A will ensures that your assets are distributed according to your personal specifications. Floridians may have one of five types of wills:
- Simple will. A simple will provides for probate assets to be distributed to the beneficiary, usually a spouse). A simple will is typically not enough, and will likely have to go through Florida probate court.
- Complex will. A complex will is more complicated that a simple will, and often includes multiple heirs (blood relatives receiving property per the provisions of the will), devisees (non-relatives receiving property), legatees (a party receiving a legacy of some kind, such as a non-profit organization) and/or conditions.
- Will with testamentary trust. This type of will may be used in the absence of a trust. Given the difficulties and expenses which may arise if one does not set up a trust, this type of will is typically not advisable.
- Pour–over will. A pour-over will is used in combination with a revocable living trust. If the trust was properly funded, then probate may be avoided (if the will contains assets of less than $100,000 or does not contain real estate). However, if the trust was not properly funded, this type of will ensures that the decedent’s assets “pour over” into a revocable living trust.
- Holographic wills. A holographic will is a hand-written will which has not been witnessed, and is not valid in Florida, regardless of whether it was written in another state and is valid there.
A trust or “revocable living trust” is a document that designates the management of your personal assets to a trustee or trustees. A trust is referred to as a “living trust” if it is set up while you are alive. “Revocable” means that the trust may be changed at your discretion during your lifetime, provided that you are of sound mind. The party who initiates a trust is known as the grantor. Typically, you will also include yourself as a trustee of your own revocable living trust, so you can maintain control of your assets throughout your life. Your spouse is also commonly chosen as a trustee. Beneficiaries of a trust often include children and other loved ones, although an organization such as an alumni fund of a university or a charity may also be named as a beneficiary of a trust.
The combination of a will and a revocable living trust ensures your assets are distributed according to your wishes and offers you and your loved ones peace of mind. It may also reduce the possibility that any of your loved ones will have to endure a will contest or other probate dispute.
The Law Offices of Paul J. Healy are prepared to assist with these matters as well. Contact us today at 904-391-0029 for a free consultation.
