To encourage more people to engage in estate planning and communicate how they intend to maintain, protect and distribute their assets upon incapacitation or death, the Florida legislature recently approved the use of electronic wills and certain other legal documents.
Effective Jan. 1, 2020, Florida residents have the convenience of creating and executing wills and trusts even when they are unable to physically meet in person with their advisors and notary publics. The new law requires parties who are not in the same physical location to execute, notarize and witness last wills and testaments with the aid of secure audio-visual technology, such as Skype, so that participants are able to see, hear and communicate with one another. In addition, the law mandates that notary publics receive specific training to execute wills remotely while also requiring state-approved qualified custodians to receive required authorization to store those documents electronically.
It is estimated that more than half of all American adults over the age of 55 do not have legally binding estate planning documents that detail their post-mortem wishes. Instead, when a person dies without a valid will, he or she leaves these decisions to the probate courts, which do not have the benefit of knowing the decedents’ unique family and business circumstances or his or her wishes for the distribution of his or her personal and business assets. Without a will or a tax-efficient estate plan, you are essentially spending your living years working to build wealth and create a legacy that can end the moment you pass away or you become incapacitated.
While the Florida Electronic Wills Act may make it easier for people to get their financial affairs in order, individuals should not overlook the importance of careful planning under the guidance of experienced financial advisors and legal counsel.
About the Author: Lee F. Hediger is a co-founding director and chief compliance officer with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs, and a registered representative with Raymond James Financial Services. For more information, call (954) 712-8888 or email firstname.lastname@example.org.
Provenance Wealth Advisors, 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.
Lee F. Hediger is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC.
Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors + CPAs. PWA is not a registered broker/deal and is independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the advisors of PWA and not necessarily those of Raymond James. You should discuss any legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investments mentioned may not be suitable for all investors.