Starting a Family? Time to Create a Will or Trust.

What is a Will?

In Florida, a will is defined as a testamentary document that directs how to dispose of property upon death. The individual creating a will needs to appoint a personal representative or executor who distributes the property after the creator of the will (called a testator) passes. A personal representative must be at least 18 years old, be mentally and physically capable of performing their duties, have no felony record, and either be a Florida resident at the time of the testator'stestator's death or be related to the testator. There are certain basic requirements to create a will, including:

• The testator must be 18 years old
• The testator must be of sound mind when they sign the will
• The signature of the will must be witnessed, the witness can be an individual included in the will, but it is recommended to pick a disinterested party.

A will is final once the testator passes away. That is when it actually goes into effect. Therefore, a testator can amend a will by adding a codicil. A codicil is a separately written addition with the same requirements as a will. The testator can also draft a brand-new will as well.

What is a Trust?

A trust is a legal arrangement where the grantor or settlor gives legal control of their assets to a trustee for the benefit of a beneficiary. In other words, a trust is created to manage assets during sne's lifetime and distributes the remaining assets after your death. A trustee is an individual who manages the trust assets. This can be the grantor themselves, another person, a bank, or even a trust company.

The trust will be presumed revocable unless stated otherwise. This means the trust can be modified during the grantor's lifetime or terminated, as long as the grantor is still of sound mind. An irrevocable trust is true to its name and cannot be changed or revoked after being created. These are often in place for tax planning or asset protection purposes. Finally, there is a type of trust classified as a charitable trust. These trusts are set up for the benefit of a charitable organization or cause.

How Can We Help?

 At MMJ Law, we are the premier estate planning law firm in Florida. Planning for what happens to your assets and how that will impact your loved ones after you pass is an overwhelming prospect. Let us help. If you are starting a family in Tampa, Vero Beach, or Sarasota, call us today to get help creating a will that meets your exact needs. Our Tampa estate planning attorneys look forward to assisting you!