What Does A Will Do?

Many people do not start thinking about their death until they are retired or something significant happens to make them think about the fact that they will eventually die. Whether you are a young adult with few assets or a retired individual with a lifetime of property to leave to loved ones, having a Last Will and Testament is essential. A will is one part of a comprehensive estate plan, and if you are not interested in any of the other components, it is the one you should take the time to prepare. What does a will do? Wills serve several purposes, not least allowing you to control what happens to your assets after your death. To learn more about the many things a will can do and the benefits of having one, call Loughlin Law, P.A. at (561) 677-8384 to schedule a complimentary consultation virtually or in our Boca Raton office and discuss how your estate can benefit from a will.

Will-Related Legal Terms to Know

What does a will do? A will can do many things, but before discussing its many purposes, it is essential to review some legal terms. These terms help individuals understand people’s roles in a will and what those roles entail.

The following terms are essential to understanding a will:

• Testator: This is the person who creates or writes the will.
• Executor: This is the individual appointed by the testator to carry out the will after the testator has died. Florida also uses the term personal representative.
• Beneficiaries: These are the people or organizations who are given bequests in the will.
• Bequests: These are cash gifts or other assets given to the beneficiaries named in the will. Bequests may also be called gifts or inheritances.
• Probate: This is a judicial process that “proves” a will in a court of law and causes it to be accepted as a valid public document. When a person dies without a will, probate settles the estate according to the laws of intestacy.
• Intestacy or Intestate: This is the legal term for when someone dies without a will or other parts of an estate plan. Without a will or other parts of an estate plan, there are no instructions for distributing the estate, and the court must then decide how to distribute it through probate.

What Is a Will?

The CDC Foundation defines a will as a legal document describing how an individual would like their property and other assets to be distributed after death. A will can also be used to nominate guardians for the individual’s children, other dependents, or pets. Each state has its own laws that dictate what must be done for a will to be valid.

Florida does not require individuals to hire an attorney to write a will. However, per FL Stat. § 732.502, the state does require the testator’s signature at the end of the will and the signatures of two witnesses. Codicils, which are documents that amend or add to a will without rewriting the entire original will, must be executed with the same requirements.

What Does a Will Do?

When considering an estate plan or writing a will for the first time, many people wonder, what does a will do? There are several answers to that question. Among the things a will can do are:

• Distribute Assets: A will outlines how property such as real estate, bank accounts, investments, and personal belongings, should be divided among beneficiaries.
• Names Executor: A will names the executor, or the person the testator has chosen to manage their estate, including paying debts and distributing assets per the will’s instructions.
• Appoints Guardians: A will appoints guardians for minor children and pets, if the individual has any. A will can also appoint guardians for other dependents the testator may have, such as adult special needs children, elderly parents, or siblings.
• Instructs Estate Administration: A will provides instructions for administering the estate, such as how debts should be paid and what assets to use to pay those debts.
• Establish a Trust: A will can be used to establish a testamentary trust, which takes effect upon the testator’s death. The will outlines the terms of the trust, including naming the trustee and identifying their powers, naming beneficiaries, and instructions for distribution.

Benefits of Having a Will

People often ask the question, what does a will do? However, the benefits of having a will are just as significant to consider as what the will does.

Reduces Disputes

When someone dies without a will, no one knows what their wishes were for how their property should be distributed. This means the state must take charge and distribute it according to state laws. However, this can lead to disputes among family members or friends, as people will claim that the deceased promised them specific bequests. Without evidence of these promises in the form of a will, this can cause tension and damage relationships, and may keep the estate in probate longer as the court decides what to do. This can be expensive and time-consuming, which may also reduce the estate’s value and leave less for the family.

A will reduces these kinds of disputes. While someone can dispute a will, these disputes are often unsuccessful because they require strong legal evidence, which the individual disputing the will frequently lacks.

Ensures Wishes Are Carried Out

A will is a legal document. This means that, like most other legal documents, what is laid out in a will must be honored. Unless the will instructs an illegal action or is invalid, its instructions must be carried out. A will may be invalid under limited circumstances, such as if the testator was not of sound mind or if they created the will under duress. By writing a will, individuals can ensure that their wishes will be fulfilled even though they are no longer here.

Provides a Plan for the Estate

When answering the question “What does a will do?” one answer is that it instructs how the individual wants their assets distributed. The will can specify which beneficiaries get which assets and which assets may be used to pay off debts, appoint guardians for minor children, and spell out other instructions.

This provides a plan for the estate. This means that the personal representative will know precisely what to do as they administer the estate without having to guess at the testator’s intentions or follow the state’s intestacy laws.

Reduces Estate Taxes

The Department of Homeland Security indicates the possibility of reduced estate taxes by writing a will. This benefit typically applies to larger estates. While the will itself does not reduce estate taxes, specific bequests may reduce them, such as charitable bequests or property passing to a surviving spouse. You can speak with an estate planning attorney at Loughlin Law, P.A. to learn more about whether you could take advantage of this benefit and what other options you may have to reduce taxes on your estate.

Assets Remain in Your Control

There are other options for distributing assets besides a will. For example, individuals can place their assets in a trust or gift them to loved ones while they are still alive. However, these alternatives may require the individual to give up ownership and control over the asset, which may not be something the individual wants to do. By making the bequest in a will, the individual retains control and ownership over their assets until their death, allowing them to do as they wish with their assets, including selling them.

Can Be Modified as Needed to Address Changes

A will allows the individual to retain ownership over their assets until their death, and this also means they can modify their will as needed to address any changes that occur before their death. In addition to selling an asset before they die, individuals may want to make changes to their will for circumstances such as marriages, divorces, births, or deaths, the addition of new assets, the desire to give an asset to a different beneficiary, or the wish to cut a beneficiary out of their will. Trusts and gifts given during the individual’s lifetime may not offer the same flexibility to make such modifications, forcing them to proceed with a bequest they may have decided they do not want to do.

Do All Wills in Florida Need to Go Through Probate?

Most wills will go through one of two probate processes in Florida, called formal and summary administration. Generally, formal probate is required if any of the following apply to an estate:

• The estate is valued at more than $75,000.
• Assets are titled solely in the deceased’s name.
• The estate has significant debts.
• There are no designated beneficiaries.
• The estate is intestate (there is no will).

For smaller estates valued at less than $75,000 and meeting other requirements, there is a simplified probate process called summary administration that they may be able to go through. However, the expedited process requires filing a petition with the court and gaining court approval. This means that even if the estate appears to qualify for summary administration, it may still need to go through the usual probate process.

Who Inherits When There Is No Will in Florida?

When an individual dies without a will, they are said to have died intestate. When this happens, most states have laws that indicate how the estate should be distributed. FL Stat. §732.103 explains Florida’s intestate succession order.

Florida distributes to the closest living relatives first, expanding to more distant relatives if the closest living relatives are deceased or unavailable. Florida distributes an intestate estate in the following order:

• Surviving spouse
• Children
• Parents (divided equally if both parents are still alive)
• Siblings or siblings’ descendants
• Grandparents (divided between both maternal and paternal grandparents if still alive)
• Aunts and uncles or their descendants
• The family of the deceased’s last deceased spouse
• State of Florida, if no living relatives can be found

While it is rare for one’s estate to go to the state because no living relatives can be found, this distribution order only considers legal relationships between the deceased and their family. This distribution order does not consider whether family members may have been estranged, whether the deceased may have wanted a particular asset to go to a specific person, or other personal factors that would have influenced where the deceased would have wanted their assets to go. This is why having a will is so important. What does a will do? A will allows the testator to know that their estate will be distributed as they would like, not as the state is legally bound to distribute it.

How a Florida Estate Planning Attorney Can Assist You

Most people do not enjoy facing their mortality, and writing a will forces you to do just that. However, that’s not all it does. What does a will do? A will provides peace of mind, protects your estate, and gives clear instructions to your personal representative about what your wishes are. A will may also serve other purposes, depending on your wishes and the value of your estate. An experienced Florida estate planning attorney with Loughlin Law, P.A. may be able to answer your questions regarding estate planning and wills, as well as assist you with writing your will. Call (561) 677-8384 for a complimentary consultation where we may review your estate and the legal options available to you.