Wills & Trusts FAQs
If you are a divorced or blended family, specific estate planning strategies should be implemented if you have specific wishes for your children’s inheritance.
While some basic estate planning tasks can be done without an attorney, it is highly advisable to consult with an experienced estate planning attorney in Florida, especially for complex matters. We will ensure that your plan is legally sound and aligns with Florida laws.
Without an estate plan, your assets may be distributed according to state laws of intestate succession, which may not align with your preferences. Estate administration can also become more complex, costly, and time-consuming for your loved ones.
You should review and update your estate plan in Florida whenever significant life changes occur, such as marriage, divorce, births, deaths, changes in financial circumstances, or changes in your wishes.
Florida does not have a state-level estate tax, but federal estate taxes may apply to larger estates. Strategies such as gifting, using the marital deduction, and creating irrevocable life insurance trusts can help minimize potential estate tax liability.
Yes, Florida has specific laws governing homestead property, including a homestead exemption that provides protection from certain creditors and can affect its inheritance. Proper estate planning can help address these laws.
Legal documents that are commonly included in Florida estate plans are a last will and testament, revocable living trust, durable power of attorney, healthcare surrogate designation, living will, and HIPAA authorization.
Estate planning is the process of creating a comprehensive plan for the management and distribution of your assets, healthcare decisions, and other important matters. In Florida, it’s essential to address specific state laws, such as homestead exemptions and probate rules.
The person named as the executor in the deceased person’s will or, if there is no will, an interested party, can petition the court to be appointed as the personal representative. The court will then issue letters of administration, granting them the authority to manage the estate.
Yes, a non-resident can serve as a personal representative in Florida, but they may need to appoint a resident agent to assist in certain administrative tasks.
Yes, there are fees and costs associated with probate. These are common expenses related to estate administration:
- Accountant fees or assessment costs
- Court filing fees
- Executor bond fees
- Appraisals
- Attorney’s Fees
- Personal Representative Fee’s
- Business valuations
- Estate sales preparation
- Publications/notices fees; and
- Certified postage
Some assets, like those held in a living trust or with designated beneficiaries, can avoid probate. Our goal is to help you make an estate plan specific to your family needs and minimize and/or eliminate the need for probate.
Yes, probate can be contested in Florida if there are disputes regarding the validity of the will, the appointment of the personal representative, or other matters related to the estate.
In most cases Florida requires you to hire a lawyer for probate. The few exceptions are:
- Disposition Without Administration (very small estates)
- Estate where the estate administrator is the sole beneficiary
- Summary Administration – a simplified probate process that requires the estate to be valued less than $75,000 AND a decedant who has been deceased for at least 2 years.
However, even in these cases it’s highly advisable to hire an experienced probate lawyer. An attorney can guide you through the process, ensure legal compliance, help navigate any disputes that may arise, and save time.
If a person dies without a valid will in Florida, the state’s laws of intestate succession determine how their assets will be distributed among heirs, which may not align with their wishes.
How long probate takes in Florida can vary depending on the complexity of the estate, potential disputes, and court caseload. Simple estates may be resolved in a few months, while more complex cases can over a year or more.
Probate is typically required in Florida when a person passes away with assets solely in their name and no beneficiary designations or joint ownership. However, certain assets, like those held in a living trust or with designated beneficiaries, may bypass probate.
Probate is a legal process the court supervises the administration of a deceased person’s estate. It includes validating the will (if one exists), paying debts, and distributing assets to beneficiaries or heirs.
When selecting an executor for your Will or a trustee for your Trust, consider someone you trust, who is organized, responsible, and capable of fulfilling the role’s obligations.
You can nominate a guardian for your minor children in your Will. In a trust, you can provide instructions for the financial support and care of your children.
No, both Wills and Trusts do not include provisions for incapacity planning. Separate legal documents like Durable Power of Attorney and/or Healthcare Surrogate can establish designations on your behalf should you become unable to do so.
Wills become public records after probate, so their contents become accessible to the public. Trusts, especially Living Trusts, typically remain private and confidential.
Trusts can provide asset protection by keeping assets separate from your personal estate, making them less susceptible to creditors and lawsuits.
There may be estate taxes at the federal level for larger estates, but Florida does not have a state-level estate tax. Consult with a tax professional to understand potential tax implications.
Wills typically go through the probate process, which involves validating the Will, paying debts, and distributing assets according to the Will’s instructions. Assets held in a trust can often avoid probate.
Yes, both wills and revocable trusts can be amended or revoked during your lifetime as long as you have the mental capacity to do so. You can make changes through codicils for wills or trust amendments for trusts. Irrevocable trusts can be amended much more limited circumstances.
If you die in Florida without a will or a trust, your estate will be subject to the state’s laws of intestate succession. Intestate succession is a legal process that includes probate court and determines how your assets will be distributed among your heirs when you haven’t left behind a valid will or trust.
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Whether you need both a Will and a Trust depends on your individual circumstances. Some people use a combination of both to address different aspects of their estate planning needs. Schedule a consultation with us to help you determine the best approach for your situation.
A Trust is a legal entity that holds and manages assets for the benefit of specific individuals or entities (beneficiaries). It can function during a person’s lifetime (Living Trust) or after their death. Unlike a Will, assets in a trust can often avoid probate.
A Will, or Last Will and Testament, is a legal document that outlines how a person’s assets and property should be distributed upon their death. It also allows the appointment of an executor to manage the estate and may nominate guardians for minor children.