Creating a will is a fundamental part of estate planning. However, many fail to recognize the finer points of creating a will. For example, you might use different types of wills for estate planning. What is right for one person might not fit the circumstances of another. Selecting the correct type of will can ease the probate process for your loved ones. This post will cover four types of wills in Florida.
What You Need to Know About Types of Wills in Florida
Simple Wills
Simple wills are the most common type of will and are the most straightforward. It is a basic legal document outlining the distribution of a person’s assets upon death. As the name suggests, these are good for smaller estates that do not involve complex issues. Beyond the distribution of assets, it might appoint guardians for minor children and name a personal representative.
Mirror Image Wills
With mirror image wills, you have two people creating nearly identical wills. However, they are separate documents. Since Florida does not recognize joint wills, this is a standard solution for married couples. In most cases, each party leaves their entire estate to the other spouse. However, all other beneficiaries and provisions are the same. That means they will have the same secondary beneficiaries if they pass away simultaneously.
Pour-Over Wills
Many people create trusts for estate planning. Trusts can have various benefits depending on your circumstances and your estate. However, you might accumulate new assets after creating a trust. Pour-over wills ensure assets not included in a living trust transfer into the trust upon the individual’s death. It can cover assets you may have overlooked while creating the trust and any new assets.
Wills From Other States
As with most legal documents, Florida recognizes wills drafted in other states. However, the will must meet the legal requirements for wills in Florida. That means you should seek the advice of an attorney to review your existing will if you move to Florida.
Consulting an attorney is a good idea when drafting a will. While it may not be a requirement, their knowledge can be invaluable. They can help you select the correct type of will and guide you in creating a document that will meet Florida’s legal requirements.
Do you need help with wills and trusts in Florida? Click here to contact the Scott Law Offices. Our elder law experts are ready to help you navigate the complexities of estate planning. Reach out now to learn more about our services.
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