Even though there are many estate-planning tools, a will is considered to be the cornerstone of most estate plans. A will is a written legal document in which you name the persons who are to receive your property upon your death. States differ on the requirement of a valid will. For instance some states require three witnesses. The state in which you reside – your domicile – will determine the validity of your will for all property, EXCEPT land that you own in another state. To name a beneficiary for that land, you must follow the requirements of the state where the land is located. Therefore, it may be wise to have the will witnessed by three people to insure its validity in all fifty states.
For a will to be valid in the state of Florida: (1) the testator (person making the will) must be at least 18 years of age, (2) the testator must be of sound mind at the time the will is signed, (3) the will must be in writing, (4) the will must be dated, (5) the will must be signed by the testator in the presence of witnesses and witnesses must sign in the presence of each other, and (6) the will must be signed by at least two witnesses.
It is advisable to have an attorney competent in developing and executing estate plans to prepare your will. You can minimize attorney fees by preparing, organizing and managing the following information:
- Goals and objectives for your family and business
- Your family situation
- The financial condition of your estate
- Your own personal desires
- Select your personal representative and a contingent personal representative (person who administers your estate at your death). Title is different in various states.
- Keeping your will up to date. Reviewing on a regular basis and change as law change or family and financial situations change.
Who should make a will?
Many consider that a will is only for the rich or elderly. In fact if you die without a will state law determines how your property will be distributed. This may or may not be how you would wish your property to be distributed. Even though you may have what appear to be few assets now, that situation could change.
Where should you keep your will?
Your will should be kept in a safe, secure place, such as a fireproof file cabinet or safe in your home where you normally keep your important papers, is a good location. Do not forget to inform your personal representative where your will is. You also may give its location to other trusted relatives. If your will is destroyed, even accidental, the interference will be that you destroyed it intentionally, unless your executor can prove otherwise by clear and convincing evidence. Accordingly, your property will be distributed as if you had died without a will. Talk with your attorney about the best place to keep your will.
How and when should your will be changed?
From time to time you may wish to make changes in your will. Do not write on the will. The changes can best be made in a codicil or in a new will. A codicil is a separate document in which you state the changes you wish to make to the original will. The provisions in the original will continue to be valid, except as amended by the codicil. The requirements for the execution of a codicil are the same as the requirements for a will. Revisions may be required because of changes in your finances or your family situation. The will should be rewritten if you marry or divorce, or if children are born or are no longer minors. Changes may be needed if a beneficiary dies or a child or grandchild is adopted, or you inherit substantial assets. In addition, if federal and state laws change, your will may need to be rewritten.
Prepared by: Dr. Josephine Turner
Professor, Family and Consumer Economics
