Why Do You Need A Will

There are several reasons why all people should have a Will.  These reasons are universal and apply no matter what the person’s situation and circumstances. 

If you die without a Will (referred to as “intestate”), the State of Florida will decide who will receive your assets.  The Florida Probate Code sets forth a priority of distribution if you die without a Will.  This priority may not be what you intend.  For example, an estranged sibling may receive some or even all of your estate if you do not have proper estate planning.   There is also a chance that the State may receive your property if there are no persons in priority under the Statute.   Most people would rather have their property pass to an individual or even a charity rather than to the State.  In a Will, you can provide exactly who is to receive your property and in what amount or percentage.

If you die intestate, the State will also decide who will be named as your personal representative, the person who will administer your estate under the Florida Probate Code.  The Statute provides priority for relatives in the order of closeness to you, ie. your spouse, then your children, etc.   The person in priority may not be the best person for the job or the person that you would want to handle your affairs after your passing.   If you have a Will, you can name an individual to manage your Estate.  That individual does not have to be a family member, but can be a friend or an institution, such as a bank or other financial company.

Additionally, the costs associated with administering an intestate estate are greater than if you die with a Will.   If you die intestate, your personal representative will be required to post a bond as security.  This requirement may be waived in your Will, and if the Court finds the waiver appropriate as it most often does, your named personal representative will not need to obtain a bond.   Also, with the possibility of a large number of statutory heirs, the general administration of the estate and time expended by the attorney may be greater.

A Will also allows a person to provide for special circumstances, such as maintenance for minor or disabled children, or a spendthrift child, one who cannot manage their own funds.   You can create a trust within your Will, called a testamentary trust, so that a potential beneficiary’s share will be held in trust until a more mature age.  You will select a trustee to make decisions for the beneficiary and to oversee the distribution of any funds to the beneficiary.  In the case of a minor, you can provide that their share be held in trust, otherwise upon your death, a guardianship will need to be established for any minor children, also increasing the costs.   You can also name a “pre-need” guardian in case you and your spouse both die prior to your children attaining the age of majority.  This is the person to whom the Court will give preference to serve as guardian, provided the Court feels this person is in the best interest of the children.

If you have a Will from another State but are now a resident of the State of Florida, you want to have a new Will made in Florida.  If you die with a foreign Will (any Will from a State other than Florida), the costs of administering your Estate may be higher because you may have to have probate in two different states and your Will, while being administered in Florida, will be administered according to a different State’s laws, thereby creating the need for hiring not only a Florida attorney but also an attorney in the other State.

Because of the foregoing, it is highly recommended that you consider your future and your estate planning needs.  Even if you are young and healthy, you should not put it off.   We would certainly be happy to discuss your estate planning options with you.