When Do I Need A Will?

If you are 18 or over, the answer is ALWAYS.

Many people assume they do not need one because they "do not have anything".

Some feel they do not have children, or just have one or two close relatives so "everything will just go to them anyway". Other people feel they have adequately named beneficiaries to all financial accounts, so assets would not pass through to an estate for probate.

A will provides direction for many aspects of your estate. Among other issues, it can: identify next of kin, give instructions for burial, state desired beneficiaries, detail specific bequests, state who has intentionally not been provided for in the will (often referred to as "cut out of will"), appoint your Personal Representative or Executor, or provide for tax planning if your assets are such that a taxable event would be created upon your death.

There are many circumstances which one might die under and have no tangible assets but would still require probate. These include negligent accidents and wrongful death among other instances of legal wrongdoing. Other circumstances require a Personal Representative (executor in some states) and the only way for a person to have legal authority to act as a Personal Representative is to open a formal administration and be appointed as such by a judge. Just because someone has a will that states a certain person is to be the Personal Representative does not give them the legal authority to act as Personal Representative. Only a judge can grant this authority.

Whether you are married, single or in a long-term relationship, whether do or do not have children, whether you have blood relatives or you have close friends as your "family", your wishes are important. If you do not have a will, and an estate needs to be opened for probate, your estate will be considered "intestate". This simply means that you died without a valid will. The State of Florida has statutes which list the order of beneficiaries should you die "intestate"; that information can be found here. The intestacy statutes list the beneficiary order based on your blood relatives. Your spouse and minor children would inherit first, if none then your adult children, if none then your parents, if none then your siblings or if they are deceased then your siblings children, and so on down (or up) your family tree.

Therefore, depending on your own personal relationship dynamics, you may not wish for certain family members to have control over your estate or to receive a share of your estate. In this instance, it is very important to record your wishes in a valid will.

Each state has different laws regarding the requirements of a valid will. Some office supply stores and online companies provide forms for wills, but these can create more problems than the savings one would get instead of engaging the services of an attorney. Each person's situation is unique and each state has its own rules which must be followed. An attorney in your state will be able to explain these requirements and draft a will suitable to your needs.

As long as you still retain "testamentary capacity", that is, the mental competency to create a will, you may change your will as many times as you like. In fact, it is a good rule of thumb to revisit your estate planning regularly to see if any changes have occurred in your life whether they are financial, geographical, or relationship-based changes. Major "life changes" such as marriages, births, and deaths are times that it is most important to revisit your estate plan.

A will is not something you create for yourself; it is a map you provide to your loved ones after you are gone.

What is this thing P.A.C.A. you keep talking about?

What is this thing P.A.C.A. you keep talking about?

P.A.C.A. is the acronym for Perishable Agricultural Commodities Act. PACA is a federal act passed in 1930 to help prevent fraudulent in the course of selling perishable commodities, such as fruits and vegetables. This act enables the U.S.D.A. (United States Department of Agriculture) to enforce and regulate these laws to ensure perishable commodities are marketed in interstate and foreign commerce in a proper and lawful manner.

PACA requires all commission merchants, dealers, and brokers who engage in commerce of wholesale quantities of perishable fruits and vegetables, (frozen or not frozen) to obtain a PACA license from the USDA. The act details the conduct which PACA licensees must abide to ensure unfair, unreasonable, discriminatory, or deceptive practices do not occur in the weighing, counting, handling, shipping and sale of these commodities.

During a sale between licensees, a "statutory trust" is created; it is sometimes called a "floating trust". This trust is created by operation of law during the sale to benefit unpaid sellers. This is not a trust with written documents, such as one would draft for estate planning purposes. Rather, just by participating in the commerce of fruits and vegetables, the brokers and dealers are holding proceeds and inventories "in trust". These inventories and proceeds of sales make up the principal of the trust and are held "in trust" until all unpaid debts and claims associated with the sale are paid.

Each invoice must contain the following statutory language in order to meet PACA trust law requirements:

"The perishable agricultural commodities listed on this invoice are sold subject to the statutory trust authorized by Section 5c of the Perishable Agricultural Commodities Act, 1930 (7 U.S.C. 499e(c)). The seller of these commodities retains a trust claim over these commodities, all inventories of food or other products derived from these commodities, and any receivables or proceeds from the sale of these commodities until full payment is received."

Invoices should also have readily identifiable basic information clearly and plainly printed on each invoice, such as names and addresses of the seller and the debtor, date of the sale, items sold, contract terms such as F.O.B., invoice price, payment due date and amount owed.