LAST WILL AND TESTAMENT
Estate Planning and Trusts Lawyers
A Last Will and Testament can be used in one of two ways. It can be used as a pour over to a Revocable Living Trust. Or, it can be used as a substitute for the Revocable Living Trust. We suggest using the Pour Over Last Will and Testament as it avoids the Probate process and saves our clients’ money in the end, however, we will discuss both here.
First, let’s discuss the reason to have a Last Will and Testament. A Last Will and Testament serves many purposes including but not limited to: designating a person to be the Personal Representative (or Executor) of your Estate (as opposed to the Court selecting such a person), selecting heirs to receive your assets (as opposed to distribution based on state law), detailing burial instructions, detailing instructions for payment of creditors, bequeathing certain personal items to identified individuals (such as a diamond necklace to your daughter), allowing for the creation of post-mortem Trusts, as well as detailing other wishes you may have post death.
The Traditional Last Will and Testament is a document created by Florida Statute. It designates a Personal Representative who submits the Last Will and Testament to the Probate Court and oversees the administration of your Estate. Your beneficiaries are named right in the Last Will and Testament, along with any restrictions (such as age considerations). You can also allow your Personal Representative to create Post Mortem Trusts which are created externally from the Last Will and Testament after your death. The major disadvantage to Traditional Last Will and Testaments are their inability to avoid Probate Administration and Court Supervision.
The Pour Over Last Will and Testament has become the newer, more modern Estate Planning Tool. The Pour Over Last Will and Testament is used in conjunction with a Revocable Living Trust and allows you to avoid Probate of most, if not all of your assets.
Every individual should have a Last Will and Testament detailing their wishes as to the distribution of their assets and other personal items so that the Court doesn’t have to make those decisions for you!
Learn more about each specific Estate Planning strategy by visiting the links below:
- Planning using the Irrevocable Trust
- Planning using the Revocable Living Trust
- Last Will and Testament (Traditional and Pour Over Last Will)
- Incapacity Planning for Health Care and Financial Related Decisions
Contact our Law Firm to obtain a Complimentary Preliminary Consultation on how we can assist you with your Estate Planning, Probate, Legal, Business Law, Real Estate, Tax Planning and/or Tax Preparation needs.
Info@HowardSchwartzPA.com | (561) 997 0000