Last Will and Testament
Since a Will is the most well-known estate planning document, it is the most common way for an individual to express how he or she would like property to be transferred after they pass away. Amongst other benefits, a properly executed Will allows a person to designate beneficiaries for individual items, appoint a guardian for minor children, and give charitable gifts.
The downside is that a Will must go through the probate process, meaning it becomes public record, is monitored by the court system, and the estate is subject to the probate fees set forth in the Florida Statutes. While a Will is helpful, it is not the only way to guide the distribution of one’s assets, and since a Will does not avoid probate costs it often results in costing more than other options in the long run.