Make-A-Will Month: What Should You Include in a Will?

Make-A-Will Month 

August is Make-A-Will Month, making it a good time to think about an important question: Have you made a plan for what should happen to your property and loved ones after you’re gone?

Creating a will is something many people put off. Some assume they do not have enough assets to need one, while others simply do not know where to begin. However, a will can be an important part of an estate plan for people in many different stages of life.

A will is not only about deciding who receives your money. Depending on your circumstances, it can address your property, personal belongings, children, pets, and the person you want to handle your estate.

Whether you are creating your first will or reviewing an existing estate plan, Make-A-Will Month is a good reminder to make sure your wishes are clearly documented and that your plan still reflects your life today.

What Is a Will?

A will is a legal document that allows you to state how you want certain property and responsibilities handled after your death.

A will may identify the people or organizations you want to receive your property, name the person you want to handle your estate, and nominate a guardian for minor children.

What Does a Will Do?

Depending on your circumstances, a will can help you:

• Identify beneficiaries who should receive your property
• Name a personal representative to administer your estate
• Leave specific belongings or property to particular people
• Nominate a guardian for minor children
• Provide instructions for certain aspects of your estate
• Address plans for your pets

It is important to understand that a will does not necessarily control every asset you own. Certain property may pass through beneficiary designations, joint ownership, trusts, or other arrangements.

Why Is Having a Will Important?

Having a will gives you an opportunity to make your wishes known instead of relying entirely on the default rules that apply when someone dies without a will.

Choosing Who Receives Your Property

A will allows you to identify who you want to receive property that passes through your estate. This could include a spouse, children, grandchildren, other relatives, friends, or charitable organizations.

Without a will, Florida’s intestacy laws generally determine who inherits property that passes through your estate.

Choosing Who Handles Your Estate

A will can also allow you to nominate the person you would prefer to serve as your personal representative.

Your personal representative may be responsible for locating and protecting assets, paying valid debts and expenses, handling required court proceedings, and distributing property according to the estate plan.

Providing Guidance for Your Family

A clear estate plan can give your family a better understanding of your wishes. While a will cannot guarantee that disagreements will never occur, documenting your intentions can help reduce uncertainty during an already difficult time.

What Should You Include in a Will?

The contents of a will depend on your family, finances, property, and overall estate plan. However, there are several common decisions you may need to make:

Beneficiaries

One of the most important decisions is determining who should receive your property.

Beneficiaries may include:

• Your spouse
• Children or grandchildren
• Other family members
• Friends
• Charitable organizations
• Other individuals or organizations

You may also need to consider what should happen if a beneficiary dies before you.

Specific Gifts

Some people want to leave particular belongings or amounts of money to specific people.

Examples may include:

• Jewelry
• Family heirlooms
• Artwork
• Vehicles
• Collections
• Cash
• Other personal belongings

Specific gifts can be particularly important when certain possessions have sentimental value.

Your Personal Representative

Your will can identify the person you would prefer to administer your estate.

When choosing a personal representative, consider someone who is trustworthy, organized, responsible, and capable of handling financial and legal responsibilities.

You may also want to name an alternate personal representative in case your first choice cannot or does not want to serve.

Guardians for Minor Children

If you have minor children, your will may allow you to nominate a guardian.

Parents should consider who they would want to care for their children and discuss the responsibility with that person before naming them.

Who Should You Name in Your Will?

Deciding who to name in your will can require more thought than simply choosing beneficiaries.

You may be naming people to receive property as well as people who will take on important responsibilities.

Choosing Your Beneficiaries

Think about who you want to benefit from your estate and whether your wishes are likely to change as your family circumstances change.

You may also want to consider alternate beneficiaries in case someone you name dies before you.

Choosing Your Personal Representative

Your personal representative should be someone you trust and who is capable of managing the responsibilities involved in administering an estate.

Being a personal representative can involve paperwork, financial decisions, communication with beneficiaries, and other responsibilities, so the person you choose should understand what the role involves.

Choosing a Guardian for Your Children

Parents should consider more than simply who they love or trust. A potential guardian should also be willing and able to take on the practical responsibilities of raising a child.

Factors to consider may include:

• Their relationship with your children
• Their willingness to serve
• Their living situation
• Their location
• Their ability to provide a stable home
• Their ability to manage the responsibilities of raising your children

What Property Can You Include in a Will?

A will may address many types of property that pass through your estate:

Real Estate

Depending on how property is owned, real estate may be addressed through your estate plan and, in some circumstances, your will.

Financial Assets

Bank accounts, investments, and other financial assets may also be part of an estate plan. However, beneficiary designations and account ownership can affect how these assets pass after death.

Personal Property

Personal property can include:

• Jewelry
• Furniture
• Vehicles
• Artwork
• Collectibles
• Family photographs
• Other valuable or sentimental belongings

It is important to consider both the financial and emotional value of the things you own.

What Happens to Family Heirlooms and Personal Belongings?

Not everything people care about most has a high monetary value.

Family photographs, jewelry, antiques, artwork, furniture, collections, and other heirlooms can have significant sentimental value. When there is no clear plan for these belongings, disagreements can sometimes arise among family members.

Making Your Wishes Clear

If there are specific belongings you want particular people to receive, consider addressing those wishes as part of your estate plan.

Depending on the circumstances and applicable Florida law, certain tangible personal property may also be addressed through a separate written statement referenced by a will.

An estate planning attorney can explain which options are appropriate for your situation.

How Can You Plan for Your Children?

Parents often have two major estate-planning concerns: who will care for their children and how property left for those children will be managed.

Naming a Guardian

A will can allow parents to nominate a guardian for minor children.

It is also a good idea to name an alternate in case the first person you choose cannot serve.

Planning for Your Children’s Financial Needs

Parents should also consider how property left to minor children will be managed.

Depending on the family’s circumstances, a trust or other estate-planning arrangement may be appropriate. An estate planning attorney can help determine which options make sense for your family.

How Can You Plan for Your Pets?

For many people, pets are members of the family. However, pet owners do not always think about what would happen to their animals if they were suddenly unable to provide care.

Choosing a Caregiver for Your Pet

Think about who would realistically be willing and able to take care of your pet.

Consider whether the person:

• Knows your pet
• Is willing to take responsibility
• Has an appropriate living situation
• Can provide ongoing care
• Understands your pet’s medical or behavioral needs

It is important to talk with the person beforehand rather than assuming they will be able to take on the responsibility.

Planning for Pet Expenses

Caring for a pet can involve ongoing costs such as food, veterinary care, medications, grooming, boarding, and emergency treatment.

Depending on your circumstances, your estate plan may include arrangements for funds to be used for your pet’s care.

Florida law allows for the creation of trusts for the care of designated domestic or pet animals, subject to the requirements of the law. An estate planning professional can help determine whether a pet trust or another arrangement is appropriate.

Creating a Pet Care Plan

In addition to the legal side of pet planning, consider leaving practical information for your pet’s future caregiver.

This may include:

• Veterinarian contact information
• Medications
• Feeding schedule
• Exercise routine
• Medical conditions
• Microchip information
• Emergency contacts
• Behavioral information
• Preferred food and treats

Having these details available can make the transition easier for both the pet and its caregiver.

What Happens If You Die Without a Will?

When someone dies without a valid will, they are considered to have died intestate.

How Is Property Distributed?

Florida’s intestacy laws determine who may inherit property that passes through the estate.

The people who inherit property and the amount they receive depend on factors such as the person’s family situation.

Who Handles the Estate?

When there is no will naming a preferred personal representative, the court follows Florida law when determining who may serve.

This is one reason many people choose to create a will: it gives them an opportunity to express their wishes rather than leaving every decision to the default rules of intestacy.

What Doesn’t a Will Cover?

A common misconception is that creating a will means every asset you own will automatically be distributed according to that document.

In reality, some assets pass outside of a will.

Life Insurance

Life insurance policies generally have beneficiary designations that determine who receives the policy proceeds.

Retirement Accounts

Retirement accounts such as IRAs and other qualified retirement plans generally have beneficiary designations that should be reviewed as part of an estate plan.

Jointly Owned Property

The way property is jointly owned can affect how it passes after one owner dies.

Trust Assets

Assets owned by a trust are generally distributed according to the terms of the trust rather than through the person’s will.

For this reason, it is important to coordinate your will with beneficiary designations, property ownership, trusts, and other estate-planning documents.

When Should You Update Your Will?

Creating a will is not necessarily a one-time task. Your estate plan should reflect your current family, finances, relationships, and wishes.

Life Events That May Require an Update

Consider reviewing your will after:

• Getting married
• Getting divorced
• Having or adopting a child
• Losing a beneficiary
• Losing your personal representative
• Experiencing significant financial changes
• Buying or selling major property
• Changes in family relationships
• Moving to another state
• Changes in your wishes
• Changes in your plans for your children or pets

Review Your Beneficiary Designations

Updating your will is also a good opportunity to review beneficiary designations on life insurance policies, retirement accounts, and other financial accounts.

Your will and beneficiary designations should work together as part of your overall estate plan.

Do You Need an Attorney to Make a Will?

Florida has specific requirements for creating and executing a valid will.

Although some people use online forms or other resources to create estate documents, professional legal guidance can be particularly helpful when your family or financial situation is complicated.

When Professional Estate Planning May Be Especially Helpful

Consider speaking with an estate planning attorney if you:

• Own significant assets
• Own a business
• Have minor children
• Have a blended family
• Own property in multiple states
• Want to establish a trust
• Have a disabled beneficiary
• Want to create a plan for your pets
• Have questions about probate
• Need help coordinating beneficiary designations

An attorney can help ensure that your estate planning documents work together and reflect your current wishes.

Conclusion

Make-A-Will Month is a good reminder to create a will if you do not have one, or to review your existing estate plan to make sure it still reflects your wishes.

A will can help you decide who receives your property, who handles your estate, and who you would like to care for your minor children. It can also help you make plans for personal belongings, family heirlooms, and pets.

However, a will is only one part of a comprehensive estate plan. Beneficiary designations, property ownership, trusts, powers of attorney, advance directives, and other documents may also be important depending on your circumstances.

Taking the time to make a plan now can give you and your loved ones greater clarity about the future.

Need Help Planning for the Future?

Creating a will is just one part of planning for your future. As you think about your wishes, it is also important to consider where you want to live, what type of care you may need as you age, and how your family can support you if your needs change.

If you or a loved one is beginning to think about independent living, assisted living, memory care, or other senior care options in Florida, Senior Consulting Advisors can help you understand your choices and find the right fit for your needs, preferences, and budget. 

Our local senior living advisors can help you compare communities, schedule tours, understand pricing and care options, and navigate the process from start to finish at no cost to you or your family.

Call Senior Consulting Advisors at (800) 969-7176 or visit our website SeniorConsultingAdvisor.com today to get started.

Legal Disclaimer

*The information provided in this article is for general informational and educational purposes only and should not be considered legal advice. Estate planning laws can vary depending on your individual circumstances and may change over time. This article is not a substitute for advice from a qualified attorney licensed to practice in your state. If you have questions about creating or updating a will, establishing a trust, probate, guardianship, or other estate planning matters, consult with an experienced estate planning attorney who can advise you based on your specific situation.*

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