Will | Even despite the advances in medical technology, the mortality rate of humans remains a fixed 100 percent. With that in mind, why do millions of American go to their grave without a legal will? A legal will from an attorney that does wills, will distribute the assets to whomever the testator declared. The executor doles out the testator’s possession.
Let’s say an individual died in a car accident one week from now. He lost his life because of a drunken driver. Even without assets, the estate could file a wrongful death lawsuit that generates millions of dollars in costs. All of this gets divvied up and distributed by the state if there is no will. Dying also creates a hassle known as an administrative bond. Without the appointment of an executor on a will, the court appoints one themselves to distribute the property. The administrator posts a bond to ensure he doesn’t loot the estate and disappear. Normally, the cost of this bond will be $100 per year for every $100,000. This comes out of the estate assets.
As a legal precaution, wills must be signed under the eye witness of two bystanders for it to hold legal merit. Handwritten wills have been given the title of, “Holograph.” This is only valid in half the states, and in fact, a “holographic” will only holds weight in the state of Florida if it has been executed properly. Section 732.502 of the Florida statutes provides how a will must be signed in the presence of two witnesses at the same time. If two people sign separately but they don’t see each other, the will, will be classified as invalid. However, let’s say someone called Michael has a will signed in California, a place where holographic wills hold weight. Michael then moves to Florida and dies there. In this case, the court respects it.
Having an attorney that does wills can save a lot of trouble for your loved ones later. Losing a loved one is hard enough without making it harder on those left behind with the lack of it.
Individuals needing help or assistance in elder law or estate planning services can easily contact Mortellaro Law—the best estate planning attorneys in Tampa, FL.
To schedule a meeting with an attorney, please call 813-501-6945.