Wills, trusts, and other estate planning documents are highly beneficial for all individuals and recommended for every adult, age 18 and up. As a general rule, the sooner you can start estate planning with a knowledgeable attorney, the better off your estate and beneficiaries will be when the time comes to distribute assets or give another person control over your health or finances. In addition to creating a Will, adding some Will provisions will help you further protect your family and wealth. If you die without a Will or trust, your property will be distributed according to Florida’s intestacy laws. To ensure your Will is complete, consider including these three Will provisions.
A Residuary Clause
A residuary clause is a provision that establishes who receives the residue of your estate. Residue refers to the amount that remains for the beneficiaries after all estate expenses are paid. It also includes any assets or property not specifically mentioned elsewhere in the Will or assets without valid beneficiaries.
The purpose of this provision is to capture any forgotten or failed gifts and allow them to go to specific beneficiaries. Without a residuary clause, the probate court can decide who inherits the residue of your estate per the intestacy laws.
Attestation clauses are one of the essential Will provisions in Florida. This clause is necessary because a Will is only valid and enforceable if it conforms to every statutory requirement regarding proper execution.
Florida law requires the testator to sign at the end of the Will and specifies that two witnesses must witness the signature in the presence of the testator and each other. The attestation clause establishes that the witnesses were indeed there to witness the testator’s signature.
Appointment of a Personal Representative
One of the essential Will provisions is the appointment of a personal representative. In Florida, this role is the same as the executor of an estate. This person is responsible for handling your probate estate and ensuring that all terms of the Will are followed.
A personal representative is also a fiduciary whose duties require this person to act in the best interest of the Will’s beneficiaries. The personal representative must naturally be trustworthy but must also meet the law’s requirements.
Your Will is one of the most important documents of your life. This is why it is essential to make sure you don’t miss any critical components. When you draw up your Will with your Millman Law Group estate planning attorney, you can ensure you don’t overlook any important documents, provisions, or decisions.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.