Which includes amounts stemming from your jointly held and trust property, life insurance and other non-probate assets. This statute uses a formula to calculate the size of the surviving spouseвЂ™s elective share. The law gives a surviving spouse a choice to take either the share provided under the will or a portion of your property determined under FloridaвЂ™s вЂњelective shareвЂќ statute. You may not disinherit your spouse without a properly executed marital agreement. Some examples of these types of property rights or interests are:Д®xcept in certain awfully specific circumstances, a homestead (that is, the residence and adjoining lands owned by a person who is survived by a spouse or minor child up to one-half acre within limits of an incorporated city or town or up to 160 acres outside those limits).ДЄ life estate: property owned only for the life of the owner.ДЄny property owned jointly with another person or persons with the right of survivorship (for example, a tenancy by the entireties, which is limited to joint ownership between a husband and wife, would be a property that automatically passes to the joint owner). While any sort of property may be transferred by will, there are some particular interests in property that cannot be willed because the right of the owner terminates automatically upon death, or others have been granted rights in the property by Florida law. MAY YOU DISPOSE OF YOUR PROPERTY IN ANY WAY YOU WISH BY A WILL? The cost of probate may be greater than if you had planned your estate with a will, and the administration of your estate may be subject to greater court supervision. When there is no will, the court appoints a personal representative, known or unknown to you, to manage your estate. The inheritance statute contains a rigid formula and makes no exception for those in unusual need. In other words, if you fail to make a will, the inheritance statute determines who gets your property. Your property does not go to the state of Florida unless there are absolutely no heirs at law, which is very unlikely. If you die without a will (this is called dying вЂњintestateвЂќ), your property will be distributed to your heirs according to a formula fixed by law. A guardian may be named for minor children. You decide who bears any tax burden, rather than the law making that decision. You may make gifts, effective at or after your death, to charity. Real estate and other assets may be sold without court proceedings if your will adequately authorizes it. Minors can be cared for without the expense of proceedings for guardianship of property. A personal representative is one who manages an estate, and it may be either an individual or a bank or trust company, subject to certain limitations.ДЄ trust may be created in your will whereby the estate or a portion of the estate will be kept intact with income distributed to or accumulated for the benefit of members of the family or others. You may name the personal representative (executor) of your will as you choose, provided the one named can qualify under Florida law. Through a will, you decide who gets your property instead of the law making the choice for you. In fact, writing on the will after its execution may invalidate part of the will or all of it. A willвЂ™s terms cannot be changed by writing something in or crossing something out after the will is executed. No will becomes final until the death of the testator, and it may be changed or added toby the testator by drawing a new will or by a вЂњcodicil,вЂќ which is simply a separately written addition or amendment executed with the same formalities as a will. To be effective, your will must be proved valid in and allowed by the probate court. Your will must be witnessed and notarized in the special manner provided by law frilliest is necessary to follow exactly the formalities required by Florida law for the execution of a will. You must be of sound mind at the time you sign your will. You, the maker of the will (called the testator), must be at least 18 years old. The laws of each state set the formal requirements for a legal will. Is A Life Insurance Program A Substitute For A Will?Дo You Have To Go To Court To Probate A Will?ДЄ will is a written direction controlling the disposition of property at death. Must You Leave Each Child At Least One Dollar?ДЄre Estates By Entireties Or Joint Tenancy With Right Of Survivorship Substitutes For A Will? May You Dispose Of Your Property In Any Way You Wish By A Will?

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