Last Will & Testament

A last will and testament is the centerpiece of your estate plan. It specifies where you would like your assets to go and you pass away. Even if you do not have assets in your name (for example, your assets are jointly titled with a spouse or child), making a last will and testament is a worthwhile investment. I have seen too many instances where a client believes that all of his or her assets are jointly titled, only to find later on some asset which the client had forgotten about or which was received too late for the client to re-title.

The maker of a will may leave particular assets to certain individuals or may simply leave all of the assets in varying percentages or proportions. It is best to name alternate beneficiaries in the event that a chosen beneficiary predeceases you or dies in a common occurrence. A will also needs to designate a personal representative, sometimes called an executor or executrix. This is the individual who is charged with carrying out your wishes as expressed in the will.

Florida law permits the maker of the will to make out a separate list of household items and other tangible personal property. This can be done without a lawyer and can be amended as many times as you wish, so long as it is signed. The separate writing will be considered a part of the will even though it was drawn up later.

Where you do not wish to leave assets outright to an individual, it is possible to leave an asset in trust. This is highly advantageous if your child is a spendthrift or has creditor or marital problems. It is also useful if you suspect substance abuse. The will leaves the asset to a designated trustee and provides instructions when the beneficiary should receive the funds. Typically, the beneficiary will receive scheduled installments over a period of years. Testamentary trusts, as these trusts are called, are common in second marriages where each spouse has children from prior marriages. The decedent's will may leave assets in trust for the surviving spouse, specifying that after the second spouse's death, the remaining balance will go to the decedent's children.

There is no one-size-fits-all formula in drafting a will. The will must be custom tailored to each client situation and make provision for varying contingencies. The attorney's job at the initial interview is to learn about you r family dynamics and formulate a plan that will address all possible contingencies.