Surveys estimate that at least 50% of Americans do not have a Last Will and Testament. Although Estate Planning can be a complex process for those with significant assets, most people are surprised to discover that their circumstances make writing a Will a relatively simple process. For most Florida residents, a Simple Will is the best way to dictate what happens to your property after you pass away. By writing a Simple Florida Will now, you can make the probate process as efficient as possible. In this article, we provide step-by-step instructions on how to draft a simple Will in Florida.
Table of Contents
Step 1. Understanding the Importance of a Will in Florida
Step 2. Gather Information About Your Assets
Step 3. Identify Your Beneficiaries
Step 4. Identify a Personal Representative
Step 5. Determine the Type of Will You Need
Step 6. Review Florida's Legal Requirements for a Simple Will
Step 7. Draft a Simple Will in Florida
Step 8. Review and Revise Your Florida Will
Step 9. Execute Your Simple Florida Will
Review: Best Way to Make a Simple Will in Florida
Step 1. Understanding the Importance of a Will in Florida
Many people are reluctant to write a Will because they don't believe they have enough assets to justify hiring a lawyer. However, it's important for everyone to have a Will, even if you don't have a lot of assets and you are young and healthy. The most important reason to have a Will is so that you ensure that your property is given to the people you want to have it. Dying without a will is referred to as "dying intestate" and it can have huge consequences for your family. When you pass away without a Will, your property is distributed according to intestacy laws, which strongly favor your immediate family, but maybe not in the way you intended.
If you die unexpectedly without a Will, your family will go through a lengthy probate process that will cost them money. But when you have a Will, the process is faster and it is largely controlled by the executor you name in the Will. And when you have minor children, a Will gives you the opportunity to provide for their care by naming a legal guardian.
Step 2. Gather Information About Your Assets
The process of drafting a Simple Will in Florida starts by making a comprehensive list of your assets. Your inventory of property should include the following:
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Real property (known as "real estate")
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Checking and savings accounts
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Investment accounts (such as an IRA or 401k)
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Personal property (jewelry, clothing, cars, family heirlooms)
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Business ownership interests (e.g., you own part or all of a business)
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Life insurance policies
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Digital assets and online accounts (cryptocurrency, social media accounts, music, photos, frequent flier miles)
Things like life insurance policies, annuities, retirement accounts and cryptocurrency might not pass by Will. If the documents establishing these accounts include named beneficiaries, then those assets will transfer to the people you named on those accounts.
Step 3. Identify Your Beneficiaries
Once you have a clear picture of your assets, identify your beneficiaries. According to Investopedia, a beneficiary is defined as "a person or entity who is designated to receive the benefits of property owned by someone else. Beneficiaries often receive these benefits as part of an inheritance." In this step, you choose the individuals or organizations that will receive your assets after you pass away. Be sure to gather their full names, addresses, and any other necessary contact information.
Step 4. Identify a Personal Representative
Additionally, select the person you want to serve as a personal representative (in other states this person is known as an executor.) This person will be responsible for carrying out your wishes, settling your debts, and distributing your assets. Choose someone you trust. It's helpful to discuss your Will with them beforehand to make sure they are willing to serve in the role. Although some people pick their spouse to be their personal representative in Florida, other options include your attorney, accountant or a trusted friend. You should also name an alternate just in case the original personal representative is unable to serve.
Step 5. Determine the Type of Will You Need
In Florida, there are various types of Wills to choose from, depending on your needs. The most common type is the Simple Will, which is ideal for most people who have straightforward estates. However, there are other options as well, such as:
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Pour-Over Will: Used in conjunction with a trust, a Pour-Over Will transfers any remaining assets into the trust upon your passing.
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Living Will: While not focused on asset distribution, a Living Will expresses your medical treatment preferences if you become incapacitated.
Most people decide to make a Living Will in addition to the Simple Will. You can use FastWill to make Florida Living Will.
Step 6. Review Florida's Legal Requirements for a Simple Will
In Florida, there are some important prerequisites for a Simple Will to be considered valid. These requirements ensure that the document accurately reflects your intentions and protects against fraud or undue influence. Here's what you need to know:
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Age and Mental Capacity: To create a Will in Florida, you must be at least 18 years old and of sound mind. Being of sound mind means that you are capable of understanding the nature and significance of creating a Will.
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Witnesses: Florida law requires that a Will be witnessed by at least two competent witnesses. These witnesses must observe you (the testator) sign the Will and attest to your capacity and understanding of the document's contents. Florida law does not prohibit a beneficiary from being a witness.
Step 7. Draft a Simple Will in Florida
As long as you satisfy those legal requirements, you can begin drafting your Simple Will in Florida. FastWill has consulted with experts in Florida estate planning and our platform can assist you in creating a basic Will which meets Florida's legal requirements.
The Simple Will that you create will include the following key elements:
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Identification: Begin by identifying yourself as the testator and providing your full name and address.
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Beneficiaries and Bequests: Clearly state the names of your beneficiaries and describe the assets or properties they will inherit. Be specific to avoid ambiguity.
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Guardian for Minor Children: If you have minor children, designate a guardian who will assume responsibility if you pass away. Although custody is likely to go to the child's other parent, consider naming an alternate in case that person passes away before you.
Step 8. Review and Revise Your Florida Will
Creating a Simple Will is not a one-and-done process. FastWill strongly recommends that you review your Florida Simple Will when something in your life changes. You should review your estate plans when there are major life events like a marriage or divorce, the birth or adoption of a child, inheritance, a promotion or career change, a move to another state, the purchase of new real estate, or a significant death in the family.
You should also consider reviewing your Will annually even if you haven't experienced a major life event, just to be certain that your wishes haven't changed. If you want to change your Florida Simple Will, you can amend it by creating a codicil (which is an addition or modification). You can also revoke the Will and create a new one.
Step 9. Execute Your Simple Florida Will
To make your Florida Will legally valid, you have to "execute" the Will. This involves specific steps to ensure its authenticity and compliance with Florida's legal requirements:
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Signing the Simple Will: Your Will should be signed in the presence of two competent witnesses.
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Notary Public: While not mandatory, having your will notarized is highly recommended. A notary public can further verify your identity and the authenticity of your signature, making the will "self-proving." This designation simplifies the probate process by eliminating the need for witnesses to testify in court. FastWill has partnered with OnlineNotaryCenter, which can connect you with a notary as soon as you complete your document. OnlineNotaryCenter can set up a remote meeting with you and your witnesses to sign your Florida Simple Will.
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Storage: Safely store your Will in a secure location, preferably in a fireproof and waterproof location. Make sure to tell your personal representative, spouse, or someone you trust where they can find your Florida estate plans.
Review: Best Way to Make a Simple Will in Florida
Here are the key things to remember about making a Simple Will in Florida:
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You need a Simple Will to give you control over your asset distribution. This is particularly true because Florida's intestacy laws may not align with your preferences.
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Before you sit down to make the Will, gather information about your assets, beneficiaries, and personal representative. FastWill will make sure you meet Florida's legal requirements for a Simple Will, including age, mental capacity, witnesses, and notarization.
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Draft your Florida Will clearly, specifying beneficiaries, bequests, and guardianship. Periodically review and update your Will to reflect significant life changes.
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Execute your will legally by signing it in the presence of witnesses and, preferably, a notary public.
Taking these steps ensures that your Simple Will in Florida reflects your wishes and is legally accepted by the probate court.
