Understanding the Benefits of Estate Planning in Florida

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By Gary M. Landau, Esq.

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Understanding Benefits of Estate Planning in Florida | Call (954) 979-6566

No one likes to confront their own mortality, but the reality is that all of us are going to die someday, and it can unexpectedly happen at any time. By proactively engaging in estate planning, you can document your wishes and provide clear directions for your loved ones. No matter your age or your wealth, taking time to plan this is beneficial.

Whether you’re just starting to think about estate planning or already have some documents in place, this comprehensive guide, exploring the benefits of estate planning, can help.

Continue reading to learn more, then contact us at (954) 979-6566 to schedule a free consultation.

What Is Estate Planning?

Estate planning is the process of preparing for the future distribution and management of your personal and financial affairs after you die or, in some cases, become incapacitated. At its core, effective estate planning allows you to decide how your assets, property, and end-of-life decisions will be handled, rather than leaving it to your family to figure out––or, in some cases, to fight about––these critical matters or to relegate these decisions to the state.

By working with an experienced Florida estate planning attorney, you can unlock the profound benefits of estate planning for you and your family.

Who Needs an Estate Plan?

The short answer: everyone.

Contrary to popular belief, estate planning isn’t only for people who are wealthy or who are elderly. Everyone who has any assets, minor children or other dependents, or who has personal wishes about their end-of-life care will benefit from having an estate plan. This includes young and middle-age adults, growing families (who absolutely need a will, and most especially single parents), small business owners, and retirees.

When Should You Get Started on Estate Planning?

While an early start offers the greatest benefits and flexibility, it’s never too late to begin the estate planning process.

The ideal time to start is when you reach adulthood, both because you will begin to accrue assets then and because your parents are no longer automatically seen by the state as your default decision-makers.

Anyone going through a life-changing event like marriage, having children, or opening a business should also take time to begin or reevaluate their estate-planning documents.

If you’re unsure whether your unique situation calls for an estate plan, consult an experienced Coral Springs estate planning attorney for a free consultation.

The Personal Benefits of Estate Planning

Many people equate estate planning with the distribution of your assets after you’re gone (and it does involve that), but estate planning also provides a number of other important benefits.

When you work with a Florida estate planning attorney to create a comprehensive plan, you:

  • Increase control over your end-of-life wishes and legacy
  • Protect yourself against unwanted treatments through advance directives
  • Reduce the stress and anxiety your children will experience about your affairs
  • Protect yourself from predatory lawsuits and creditors
  • Experience potential financial savings and the preservation of your wealth

No matter your age or financial situation, taking the time to thoughtfully craft an estate plan is a worthy investment.

How Your Family Can Benefit from Estate Planning

Estate planning isn’t done only for your own peace of mind. It’s an opportunity to also safeguard the well-being of your loved ones.

Protect Loved Ones from Uncertainty with a Living Will and Healthcare Power of Attorney, and Perhaps a Durable Power of Attorney

You can outline your wishes for how much intervention you desire for end-of-life care in a living will. At the same time, you’ll want to designate a trusted individual to make healthcare decisions for you when you cannot through a durable power of attorney for healthcare. These documents spare your family from the stress and conflict of making medical decisions that can arise during an already fraught time.

Additionally, some people also benefit from a durable power of attorney. If you are no longer successfully managing your financial affairs, this legal instrument enables a trustworthy individual of your choosing to make significant financial decisions on your behalf.

Your Florida estate planning attorney can guide you through the process of selecting the right person for this critical responsibility. Because a power of attorney comes into effect as soon as it is executed, this should be done with great forethought and care.

Distribute Your Assets According to Your Wishes — Not State Intestacy Laws

A will, also called a last will and testament, is the foundation of a comprehensive estate plan. This document lets you designate all the recipients of your assets. In the absence of a will, Florida courts distribute your money and property according to state law, which may or may not align with your desires. In the will you also designate the person who will take charge of the probate process after you are gone, known as the personal representative.

To be recognized by the courts, a will must be legally executed and avoid the most common mistakes that often pop up during probate cases in Florida. That’s why it’s important to seek the services of a knowledgeable and experienced Florida estate planning attorney, who can help you draft a will that reflects your wishes and fulfills all legal requirements.

Provide for Dependent Children

Estate planning empowers you to make legally recognized arrangements for the continuous care of children or other dependents who rely on you. In a properly drafted will, parents of minor children can designate the guardian they desire to care for children until they reach the age of 18.

Married couples need two distinct wills, one for each spouse.

Possibly Avoid Probate with a Revocable Living Trust

Some individuals desire a revocable living trust as part of their estate strategies. The trust, not you as an individual, becomes the owner of your assets, but you can alter or revoke the trust at any time.

A key benefit of a revocable living trust is that the assets in the trust are not subject to the court’s probate process. This can save your heirs time and money, because after your death the designated successor trustees immediately take over the trust.

Many people find, though, that trusts are not worth the effort and expense of creating them. All assets must be put into the trust, a time-consuming process that involves changing real estate deeds and contacting all banks, investment firms, insurance companies, and other asset-holders to change the owner of each account to the trust.

Afterwards all assets purchased after the formation of the trust must be done in the name of the trust and not the individual. Our experience shows this doesn’t always happen, especially when assets are purchased years after the trust is created. All assets outside the trust then must go through probate. (This is why individuals creating a trust should also create a pour-over will to direct who assets outside the trust should go to after death.)

Finally, since the documents creating a trust are not filed with the court, major problems can result if these documents are lost.  Anyone who chooses to establish a revocable living trust as part of an estate plan must store the document in a safe place and inform all heirs about its location.

An experienced Florida estate planning lawyer will take time to evaluate your unique circumstances and goals in order to guide you through the creation of the proper estate plan for you, one that fulfills your wishes and safeguards your family’s future.

Looking for a Florida Estate Planning Attorney? Contact the LAW OFFICE OF GARY M. LANDAU, P.A., serving Coral Springs, Parkland, Fort Lauderdale, Boca Raton, Pompano Beach, Deerfield Beach & all of South Florida

With more than 25 years of experience and countless satisfied clients, Gary M. Landau and his team are uniquely positioned to help you with your estate planning or real estate needs in South Florida. Whether you’re ready to probate a loved one’s estate or to write your own will, or if you are purchasing a home, have inherited a home, or want a closing agent to handle title insurance and all documents for your closing or refinancing, the LAW OFFICE OF GARY M. LANDAU, P.A. is ready to work with you.

Call our office at (954) 979-6566 or complete our online form today to schedule a free consultation. We work with our clients in person, over the phone, or on Zoom.

Copyright © 2024. LAW OFFICE OF GARY M. LANDAU, P.A. All rights reserved.

The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction.

LAW OFFICE OF GARY M. LANDAU, P.A.
7401 Wiles Road, Suite 204
Coral Springs, FL 33067
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Frequently Asked Questions

A will is the simplest way to ensure that your funds, property and personal things will be distributed after your death the way you want them to. Even if you have very few assets, you will benefit from having a will. About half of all Americans die without a will (known in legal terminology as dying intestate). Without a will to indicate your wishes, the court steps in and distributes your property according to state law. A will ensures that your assets will be given to family members or other beneficiaries you designate.

 

Having a will is doubly important if you have young children. One section of the will allows you to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian for your children, who may not be the person you desire.

Many Florida residents have out-of-state wills, drawn up while they were still living among the hills of North Carolina or the hubbub of New York. If the will was valid according to your old state’s laws at the time you made it, it is still legal in Florida. However, if you are a Florida resident, you may benefit greatly by having a new will drawn up in Florida, because it will likely be more easily admitted to probate.

 

It is important to know that each state has its own requirements for what makes a will a legally binding document. For example, Florida doesn’t recognize handwritten wills that haven’t been witnessed (known as “holographic wills”), or oral wills not put into writing, even if other states okay them. There’s also the matter of Florida estate law. In this state, for example, your surviving spouse is entitled to 30 percent of your net probate estate, regardless of what you say in your will. The spouse may also have a “Homestead” interest in property you share here, even if you want your house to go to someone else. In fact, all real property owned in Florida will be subject to this state’s laws, even if you’re a snowbird maintaining a residence in the state where your will was drawn up. Other peculiarities also exist, which is why a Florida will could make things much easier for your heirs.

 

If you would like to have me review your current out-of-state will, I am happy to do so without charge. If it turns out to be in accordance with Florida state laws and procedures, you can continue to rely on it. If not, however, your heirs would rather you discover that now.

It is a good idea to re-read your will every few years to be sure it reflects up-to-date realities (you may not want to leave your heirloom to a niece you are no longer speaking to, nor have someone be named your child’s guardian if they have taken seriously ill since you drafted your will). It is especially important to reexamine your will if:

 

  • You have gotten married since it was last drafted;
  • You have made bequests to people who have fallen out of your favor or are no longer living (I recently updated the will of a man who had left everything to his first wife, who was long deceased), or you have not included people who are now dear to you;
  • You would like to change the person named as the personal representative of the estate. (Note: Florida law does not allow a nonresident of the state to serve in this position, unless it is an immediate family member or certain other relatives);
  • You have acquired pricey or sentimental items that are not accounted for in your will. Do note, though, that Florida law allows you to attach a separate personal property memorandum to your will, detailing who will get which specific items. This list can be changed whenever you want.

Perhaps I should answer this question with where not to store it: in a bank’s safety deposit box. Although it may seem logical to put this with your other important papers, it is often difficult for your heirs to gain access to the box once you die, since the box is sealed then and must be opened in the presence of a bank employee.

 

One good option is to leave your original will with the attorney who drafted it, making copies for your personal representative and other important relatives and letting them know who has the original. For my clients who prefer that I store their original will, I keep it in a fireproof will vault in my office, or in the vault in my bank.

 

As an alternative, you could store the will in a fireproof box or vault in your own home.

 

Wherever you store it, be sure to let your personal representative and other close relatives know where you have put it!

Probate is when the court oversees your assets and liabilities after your death. During probate, the court makes sure that your will is valid and acceptable; that all debts, bills, creditor’s claims, and taxes are paid from your estate’s assets; and that your remaining assets are distributed to your beneficiaries according to your will (or, if no will exists, by Florida law).

 

Probate usually does take longer than most beneficiaries would like. But in order to ensure that everyone with a right to a claim is included in the process, the court requires several steps. If the size and complexity of your estate are minimal, however, the entire process of probate can take as little as a few months. Larger estates that are subject to IRS estate taxes or those involving litigation on the part of creditors or heirs generally take longer, often one or more years.

 

To speed the process along for simple and small estates, the courts allow a shortened form of probate, known as “summary administration,” which requires much less paperwork and time.

A personal representative (PR) is a friend or relative, or an attorney or bank, who is put in charge of the estate until all matters regarding the probate are resolved. (In other states, this person is sometimes called an executor or administrator.) The job of the PR includes identifying all assets, searching for creditors and paying valid claims, filing required estate tax returns if the estate is large enough (the figure escalates over time, according to Congressional laws), coordinating with the probate court and attorneys, and overseeing the distribution of assets–all done under the guidance and assistance of a qualified attorney.

 

Serving as a PR is an important role, and such a person should be selected with care as to who is most willing and best able to serve in this position. By Florida law, your personal representative must be over 18 years of age, and be a blood relative, your spouse, the parent or child of your spouse, or a Florida resident.

Generally, no. If you co-own all property via such legal structures as “tenancy by the entirety” or by “joint tenancy with right of survivorship” the property immediately passed to you upon your spouse’s death. Proof of death is usually all that is needed to pass such jointly owned title for cars, stocks, and other personal property to the surviving spouse.

 

But if even one asset was held solely in the deceased person’s name, or any property is owned in the form of a “tenancy in common,” that estate will be required to go through probate. If the assets are limited, the shorter, simpler form of probate is generally all that is required.
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