FAQs About Estate Planning In Florida

When managing your finances, estate planning is a critical step. It is also one that is often overlooked. Like all states, Florida law determines who will receive your property after you pass away. By drafting an estate plan, you can ensure that your wishes are known and will be respected. When embarking on estate planning, you will likely have many questions. Below, our St. Petersburg estate planning lawyer provides the answers to the questions we most commonly hear.

Do I Need a Will? 

Yes. A will is critical to ensure your property is distributed as you intended. Without this important document, state law may determine how your assets are distributed. This may not align with your wishes and could create disagreements among your loved ones. Additionally, wills are particularly important for parents, as they allow them to name a guardian for their minor children.

How Do Wills Differ from Trusts? 

Wills and trusts are both important estate planning tools, but they serve very different functions. Although you should draft a will for the reasons stated above, you may also consider establishing a trust. Your will only goes into effect upon your death. A trust, on the other hand, gives you better control over your assets during your lifetime. A trust also dictates how you want your property distributed after you pass away. Establishing a trust can also help your loved ones avoid probate after you pass away, which is a costly and time-consuming process.

What is Probate? 

Probate is the process of validating your will and distributing your property after you pass away. If you have a valid will, the process is fairly straightforward and usually takes, on average, between six and twelve months. However, if someone challenges your will, disputes arise among your beneficiaries, or there are other complications, probate can take much longer and become much more costly. There is also a simplified probate process in Florida that can resolve some cases much more quickly. This process is only available for smaller estates that do not have any potential creditor claims.

Is it Possible to Modify My Estate Plan? 

Yes. In fact, you should review your plan after all major life events to ensure that it still reflects your wishes and is current. Even without these life changes, it is important to review your plan every three to five years to ensure it still complies with Florida law and that it accurately outlines your wishes.

Do I Need an Estate Planning Lawyer in St. Petersburg? 

You are not required to work with a St. Petersburg estate planning lawyer when drafting your plan, but it is always recommended that you do. At Legacy Protection Lawyers, LLP, our experienced attorneys can provide the legal advice you need and execute your documents properly to ensure that your wishes are respected, prevent disputes among your loved ones, and ensure you and your family are protected. Call us now at 727-471-5868 or fill out our online form to schedule a consultation and to get the legal advice you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html