Family members live in Florida and you decided that since your parents are getting older, you may want extra help taking care of them. As the only caregiver, more and more reasons are popping up giving you subtle hints that you need to move.
Every year thousands upon thousands of people settle in Florida. It is still the No. 1 state for retirees. Once you move, do not forget to look at your parents’ wills. There may be items that they may need to change.
Florida statutes state that a will valid in your parents’ home state is valid in Florida. However, not updating the will once you move may create problems. Here are some changes to be aware of.
- Types of wills
Florida does not recognize two types of wills.
- Holographic wills – This is a will that is hand-written by the testator and not witnessed.
- Oral wills – An oral will is a will delivered orally in front of witnesses.
In the past, the state of Florida required all wills to be in writing. As of Jan. 1, 2020, a person can videotape his or her will. However, the “signing” requires witnesses and a notary. The probate court allows an electronic will.
- Foreign language
Your parents may speak a language different from English. Although foreign language wills are valid in Florida, there must be an English translated version for the will to go through probate.
- The homestead
A change in the distribution of a homestead may be an important one. To protect the residence from creditors, it may need to pass to a family member. If the testator requests the property sold, the homestead exemption may lose its protection.
A good rule of thumb is to look over your parents’ will every three to five years. Periodic reviews may be necessary if any substantial changes have taken place. Family dynamics may have changed, properties sold or a dramatic change in assets may have occurred.