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4 Common Elements a Will Should Address

Fri, Nov 04, 2022 at 1:45PM

4 Common Elements a Will Should Address

Leaving behind a will is an essential step in the estate planning process. It's crucial that you know what elements to include and address. 

A Daytona Beach lawyer can help you organize your assets to ensure you leave behind a legacy for your family, friends, and loved ones.

1. Personal Representative and Beneficiaries

You'll need to appoint a trusted individual to execute your will in Florida. The personal representative becomes the legal representative of your estate and oversees any assets, accounts, and distributions. It would help to consider the financial and legal framework involved in administering an estate before selecting someone. 

An personal representativewill be in charge of a variety of duties, including:

  • Overseeing probate process
  • Distributing assets to beneficiaries
  • Paying taxes and debts on your estate
  • Managing properties and accounts

Choosing someone you trust is vital when you name your personal representative .

Beneficiaries are the people who will benefit from your estate after your death. These parties will inherit property, money, personal items, and other assets as outlined in your will. You must provide a clear list of every individual who is set to receive a gift on your behalf.  

2. A Complete List of Assets and Property

Every well-developed will needs to be as detailed as possible. You must account for all of your property and assets as best as possible because all estates pass through probate in Florida. 

These items include any:

  • Real estate and property
  • Checking and savings accounts
  • Investment portfolios
  • Digital assets
  • Vehicles
  • Cash
  • Items of personal value 

Effective estate planning involves clearly defining your assets to ensure nothing gets left behind.

3. Guardianship for Minor Children

If you have minor children or dependents, you must name a guardian to care for them in case of your death or incapacitation.

Under Florida law, the courts will appoint a guardian for any children you leave behind unless you have a well-directed estate plan. Because of this, naming a guardian in your will can be an excellent way to protect your child's best interests and avoid the difficulties of a custody battle through the courts.

4. Detailed Instructions and Directives

If you want your wishes to be carried out exactly as you want them, you must leave behind detailed instructions. Although your personal representative will be in charge of administering your will, they may not know every detail regarding your assets and directives.

Instructions are fundamental whenever there are time-sensitive disbursements. For example, you may want to give your grandchildren an inheritance only when they reach a certain age.

Additionally, it's wise to include any special instructions for handling medical decisions for your end-of-life care. You can do this through health care directives or by establishing a power of attorney.

A Daytona Beach Lawyer in Estate Planning Can Help

A will is a delicate document that requires careful consideration. Although Florida probate laws can be complicated, a dedicated estate law attorney can help ensure all of your bases are covered and give you much-needed peace of mind. Consult with a Daytona Beach wills lawyer to learn more about planning your legacy.

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