3 Things Your Will Cannot Do

Out of all the documents that comprise an estate plan, your will is easily one of the most important. But, even though a will can do many things, there are a number of things your will cannot do.

By going over the three most notable things your will cannot do, and speaking with a Florida estate planning lawyer today at Millhorn Elder Law Planning Group you may have an easier time developing an estate plan that satisfies your wishes. 

01: Your Will Cannot Give Assets To Your Pet 

The state of Florida considers pets to be property. This means your pets cannot be considered beneficiaries. You cannot add pets to your will, as a beneficiary, or give them any of the assets that comprise your estate.

Just as an example, if you would like to give your pet certain items, you cannot do this using your will. Nor can you give your pets money, so that someone else can provide for them.

If you would like to ensure that your pets are safe and healthy, after your passing, you may want to develop a pet trust. You can use a pet trust to provide for your pets, even after you pass away. 

02: Your Will Cannot Force Your Estate To Bypass Probate 

Right before your assets go to your beneficiaries, there is a chance they may need to go through probate. Probate can validate your will and ensure that it wasn’t tampered with. But, it can also create a few issues.

Out of all the issues that probate creates, these two are the most notable: probate often takes around nine months and it can drain the value of your estate.

Here’s one example: you might have a large sum of money you wish to give your daughter. Your daughter may not be able to receive this money for quite some time, though, if it goes through probate.

On top of that, some of this money may be used to pay for the costs associated with probate, which could lead to your daughter receiving less money than you wish to give her.

If you would like to bypass probate, you can develop a trust that does so. A trust can protect your assets from probate costs and help your beneficiaries receive their assets in a timely manner. 

03: Your Will Cannot Protect Your Assets From Creditors 

A will offers no protection from creditors. If you owe money, the assets within your estate can be used to pay off those debts. And, this can happen after you pass away, if your creditors file a claim against your estate.

To protect your assets from creditors, you can develop a trust that offers these protections. If a creditor would like to obtain a portion of your assets, they usually won’t be able to do so, since your assets will belong to your trust. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop an estate plan that satisfies your wishes, you may want to work with a legal professional. Speak with a Florida estate planning lawyer today and we can help you develop the right estate plan. 

Source: 

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/Sections/0736.0408.html