Do You Need a Will?

If you die without a will, you are said to have died intestate. If you die intestate, the state will govern every aspect of your estate. The state will determine who inherits your estate, who manages your estate and who will be guardian of your children. Without a will, you lose a valuable opportunity to determine how such matters will be handled and to make provisions for certain assets or individuals yourself.

There are different types of wills, as seen below. At The McCall Moody Law
Firm we will work with you to draft the appropriate will for your situation. Contact us at 850-656-7753 to schedule an initial consultation.

Simple or Complex Will

One purpose of your will is to state who inherits your assets. The inheritors of your estate are known as the beneficiaries. A simple will does not contain trusts or tax planned provisions. The complexity of the will depends on your circumstances; the variety and nature of assets and beneficiaries; and the plans you would like it to contain. In your will you also name who will be responsible for administrating your estate. This person, known as the personal representative, will see that your beneficiaries receive the assets as directed. A will only becomes effective upon your death and after it is admitted to probate.

Will with Testamentary Trust

A will can have a trust written into it which is called a "testamentary trust." This type of trust becomes effective only after the death of the person who created it. A testamentary trust does not take effect until a probate is concluded and the court has approved the terms of the trust. Testamentary trusts are most commonly used to hold assets for beneficiaries until they have reached a certain age or to control how specific assets are distributed.

Pour Over Will

A pour over will is a will drafted as part of an estate plan that uses a revocable living trust as it disposes of any property titled in your name alone at the time of death. Unlike traditional wills, a pour over will does not contain details for how your assets should be distributed. Instead, a pour over will directs all individually owned property to the trust. The detailed instructions relating to the distribution of the property are contained in the Trust. Like all wills, a pour over will must be admitted to probate to be effective.

The Benefit of a Will when there are Minor Children

Every family needs a will. Most individuals do as well. Oftentimes parents simply assume that the other parent will take care of the children in the event one parent dies. Many never consider what can happens if both parents die at the same time. A will can address many of these issues. A will can be used to appoint guardians for your children. In your will, you can create a simple trust to hold your estate's assets until your children are old enough to handle the estate responsibly. You may wish to appoint a guardian for all or certain assets your children may inherit who is a different individual than the person you chose to care for your minor children upon your death.

In the case of parents who have divorced, it is especially important to consider if you would want your former spouse to be in charge of all of your assets when you die. This is a likely scenario if you die without a will because your child's other legal parent would be the most obvious person for the court to place in charge of the minor child and that child's inheritance without some specific direction from you. Couples who have married when each have children from a previous relationship, whether minor or adult children, need wills to ensure that any assets they want to direct specifically to their own children or for the care of those children will be so directed. Even if you have no children, you need a will to name the beneficiaries of your property.

Single Person without Children

A single person without children who dies without a will and whose parents are alive, leaves his or her estate to his parents. However, that individual may have preferred that a sibling or significant other inherit their estate. In rare cases, people may say "I have no family? Why do I need a will?" Usually a person with no immediate family has a distant relative somewhere who may inherit their estate under the law. But if there are no distant relatives, wouldn't it be better to create a scholarship at your alma mater with your life's gains then to simply let it go to the state?

Further Advantages of a Properly Drafted Will

Having a will also reduces the likelihood that your estate plan will be challenged by potential heirs during the probate process. A properly drafted will greatly simplifies the administration of your estate. A properly drafted will is one of the most important gifts you leave your loved ones. If there is not a will, the probate court will appoint a personal representative, who may or may not be someone you know, to manage your estate. The cost of probate will likely be more than if you had planned your estate with a will. In addition, the administration of your estate may be subject to greater court supervision. If you have a properly drafted and executed will, personal court appearances are generally not needed to probate that document.

Further, a will can be drawn containing a trust which can determine how assets left to care for minor children or disabled persons or in Florida even pets will be managed and distributed, allowing you to continue the care you expected to give should you no longer be able to do so personally. A well drawn will, often accompanied by one or more trusts, can also protect against the impact of certain taxes.

Review of Existing Wills

If you have moved to Florida from another state, it is a good idea to have your will reviewed to ensure that it meets the legal requirements for a valid and enforceable will in Florida. Even if your current will and other estate planning documents were drafted in Florida, it is wise to have them reviewed every few years as the applicable laws and your own preferences and circumstances may change over time.

We can guide you through the process of determining how you would like your legacy managed and who you desire to care for and benefit by those decisions.

Please contact The McCall Moody & Gray Law Firm today if you or a family member would like to set up an appointment to have your situation evaluated.

The McCall Moody & Gray Law Firm is located in the NE area of Tallahassee in the first office complex on the left just past People's Bank on Kerry Forest Parkway. Contact us at 850-656-7753 to schedule an initial consultation.