Will: Everything You Need to Know About Inheritance Distribution

Introduction

A will is an important legal document that determines how a person's property will be distributed after their death. In the U.S., the rules for creating a will vary by state, but in most cases, certain legal norms must be followed. In this article, we will explore the specifics of wills in the U.S., including family trusts, the process of notarization and document storage, as well as key nuances in Florida and New York.

What is a Will?

A will (Last Will and Testament) is a document in which a person specifies how and among whom their property should be distributed after their death. It can also designate a guardian for minor children and an executor, who will manage the process of carrying out the will.

Key Requirements for a Will

For a will to be legally valid, it must meet the following requirements:

• Testator's Capacity – At the time of signing the document, the person must be of sound mind and understand the consequences of their actions.

• Voluntariness – The will must be made without coercion.

• Written Form – Oral wills, except in rare cases, are not recognized by law.

• Testator's Signature – The document must be signed by the testator themselves.

• Witness Signatures – In most states, including Florida and New York, at least two witnesses' signatures are required.

Family Trusts

A family trust is a tool that allows property to be passed to heirs with minimal taxes and without the need for probate court proceedings.

Types of Trusts

1. Revocable Trust – Can be changed or revoked during the owner's lifetime.

2. Irrevocable Trust – Cannot be changed after creation, but provides greater asset protection from creditors and taxes.

3. Children's Trust – Established to pass inheritance to minor children.

4. Special Needs Trust – Created to provide for individuals with special needs.

Who Notarizes a Will?

To confirm the legal validity of a will, it must be notarized by:

• Two Witnesses (this is a mandatory requirement in Florida and New York).

• Notary Public (not always mandatory, but helps avoid additional legal disputes in the future).

• Executor – The person appointed by the testator to carry out the will, but they cannot be a witness.

Where is the Will Stored?

A will can be stored in the following places:

1. With a Notary Public – A secure storage method that eliminates the risk of loss.

2. In a Home Safe – Provided that a trusted person knows its location.

3. In a Bank – In a safety deposit box (in Florida and New York, access to the box after the owner's death is only possible by court order).

4. In Court – In some states, including Florida, a will can be registered with the local court.

Inheritance Law in Florida and New York

Florida

• The will must be signed in the presence of two witnesses.

• If the will is not notarized, it must be confirmed in court.

• If there is no will, the property will be distributed according to the state's inheritance laws.

New York

• Two witnesses are required, but notarization is not mandatory.

• The will can be registered with the Surrogate's Court.

• If the will is contested, the court will review all evidence, including the testator's mental state at the time of signing.

Conclusion

A will is an important estate management tool that helps avoid disputes among relatives and lengthy court proceedings. Family trusts help minimize taxes and protect assets. Our team of experienced attorneys, specializing in inheritance law in New York and Florida, is ready to assist you in drafting a legally sound will and ensuring the protection of your assets. Contact us, and we will develop a strategy tailored to your needs!