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3 Things You Might Not Know Your Will Could Do

Posted on in Estate Planning

Florida estate planning attorneyYou already know that you can use your will to distribute your property after your eventual passing. This is generally the main reason that people make their wills. However, you can do so much more than simply name the individuals you would want to receive certain property or amounts of money. You can place conditions on gifts to motivate your descendants to do things like finish college. You could even use your will to protect a pet you adore. Everyone should know what the possibilities are so that you can make sure you are getting the most out of your will.

The law surrounding wills and what you can do with them can be complex and nuanced, so you will need to work closely with a qualified attorney who understands this body of law well. Law Office of Miller & Miller, P.A. will help you understand what all of your estate planning options are so you can make well-informed choices. 

Objectives That Your Will Can Accomplish

Many people are surprised to learn how much they can accomplish in this one document. A few things that you can do in your will include: 

  • Provide for a pet - If you want a pet but are concerned about what would happen to it should it outlive you, we have good news. You can earmark funds in your will to be used strictly for your pet’s care if this situation does come to pass. You can also decide who to trust with your pet. However, make sure the person you choose is willing, as they cannot be forced into this duty if they are not.
  • Set certain conditions - You can use your will to set conditions that your beneficiaries must meet in order to claim or keep their gift. For example, you could leave money to your grandson, but only if he graduates from college - or only if he agrees to care for Fluffy the cat. However, the conditions you set will not be enforced if they are illegal or against public policy. Your attorney can help you stay within this boundary. 
  • Create a trust - Surprisingly, you can use your will to create a posthumous trust, called a “testamentary trust.” Unlike a standard living trust, a testamentary trust has no effect until after you have passed away. These trusts can, however, become complicated, so your attorney may suggest using a living trust instead. 

These are just a few things you may not have known that you can do in your will. 

Call a Broward County Wills Lawyer

Law Office of Miller & Miller, P.A. is adept at creating wills that meet each individual client’s needs. Our knowledgeable Fort Lauderdale wills attorneys can help you meet your estate planning goals using wills, trusts, and more. Call our law offices at 954-981-9301 to receive a free consultation. 

 

Source:

https://www.businessinsider.com/personal-finance/surprising-things-you-might-not-think-to-include-your-will

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