In a Florida Last Will, the testator generally also names a personal representative-or co-personal representatives (more than one persons acting jointly in this regard) to deal with the matters of the estate. A personal representative is a person who collects the information concerning the decedent’s debt and belongings, pays off any overdue debts with the assets on behalf of the estate, and makes sure that the decedent’s property is used as provided in the Will, so this is a job with a lot of responsibility. The personal agent chosen is usually somebody the decedent really is sure of to see through their last wishes.
In cases where an individual passes away without having a valid Florida Will (which in the majority of states implies the document must be correctly witnessed, not only signed), somebody will usually be designated by the probate court to be the personal representative and pay off the decedent’s debts, utilizing assets as required to do so. Next, the leftover assets will be spread amongst the decedent’s beneficiaries based on the legislation of the state the will creator lived in.
In some states, in case one spouse passes away leaving behind their partner, that living spouse will receive all the decedent’s assets in the absence of a Will containing the contrary. In other cases, the testator may have specified a specific person to inherit a life insurance policy, retirement account, or some other asset, and that beneficiary designation will dictate who is given those assets in the absence of a Last Will and Testament.
The important thing to pay attention to is the fact that anyone who needs to designate the way in which their property will be distributed after their passing should absolutely create and appropriately execute a Last Will and Testament to guarantee their wishes are recognized and executed. Without having a will, you could be leaving it up to chance, the rules of the state, or a lawcourt regarding just how your last matters will be settled.