Updating Wills And Beneficiary Designations After Moving To Florida
According to National Public Radio (NPR), Florida added almost 470,000 people to its population in 2024. Much of this growth was caused by migration, both domestic and international. New residents may need to adapt in various ways, depending on their origins. They may need to get used to higher costs of living and higher temperatures, for example. New arrivals may also need to make certain changes to their estate plans. The process of updating Wills and beneficiary designations might seem complex, but these adjustments could be easier with help from an estate planning lawyer in Florida. Many of these changes are also necessary, as your current estate planning documents may be invalid in Florida. To learn more about this process, consider calling Loughlin Law, P.A. at (561) 677-8384.
A Move Is an Excellent Opportunity to Update Your Will
Putting aside the specifics of Florida, relocation is generally a good time to consider updating wills and beneficiary designations. Many estate planning lawyers believe that families should update their Wills every three to five years. Families should also review their estate planning documents after major life changes – even if less than five years have passed since the last update. A clear example of a major life change is a move to a new home in Florida.
Why is it so important to update a Will so regularly? The acquisition of new assets may require certain changes. On the other end of the spectrum, the accumulation of new debts may cause families to update their Wills. Other examples of life changes include marriages, divorces, new children, and much more. After a move to Florida, a family might review their estate planning documents and realize that updates are long overdue. That said, Florida recognizes Wills created in other U.S. states or countries. New arrivals may be able to adjust their existing Wills instead of creating new ones.
Consider Choosing a Personal Representative Who Lives in Florida
Florida has very specific requirements for personal representatives (executors). There are two options: First, a testator may choose a personal representative who is a relative by marriage, blood, or adoption. The second option is to choose a personal representative who is a resident of Florida. If a testator moves to Florida and their personal representative does not fall into these two categories, they may need to select a new one. For example, the personal representative might not be a relative, and they may live in another U.S. state. In this situation, the testator would need to select a new personal representative.
The selection of a new personal representative should not be a complex process, and an estate planning law firm like Loughlin Law, P.A. may be able to assist. Generally speaking, it makes sense to choose a personal representative who lives in Florida – even if choosing an out-of-state relative is an option. However, this can be challenging for new arrivals who do not yet know many people in Florida. Spouses can choose each other as personal representatives, but older couples may benefit more from younger candidates.
Your Will Always Requires Witnesses in Florida
Some U.S. states allow unwitnessed holographic Wills, including California, Texas, and New Jersey. In addition, a few foreign countries allow unwitnessed holographic Wills. However, Florida does not recognize these Wills, and new arrivals should be aware of this fact. Every Will in Florida requires the signatures of at least two witnesses and the testator. While Florida may still recognize holographic Wills, they must meet these requirements. After a move to Florida, it may be necessary to obtain new witness signatures.
When considering whether updating wills and beneficiary designations makes sense, new arrivals should consider the specific probate laws of Florida. Each estate has slightly different probate processes, and the Sunshine State is no exception. If a Will is designed to efficiently pass through probate in a different state, there is no guarantee that it will pass through probate courts in Florida with equal efficiency. For example, there are certain benefits of notarizing a Will in Florida. Unless the Will is notarized, the two witnesses must swear an oath that they saw the testator signing the Will. Residents may want to have their Wills notarized after arriving in Florida to avoid this delay.
Consider the Homestead Exemption in Florida
Many people purchase new real estate after moving to Florida. This is one of the most straightforward ways to establish a “domicile,” and this process gives new arrivals legal residency in Florida. The purchase of new property is an obvious reason to start updating Wills and beneficiary designations. If a testator has an outdated beneficiary designation for real estate previously owned in a different state or nation, establishing a new beneficiary designation for the Florida home is an obvious move.
When purchasing new property after arriving in Florida, residents should also consider the homestead exemption. As per the Florida Constitution, this exemption prevents most creditors from forcing the sale of the property – with no upper limit. As a result, it is possible to move to Florida with considerable debt and purchase property as an asset protection strategy. This exemption extends to beneficiaries, who can inherit the real estate without worrying about paying off the outstanding debts of the decedent. New arrivals may wish to discuss this strategy in more detail with an estate planning lawyer in Florida.
Do I Have to Change Beneficiary Designations After Arriving in Florida?
Beneficiary designations are distinct from Wills because they can skip the probate process. As a result, new arrivals do not need to consider Florida probate law when adjusting beneficiary designations. However, they may still need to adjust these estate planning documents, particularly after purchasing new property in Florida. When it comes to beneficiary designations, the most important step is to clearly identify the beneficiary and the asset. Changes in residency for either the beneficiary or the testator should not matter.
Discuss Beneficiary Designations With Loughlin Law, P.A.
New residents of Florida may choose to speak with experienced estate planning lawyers about updating wills and beneficiary designations. The most appropriate adjustments to estate plans depend entirely on the specific circumstances of each new resident. Relevant factors may include the laws of their home nation/state, the purchase of new property in Florida, and much more. To discuss these factors in more detail, residents can continue this conversation with Loughlin Law, P.A. Dial (561) 677-8384 to learn more.
