing a will is one of the most responsible and loving things you can do for your family members. When writing your will, you must make many personal decisions but this also does not mean you can include anything you want in your will. Below, our St. Petersburg wills lawyer explains three important provisions to include in your will.

Interested Individuals 

After you pass away, there are multiple individuals who will have an interest in your estate. These include the following:

• Your personal representative: Also referred to as an executor, your personal representative will administer your estate after you pass away. They will inventory and value the property in your estate, pay creditors and court costs, and eventually distribute the remaining property in your estate to your beneficiaries. This is a very important role and so, it is critical to choose someone who is responsible and trustworthy.
• Your beneficiaries: Your beneficiaries are the individuals or other entities you want to leave your property to. You can name family members, charities, and others. As long as your will is properly executed, you can name anyone you wish as a beneficiary.
• Guardians: If you have minor children, it is also recommended that you name a guardian who will care for them if you and their other parent both pass away. This is also a decision that requires a great deal of thought.

An Inventory of Your Assets 

It is important to draft an inventory of the property you own in your name only. This can include your bank accounts, real estate, vehicles, investment portfolios, cash, and more. It is important that you include any property you wish to distribute to your beneficiaries that you have not already planned for.

That being said, there are certain types of property you cannot include in your will. If you have established a trust and funded it with property, do not include it in your will, as this can confuse things and leave the property subject to probate. You also should not include property you co-own with someone else, or financial accounts with beneficiary designations, such as a life insurance policy.

Legal Requirements 

In addition to outlining your wishes in your will, it is just as important to ensure that your will includes all legal requirements. In Florida, these include your signature and the signature of two witnesses who signed the document in your presence and the presence of each other. In Florida, all wills must also be in writing. Florida law does not require wills to be notarized but taking this additional step makes your will ‘self-proving,’ which can help expedite the probate process.

Our Wills Lawyer in St. Petersburg Can Help 

If you have not yet put your wishes in writing, now is the time to speak to our St. Petersburg wills lawyer. At Legacy Protection Lawyers, LLP, our experienced attorney can ensure your will is executed properly so you and your family are protected. Call us now at 727-471-5868 or fill out our online form to schedule 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