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The Florida Grantor, Spring 2001

Asking Questions About Your Will

An astounding seven out of ten Americans do not have a valid will, and many of those people tell us that they do not know what is in the will. If you have a will, it's a good idea to periodically run through this checklist to make sure it is knowledgeable and current. Here are some questions to ask:

1. Is my will up-to-date? This is an important question because many people have their will tucked away someplace, making it outdated and practically useless. In fact, an out-of-date will can actually cause more problems for your loved ones than not having one at all. Tax laws change (as I write, Congress is considering President Bush's major tax revisions) and the size and extent of your assets may have changed as well. Updating your will allows you to take advantage of recent tax developments and new techniques in estate planning.
2. Does my will represent my wishes? Your family situation may have changed over the years so that you no longer have dependents at home. Perhaps your estate has grown beyond your earlier estimates. Maybe you've changed your mind about some of your bequests. The more time that passes and the more changes which occur in life, the more you should consider bringing your will "up to speed."
3. Is my will valid? Have you moved to a different state since creating your last will? The laws may differ, and your old will may be invalid. Or maybe you prepared your own will and missed something of vital importance, like proper signatures. Considering the importance of your last will and testament, it makes good sense to have a reputable estate-planning attorney review your current will or even draft a new one for you.
4. Do you have Advanced Directives? These are the documents that appoint someone to make medical decisions (typically life support decisions) when you are no longer able. You've heard of a Living Will, but that only covers you if you have a terminal illness. What about the other illnesses that render you unable to make decisions for yourself? You must appoint a surrogate under Florida Law. Often these are two separate documents. Recently, savvy estate planners are combining both medical documents into one.
5. Do I have a special needs child or adult that requires additional planning? If you do, you need to ask yourself if you have a Special Needs Trust (SNT) crafted by an attorney who specializes in such documents. With an improperly drafted SNT, your surviving child or adult stands to lose their government benefits.
6. Does my representative know my wishes? Have you sat knee to knee with your personal representative and discussed your funeral arrangements? Have you mentioned how your estate will be distributed and the reasons behind the decisions? Have you told that person where to find your will and other important documents? Do you have a list of all your assets, accounts, insurance policies and the like?

There is another question you might also consider: "Have I included The Able Trust in my estate plans?" If and when you do update your will - or maybe prepare one for the first time - we hope you will consider adding a bequest to The Able Trust. There are some innovative ways you can use an estate gift to create a legacy for you, as well as make a difference in the lives of Floridians with disabilities for generations to come.

We have two helpful booklets that provide information on wills and basic estate planning. "12 Steps To Preparing Your Will" and "Estate Planning for Special Needs Families." These are distributed free at our Wills and Estate Planning Seminars which are offered throughout the state. Or you can order a copy from our office for just $5.00. For more information, contact our Endowment Development Office at 888-838-ABLE (2253) or tenendow@msn.com.