Your Last Will and Testament will provide all of the essential details of who will inherit your property, when and how they will inherit it, and who will be put in charge of settling your final affairs. With a will-based estate plan, your Last Will and Testament will cover four important points:
- Who will serve as the Personal Representative/Executor, meaning the person who will be in charge of settling your final affairs and insuring that your beneficiaries will receive their inheritance;
- What powers your Personal Representative/Executor will have;
- Who will inherit your property; and
- How and when your property will ultimately be transferred to your beneficiaries.
Note that if you have minor children, then your Last Will and Testament will also cover a fifth important point: Who will serve as the Guardian for your minor children until they become adults.
If you are a Florida resident you should have a Florida will. Even if you spend a portion of each year in another state, residency can be established by various ways:
- Filing a Declaration of Domicile
- Register to vote in Florida
- Florida Driver’s License and plate
- Homestead exemption on Florida home.
- Credit cards and bank accounts.
Generally, Florida residency provides the benefits and has less estate expenses.
Contact us to prepare your living will, designation of heath care surrogate and/or power of attorney.