Many people choose to retire in Florida due to its pristine beaches, warm weather, and outdoor lifestyle. Whether you’ve already established an estate plan before moving to the Sunshine State or need to change your plan due to changes in life circumstances, it’s vital to consult an experienced attorney.
A health care directive, power of attorney documents, and a will should all be part of a thorough estate plan. The following is fundamental information about how to make or change a will.
Peace of Mind
An expert estate planning attorney can offer guidance rather than leaving these crucial decisions up to chance. It may involve preparing a will, trust, and other legal documents. It also includes reviewing beneficiary and ownership designations on life insurance policies, retirement plans, bank accounts, and other assets to ensure that property will transfer according to your wishes.
Moreover, a Sebastian will attorney can help you establish trusts to minimize taxes, make gifts that become effective upon death, and name guardians for minor children. Setting up medical advance directives and durable powers of attorney is also possible.
Unfortunately, many people do not have an estate plan because of the perceived cost. However, an estate plan costs much less than the potential costs of not having one, such as having your estate go through probate and having the law determine who gets your property. Furthermore, a good Florida estate lawyer can help you change your plan when circumstances change.
Prevent Intestacy
Estate planning can help you avoid conflict between heirs, ensure your hard-earned assets go to the people you want them to, prevent the need for expensive probate administration, ensure important documents like powers of attorney and medical advance directives are correctly executed, and reduce taxes. Having a good estate planning attorney is essential.
Each state has its laws regarding how to create valid wills. In Florida, a will must be in writing and signed by the testator (or testatrix), who is at least 18 years old and of sound mind. Two generally competent adults must also witness it. The witnesses cannot be beneficiaries of the will, which could lead to conflicts of interest.
A skilled estate planning lawyer can assist you in avoiding intestate laws by using techniques such as special needs trusts, joint ownership, and beneficiary designations. They can also help you execute a Lady Bird deed, which preserves Medicaid eligibility while allowing real property to pass to beneficiaries outside the probate process.
Protect Your Assets
Residents don’t need to be wealthy to benefit from estate planning. The process can help you ensure that your hard-earned savings and property are distributed to the heirs of your choice or ensure your medical advance directives are in place.
It can also protect your family members from a lengthy and expensive probate process. Without a will, a probate judge will determine how your assets are divided, often with results that differ from your wishes.
Fortunately, Florida has no state estate or inheritance tax, and probate costs can be kept to a minimum with the right planning tools. When preparing your estate plan, inventory all your property, including financial accounts, real estate deeds, and life insurance policies. Then, update your beneficiaries and ownership information as your life changes. It will ensure that your heirs receive what you want them to and prevent family conflicts in the future.
Protect Your Loved Ones
The state offers special legal tools that can lower taxes, safeguard assets, and support family members. It is essential to work with a professional to ensure that the documents reflect your actual wishes regarding what happens to your money, property, family heirlooms, and collections.
Avoid common mistakes that can have devastating effects on your heirs. These include selecting one beneficiary or leaving everything to your spouse or children. Be sure to account for digital assets like social media accounts, online profiles, and cryptocurrencies. Also, review the beneficiary and ownership designations in your life insurance policies, bank accounts, retirement plans, and other assets to ensure they reflect your current desires.
Another critical consideration is determining how you want to make decisions if you become incapacitated. An experienced lawyer can help you select healthcare and financial surrogates and create advance directives that comply with Florida law. It is essential to update these documents as your life circumstances change to ensure your wishes will be fulfilled.
