NEWS ARTICLE

NEWS ARTICLE

For: Release week of January 7, 2002

To: Rotating News Article

By: Linda K. Bowman, Ext. Agt. IV - Family & Consumer Sciences

Santa Rosa County Extension Service

Telephone: 850/623-3868 or 939-1259, ext. 1360

Preparing Your Will

Even though there are many estate-planning tools, a will is considered to be the cornerstone of most estate plans. A will is a written legal document in which you name the persons who are to receive your sole property (property owned in your name only) upon your death. States differ on the requirements of a valid will. The state in which you reside -- your domicile -- will determine the validity of your will for all property, EXCEPT land that you own in another state. To name a beneficiary for that land, you must follow the requirements of the state where the land is located. Therefore, it may be wise to have the will written to comply with laws in all states where you own property.

For your will to be valid (that is effective and enforceable) in the state of Florida:

_ The testator (person making the will) must be at least 18 years of age or an emancipated minor.

_ The testator must be of sound mind at the time the will was signed.

_ The will must be in writing.

_ The will must be signed and dated in the presence of at least two witnesses.

_ The two witnesses must sign in the presence of each other and the testator.

It is advisable to have an attorney competent in developing and executing estate plans prepare your will. The verbiage stating this is your last will and testament and that it replaces all other wills is a good idea (not required by Florida law). Minimize attorney fees by preparing, organizing and managing the following information:

_ Determine the financial condition of your estate

_ Determine your own personal desires

_ Select your personal representative and a contingent personal representative (person who administers your estate at your death). Some states call this person an executor or executrix.

_ Keep your will up-to-date. Review on a regular basis and change as law changes or family and financial situation change.

Who should make a will?

Many consider that a will is only for the rich or elderly. If you die without a will, state law determines how your property will be distributed. There are some things you cannot do in a will. You cannot disinherit your spouse or transfer property held jointly with rights of survivorship.

Where should you keep your will?

Keep your will in a fireproof, secure place (consult your attorney for the best place). Inform your personal representative (or other trusted relatives) the location.

If your will is destroyed, even accidentally, the inference will be that you destroyed it intentionally, unless your personal representative can clearly prove otherwise. Accordingly, your property will be distributed as if you had died without a will.

How and when should your will be changed?

From time to time you may wish to make changes in your will. Do not write on the will. The changes can best be made in a codicil or in a new will. A codicil is a separate document which states changes you wish to make to the original will. The provisions in the original will continue to be valid, except as amended by the codicil.

If you have a question, call Linda Bowman, Family and Consumer Sciences Extension Agent, The University of Florida--Santa Rosa County Cooperative Extension Service--IFAS, at (850)623-3868 or (850)939-1259, Ext. 1360 for south county residents, between the hours of 8:00 a.m. and 4:30 p.m. weekdays. Hearing impaired individuals may call Santa Rosa County Emergency Management Service at 983-5373 (TDD).