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Understand What A Will Is As Well As What You Can and Cannot Accomplish By Creating and Executing A Will
Robert J. Kulas PA
Robert J. Kulas
www.KulasLaw.com
A primary part of any estate plan is your last will and testament. Even if you develop a more complicated plan that relies on trusts to protect and distribute your assets, your will still plays an important part of your plan.
The foundation for any comprehensive estate plan is a last will and testament. Although a thorough estate plan typically includes documents other than just a will, a will is certainly a good starting point. Understanding what a will is as well as what you can and cannot accomplish by creating and executing a will is essential.
Robert J. Kulas, PA
www.KulasLaw.com
property if you die intestate. Friends, charities, and anyone else not related to you other than a spouse will receive nothing. Even distant relatives whom you may have been very close to, such as an aunt or nephew, will likely receive nothing from your estate if you die intestate.
If you die without leaving behind a will, or a court determines that your will is incomplete or illegal, Florida has intestate succession laws that will govern who inherits your property. These laws choose different people based on their relationship to you and who survives you after your death.
Make specific or general bequests. A specific bequest might be I give my stamp collection to my nephew Bob Smith while a general bequest might be I give my entire estate in equal shares to my three children. Nominate a guardian for minor children in the event that both parents die before they reach the age of majority. Authorize the sale of estate assets after your death. Determine who bears any tax burden. Create a testamentary trust.
Robert J. Kulas, PA
www.KulasLaw.com
Drafting a Will Alone Can Be Risky Learn Why DIY Wills Are Too Good to Be True Download Your Free Report on Wills Today
Wills that are drafted without the help of a qualified estate planning attorney have a higher chance of error. Wills with a lot of errors may be considered invalid in Probate court. When a Will is considered invalid, the court decides how your assets will be distributed, which may cause additional court fees for surviving loved ones, petitioning to receive certain things. Dangers of Drafting Your Own Will: DIY Wills are easier to contest because many Do-It-Yourself Wills are hard to customize to the specific needs of the testator, thus leaving vague answers about the estate Greater risk of having an invalid Will because a Will isnt valid until witnessed and executed properly in some states Drafting your own Will can make it difficult to remember to update it for certain life changing events such as divorce or the birth of a dependent
vivos or living trusts must also be created outside of a will. Again, because your will only takes effect when you die, if you wish a trust to become effective prior to then it must be created outside of your will. While there are numerous other areas of estate planning that are better handled outside of a will, your incapacity plan and living trusts are two important areas.
Can You Dispose of Property Any Way You Want in Your Will?
For the most part, you may choose to give your property to anyone you want under the terms of your will. There are, however, situations in which the way that property is titled prevents you from giving it away in your will. In Florida, those include: A homestead if you are survived by a spouse or minor child. There are some exceptions to this general rule. A life estate because your legal rights in the property terminate upon your death. Certain types of jointly titled property. In addition, Florida law prevents you from completely disinheriting your spouse unless a marital agreement was properly executed. A spouse has a right to a portion of your estate in Florida. Exactly what your spouse is entitled to depends on a variety of factors, so be sure to consult with an estate planning attorney if you need specific details about spousal rights.
Click Here and Download our FREE report, Dangers of Do-ItYourself Wills and Living Trusts
Robert J. Kulas, PA
www.KulasLaw.com
Essentially, probate is the process where a deceased persons property gets transferred to new owners. While probate doesnt cover all property a person leaves behind, the probate process is basically the same wherever you live.
wills, or you may explicitly revoke a will if you wish to for any reason. Common reasons while you may wish to change your will include: Marriage Divorce Birth of a child Significant change in assets Relocation to a new state Change in laws
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Robert J. Kulas, PA
www.KulasLaw.com
and more complete your estate plan, the less time and expense will go into probating your estate.
Robert is the founder and principal shareholder in the Port St. Lucie and Vero Beach law offices of Robert J. Kulas, P.A. Because he believes that helping his clients manage their personal affairs wisely is one of the most worthwhile professional activities he can pursue, he has devoted his practice exclusively to estate planning. He has invested considerable time and energy helping to educate others in estate planning and is widely regarded as a dynamic speaker who can make even the most complex estate planning issues easy to grasp. He provides free monthly seminars to inform the public on the importance of proper estate planning. Over the past fifteen years, thousands of people have come to hear him speak. Helping people understand their options for estate planning is very important to me, Robert said. I like to think that people in our community can look to me for the kind of quality information they need to decide what is best for them and their families.
Robert J. Kulas, PA
www.KulasLaw.com