What Types of Assets Can Be Included in a Florida Will?

February 10, 2025

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A will is a vital part of an estate plan that allows individuals to specify how their assets should be distributed after their passing. In Florida, a well-drafted will can cover a broad range of assets, ensuring that your loved ones receive the inheritance you intend. At The Law Office of Anne Sunne Freeman, we can provide legal assistance to Florida residents seeking to create a comprehensive will. Below, we discuss the types of assets that can be included in a Florida will.


Personal Property


Personal property includes tangible items such as furniture, jewelry, artwork, clothing, and collectibles. These items can be distributed to specific beneficiaries through the will, ensuring that sentimental or valuable possessions go to the intended recipients.


Real Estate


A Florida will can dictate who will inherit real estate property, such as a primary residence, vacation home, or rental property. However, if the property is jointly owned with rights of survivorship, it may pass directly to the co-owner rather than through the will.


Bank Accounts


Bank accounts can be included in a will if they are solely owned by the testator. However, joint accounts or those with designated payable-on-death (POD) beneficiaries will typically bypass the probate process and go directly to the named beneficiary.


Investments and Securities


Assets such as stocks, bonds, and mutual funds can be transferred through a will, provided they are not held in a transfer-on-death (TOD) account, which would automatically pass to the designated beneficiary.


Business Interests


If the testator owns a business or holds shares in a company, a will can specify who should inherit these interests. However, it is advisable to coordinate this with a business succession plan to avoid complications.


Vehicles and Other Automobiles


Cars, motorcycles, boats, and other vehicles can be distributed through a will, but it is important to ensure that outstanding loans or co-ownership arrangements are addressed.


Digital Assets


In today’s digital world, assets such as cryptocurrency, online accounts, and intellectual property can also be included in a will. Florida law allows individuals to grant specific instructions regarding the handling of these assets.


Life Insurance Proceeds and Retirement

Accounts


Life insurance proceeds and retirement accounts (such as IRAs and 401(k)s) typically pass to the named beneficiary outside of a will. However, if no beneficiary is named or if the estate is designated as the beneficiary, these assets may be included in the will’s distribution plan.


Ensuring a Comprehensive Will in Florida


A properly drafted will can provide clarity and security for your heirs. However, certain assets, such as jointly owned property or accounts with designated beneficiaries, may pass outside of probate. To ensure that all aspects of your estate are properly addressed, legal guidance is essential.

At The Law Office of Anne Sunne Freeman, we assist Florida residents in drafting wills that align with their estate planning goals. Contact us to discuss how to structure your will to protect your assets and provide for your loved ones.

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A person who is creating an estate plan or will is a testator. Testators largely have control over the terms of their wills and other documents. Although the law does limit testator actions in some ways, such as giving spouses protection from disinheritance, the testator can potentially set whatever terms they’d like in a will and other estate planning documents. The will someone leaves behind when they die largely determines what happens during estate administration. Their family members may have to assume a position of authority based on the wishes a testator included in a will. What they inherit also depends on the documents the testator drafts. Sometimes, families feel uncertain about the validity of the documents. There may be concerns about undue influence or a testator’s declining cognitive abilities in their last years of life. Families sometimes contest wills in probate court as a means of upholding someone’s true wishes. If there is a penalty clause in a Florida will, could litigation endanger someone’s inheritance? Florida does not enforce penalty clauses A penalty clause is a special inclusion in a will that eliminates the inheritance of someone who brings unnecessary litigation against the estate plan. Most states enforce penalty or no-contest clauses in some circumstances. If someone files a lawsuit challenging the documents a testator makes, the courts may eventually strip them of their inheritance rights because of that clause. Florida is unique in that state statutes outright prohibit the enforcement of penalty clauses. People can go to court out of concern for the terms included in estate planning documents without any risk of losing their inheritances. That risk is a powerful deterrent against misconduct and unnecessary litigation. The inclusion of a no-contest clause does not invalidate a will. However, the courts do not enforce such clauses by stripping someone of their inheritance if they initiate probate litigation. Penalty clauses serve only as a deterrent in Florida because of the unique probate statutes in the Sunshine State. That being said, probate litigation can diminish the value of an estate and could potentially reduce what someone eventually inherits. Pursuing a will contest in probate court requires careful planning and evaluating whether there are viable grounds for litigation. Those with an interest in an estate may need help reviewing relevant documents to determine the best options available to them.
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