No matter your age, you most likely know about Wills and know that you should create one before your death. However, you may not know that several different types of Wills can be created to suit an individual’s specific needs and circumstances. The following introduces you to these types of Wills, which you can learn even more about by discussing your options with your Millman Law Group attorney. When you begin estate planning, you can consider which of the following is ideal for you and your wishes for your estate.
A Simple Will is what you think of when you hear the phrase “Last Will and Testament.” This Will is appropriate for distributing a modest estate that includes uncompromised assets. Creating a Simple Will also helps you avoid the intestate administration of your estate. At minimum, every person should have a Simple Will. This Will allows you to choose who will be in charge of your estate, and avoids the state deciding who gets your assets under intestate administration.
If you use a trust agreement to distribute most of your estate assets, you will also want to include a Pour-Over Will. A Pour-Over Will is named because it is used to “pour over” the estate assets upon your death.
To do this, you establish a living trust that doesn’t take effect until your death. At that time, the Pour Over Will’s terms dictate that all assets are poured into the trust. The terms of the trust then apply and can be used with a living trust to catch assets that did not make it into the trust before death.
A Living Will has nothing to do with the distribution of your estate. Instead, a Living Will is a type of advance directive that permits you to make healthcare decisions in advance to prepare for scenarios when you can’t make decisions later due to health or injuries.
Florida’s estate planning and probate law are specific to Florida, so many Wills drafted by out-of-state attorneys are not valid in Florida. This is especially true if you have an oral (nuncupative) or handwritten (holographic) Will, neither of which are valid in Florida. If you move to Florida from a different state, it’s best to first consult a Florida attorney regarding the validity of your out-of-state Will.
Conditional or Contingent Will
This Will only takes effect upon the occurrence or condition of an event. For example, the Will “activates” when a beneficiary reaches the age of majority. If the condition event never occurs, the Will does not take effect, and the Testator leaves behind an intestate Will if no other valid Will exists.
If you own assets in another country, you may need an International Will to eliminate confusion during probate. Many countries, but not all, participate in the Uniform Wills Recognition Act established in 1973 by the International Institute for the Unification of Private Law. If you own property in a non-participating country, you should discuss your options with your estate planning attorney.
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.