University of Central Florida
08/26/2024 | Press release | Distributed by Public on 08/26/2024 08:08
Making a Will in 2024: Why It’s Important and What You Should Know Before Starting
When you think of your most important legal documents, there's a good chance your birth certificate, social security card, driver's license and passport come to mind. But what about your will? Only 32% of Americans have one, according to a 2024 report from senior living referral service Caring.com. That means 68% are leaving their future and assets in the hands of others, including the state, in the event of death.
August is National Make-a-Will Month, raising awareness about the importance of estate planning and reminding people of the benefits of creating or updating their will.
While you may not think you own a lot, you likely have more property than you realize: your home, clothing, furniture, books, sentimental items, even your social media accounts. Without a will - a legal document stating who you want to inherit your assets - your loved ones will be tasked with cleaning up your affairs when you pass on.
Confronting our mortality can be uncomfortable. That's why Mary Merrell Bailey '85 '89 '01 '07, a five-time UCF College of Business graduate and managing partner at Your Caring Law Firm, has devoted her career to guiding individuals through the will making process and more. Here, she shares five things you should know before drafting your estate plan.
1. A will is an important legal document - one that many adults should have.
A will, or a last will and testament, is a legal document that goes through the probate court, which is the part of the judicial system that handles wills and estates. This document dictates to the court how and to whom you would like your property and other assets to be distributed after your death. It's just one of four ways that assets transfer title after a death.
Having a will ensures that your loved ones are protected. It prevents family disputes, clears up any confusion and guarantees your assets go to the people you want most to have them. Additionally, it provides your family with guidance and peace of mind, helping them honor your wishes during a challenging time.
Mary Merrell Bailey '85 '89 '01 '07"If your assets aren't titled as joint with rights of survivorship, or don't have a payable on death designation or aren't going through a trust, then they will go through the probate court," Bailey says. "When you're in the probate court, you're either testate (your deceased loved one left a will, which names who'll inherit their property) or intestate (your deceased loved one didn't leave a will, so the probate court must determine the distribution of their property to heirs according to a priority statute)."
2. Use software or consult an attorney to create your estate plan, depending on your needs.
Everyone needs basic legal documents, but not all adults need a will. The way in which someone should go about creating a will is dependent on an individual and their situation, as well as the situations of the people they want to leave their assets to. An individual should create a will if they have property or assets they'd like to transfer to their loved ones.
"The first thing someone should consider [before drafting their will] is if they're a good candidate to create a will themselves. If they are, then they must determine what they need to be able to do it themselves," she says.
For more complex situations, engaging an attorney in the process is often the best path. But for simpler estate planning needs, an online tool like FreeWill offers a friendly, intuitive DIY approach.
3. List your assets in your will.
While drafting your will, start by creating a comprehensive list of all your possessions and accounts you own, which are your assets. Be sure your list includes:
- Physical assets, such as your home, vehicles and any other real estate you own
- Financial resources, including your bank accounts, life insurance and retirement accounts
- Pets: Though many consider pets family, they are legally classified as property. Make sure to appoint a reliable caretaker for your pet in your will.
- Family heirlooms or personal belongings: If you possess valuable or sentimental items, such as your grandmother's fine china or vintage jewelry, you can specify in your will who should receive these items. This ensures your loved ones understand their significance and know who will inherit them.
"Digital assets, such as your social media and cloud storage, can also be included in a will. However, accessing those digital assets can be difficult," she says. "The asset itself can transfer title, but one of the biggest issues I've found lately is how someone knows you have a digital asset if you haven't left them a trail to access it. So I ask people to have a really solid record of logins and passwords, because without it, how would anyone find the account?"
4. Decide who should receive your assets.
After listing your assets, you'll need to decide who will inherit each of them upon your passing. These individuals or organizations are known as beneficiaries. Beneficiaries can include anyone from your spouse and children to family members, friends or even nonprofits and organizations that are important to you, such as your alma mater.
In your will, clearly specify the individuals you want to inherit each of your assets.
"Make sure you provide detailed information, including their full legal names and their relationship to you," she says.
5. Sign your will in front of witnesses to make it legally valid.
After you finish making your will, you must sign it in your own handwriting to make it legally valid.
"A will in Florida needs to be signed in front of two witnesses. Without the witnesses, a will isn't worth the paper it's printed on when it's taken to the probate court," she says. "Ideally, it then should be signed again with the same two witnesses on an affidavit that needs to be notarized."
Witnesses must be legal adults (usually 18 or older) and mentally competent. They should not be individuals mentioned in your will, such as your personal representative (called executor in other states) or guardian, nor should they be beneficiaries, such as your children. Suitable witnesses could include roommates, neighbors or other friends.
In short, writing a will gives you control over your legacy. If you feel overwhelmed with the process, estate planners can be your guide, Bailey says. Taking the step to plan now ensures that your wishes are honored and provides peace of mind for you and your loved ones.
Interested in learning more? Contact UCF's Office of Gift Planning at [email protected].