Have you ever wondered who would receive your property if something happened to you before you created a will? It is easy to assume that your family would simply divide everything according to what you would have wanted. Unfortunately, it may not be that simple.
When a Florida resident dies without a valid last will and testament, they are considered to have died intestate. Instead of following personal instructions left by the person who died, Florida intestacy laws determine who inherits certain assets. For families, that can mean losing the opportunity to make some very personal decisions before they are needed.
Your Family Does Not Get to Guess What You Wanted
Your loved ones may know exactly what you would have wanted to happen with your property. That does not necessarily mean they have the legal authority to carry out those wishes.
Florida law establishes an order for determining who inherits an intestate estate. The outcome depends on factors such as whether you were married, whether you had descendants, and whether you or your spouse had descendants from another relationship.
This can become especially important for blended families. The result under Florida law may be very different from the plan you would have chosen for your spouse, children, stepchildren, or other loved ones.
Some People You Love May Not Automatically Inherit
Family relationships do not always fit neatly into legal definitions.
You may consider a stepchild to be your own child. You may have a longtime partner whom you consider family. You may want to leave something meaningful to a close friend, caregiver, charity, or other important person in your life.
Without appropriate estate planning, those wishes may not be reflected in the distribution of your estate.
Creating a last will and testament gives you the opportunity to identify beneficiaries and provide instructions that reflect your actual relationships and priorities.
A Will Also Allows You to Choose Who Handles Your Estate
A will is not only about deciding who receives property. It also allows you to nominate the person you want to serve as the personal representative of your estate.
The personal representative has significant responsibilities during the Florida probate process. These responsibilities can include identifying estate assets, addressing valid creditor claims, handling certain administrative matters, and ultimately distributing property to the appropriate beneficiaries.
Without a valid will designating your preferred personal representative, the court will appoint someone according to Florida law.
Choosing that person yourself can provide another layer of clarity for your family.
Parents of Minor Children Have Another Important Decision to Make
For parents, one of the most significant reasons to create a will has nothing to do with money.
A last will and testament provides an opportunity to nominate a guardian for minor children if both parents are unable to care for them.
Without that guidance, a court may ultimately have to determine who should serve. While the court will consider the child’s best interests, the person selected may not be the individual you would have chosen yourself.
Putting your wishes in writing gives the court important information about who you trust to care for your children.
Not Every Asset Is Controlled by Your Will
It is also important to understand that creating a will does not automatically control every asset you own.
Assets with valid beneficiary designations, certain jointly owned property, and assets held in a properly funded trust may transfer outside of the provisions of a will.
This is why comprehensive Florida estate planning involves more than simply signing one document. Your last will and testament, beneficiary designations, account ownership, trust planning when appropriate, and other estate planning documents should work together.
Estate Planning Is Also About Your Lifetime
A last will and testament generally addresses what happens after death, but a complete estate plan should also prepare for circumstances that could arise during your lifetime.
A Florida durable power of attorney can allow someone you trust to handle certain financial and legal matters on your behalf.
A designation of health care surrogate can identify the person you want involved in health care decisions if you are unable to make those decisions yourself.
A living will can communicate your wishes concerning certain end-of-life medical treatment.
Together, these documents can help provide guidance both during your lifetime and after your death.
You Can Make the Decisions Instead of Leaving Them to Florida Law
No one enjoys thinking about what will happen after they are gone. Creating a Florida estate plan, however, allows you to make important decisions while those choices are still yours to make.
A thoughtful plan can identify the people you want to protect, provide instructions for your property, nominate trusted individuals for important responsibilities, and give your family greater clarity during an already difficult time.
At Swank Elder Law, we help individuals and families throughout Florida create estate plans that reflect their lives, relationships, and goals. Whether you are creating your first estate plan or reviewing documents you prepared years ago, we can help you understand your options and determine what planning may be appropriate for your circumstances.
Contact Swank Elder Law today to schedule a consultation and take the next step toward creating a plan that puts your wishes in writing.