Florida Laws Governing Wills & Trusts
Wills and trusts allow a person to decide who will receive his property after his death. It is best to consult an attorney when preparing a will or trust. Florida has certain requirements in order for a will or trust to be valid. If those requirements are not met, the person's estate will be distributed according to intestacy law.
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Totten Trusts
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A Totten trust is a bank account owned and controlled by the account holder, but with a beneficiary who will receive the proceeds of the account upon the owner's death. The account holder is still permitted to make deposits to and withdrawals from the account, but the beneficiary cannot access the funds until the owner's death. One benefit of a trust account does not need to be probated on death. Instead, the beneficiary can access the account by presenting a death certificate and identification that shows he is the named beneficiary.
Revocable Trusts
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In Florida, a person can create a trust agreement, called a revocable trust, to name beneficiaries who will receive the property upon her death. The trust owner, or grantor, also appoints a trustee to manage the assets in trust. The trustee is responsible for distributing the trust's proceeds to the beneficiaries after the grantor's death. This is one benefit of a trust, because proceeds are distributed without a lengthy and costly probate process.
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Will Requirements
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A person who creates a will is called a testator. Florida requires that a testator be at least 18 and "of sound mind," which means the testator has full mental capacity. Additionally, the will must be in writing; "nuncupative" (oral) wills are not valid in Florida. The testator is required to sign his will at the end, after all provisions. Any provisions appearing below the signature line are invalid. The will signing must be witnessed by at least two people. It is also best if a notary is present at the will signing. If a notary signs the will, affirming the testator's signature, the will is self-proving. Otherwise, the witnesses may be required to appear in court to affirm the will during probate.
Revocation and Codicils
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A testator's will is valid unless he revokes or changes it. Revocation occurs when a testator signs a new will or intentionally physically destroys it by burning, tearing or shredding. Florida allows a testator to put his revocation in writing, but such revocation is only effective if it is signed and witnessed. A testator can change her will by signing a codicil with any amendments, additions or deletions. The rest of the will remains valid, and the provisions in the codicil take full effect when signed in the presence of two witnesses.
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