YOUR LAST WILL AND TESTAMENT

By:  Robert J. Myers, Esquire

Many otherwise successful and diligent people overlook what could be one of the largest tax-
saving devices available to them during their entire lifetimes: a will. Wills are the primary document
for transferring wealth upon a person's death. It is the document in which you specify how, to
whom and when you wish to have all of your earthly belongings distributed. Although this is a vital
document, many people procrastinate or defer having one drafted. Consequently, many people
die without the benefit of their specific instructions being carried out.

If you die without a will, you die "intestate" or without a  last will and testament.  If this occurs,
your estate will be distributed according to the probate laws of the State of Florida if you reside in
Florida. More than likely, this distribution will not be according to your wishes. This could also
cause problems in your immediate family due to disputes over who was meant to receive what,
what proceeds go to your spouse as well as any intended charitable bequests.

In drafting a will, several factors must be taken into consideration. These include, but are not
 limited to:

  !       Specific instructions designed to distribute your estate to your intended beneficiaries.

  !       Provisions for a guardian(s) to serve in your capacity if you have minor children.

  !       A nomination for a personal representative or executor to carry out your wishes in
          conjunction with the court.

  !       Instructions regarding the subsequent transfer of wealth on a tax-free or deferred basis
through the Unlimited Marital Deduction or Unified Credit as well as other tax savings strategies.

A competent attorney should be employed for the drafting of a will. While there exist many
do-it-yourself products on the market which do provide presumably valid documents, there is no
substitute for professional advice and sound legal counsel.

Once your will is finalized, it may be changed as you deem necessary to reflect your ever
changing situation. Such changes may be based upon a birth or death in the family, a divorce,
change of residence or change of intended beneficiaries. Such changes or codicils must be
executed with the same formalities as a will, but are usually not as involved as the drafting of the
original document. Even without major life changes, wills should be reviewed every two to
three years to ensure that your intentions will, in fact, be carried out upon your death.

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Robert J. Myers is managing attorney of the Estate and Trust Division of  Maney l Gordon P.A.,
located at 1135 Pasadena Avenue South, Suite 140, St Petersburg, Florida. The telephone number is 727-347-5131. Mr. Myers welcomes calls regarding this article and other related legal topics. 
This column outlines general legal principles and is not intended to give you legal advice. If you have a specific question about the law, please consult an attorney.

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