Coral Gables Florida Estate Planning Attorneys

A Last Will and Testament is usually the first estate planning document people execute – and may continue to serve as the foundation of their estate plan for years to come. That initial plan, however, may grow to include at least one trust agreement as a person’s assets and family grow. To help you better understand both common estate planning tools, the Florida estate planning attorneys at Stivers Law have created some frequently asked questions and answers related to Wills and trusts. If you have specific questions about Wills and trusts, please contact our office to schedule a consultation.

      • A Last Will and Testament is a legal document that is used to express an individual’s wishes regarding his/her estate assets and what should be done with them upon the Testator’s (creator of the Will) death. Gifts made in a Will may be general (such as “half my estate”) or specific (such as “my art collection”) and may be made to an unlimited number of beneficiaries. A Will also offers the parents of minor children the only official opportunity to nominate a Guardian for the minor children should one ever be needed.

      • Despite what many people believe, you cannot be too young (as long as you are an adult) or too poor to benefit from a Will. Every adult can benefit from creating a Will regardless of age, marital status, or net worth. At a bare minimum, executing a Will ensures that the State of Florida will not determine what happens to your estate assets if something happens to you. It can also help avoid disputes among your family after you are gone.

      • When a decedent dies without a valid Will (or trust) in place the estate is referred to as an “intestate” estate. If you are a resident of Florida and you die intestate, the State of Florida decides how your estate assets are distributed using the Florida intestate succession laws. Usually, this means that only close relatives will inherit from the estate. Dying without a Will also means you give up the ability to decide who administers your estate.

      • The person you appointed as Executor of your Will submits the original Will to the appropriate court for probate shortly after your death. The Executor also notifies beneficiaries and heirs as well as creditors that probate is underway. Creditor claims are reviewed and paid if approved. Any federal (and/or state if applicable) gift and estate taxes due must also be paid. At the end of the probate process, the terms of your Will are used to determine how the assets remaining in your estate are distributed.

      • At its most basic, trust is a relationship whereby property is held by one party for the benefit of another (or others). Trusts are broadly divided into living trusts and testamentary trusts with the former activating during the lifetime of the Settlor (the creator of the trust) and the latter typically being activated at the time of the Settlor’s death by a provision in the Settlor’s Will. Living trusts can be revocable or irrevocable.

      • Although your Last Will and Testament may always be the foundation of your estate plan, you may eventually choose to use a trust as your primary asset distribution method. Whether you want to use a Will or a trust to distribute your estate is something that can truly only be decided after consulting with an experienced estate planning attorney; however, there are some common considerations when deciding whether a Will or a trust should be used. If your estate is small enough to qualify for small estate administration, and you do not have minor children (nor plan to have any), a simple Will may suffice for distributing your assets. If, however, your estate is large enough that you need to plan for avoiding probate and/or you have minor children who will inherit from your estate, a trust may be a better choice for distributing your estate assets.

      • Trusts can help further a wide range of estate planning goals which is why trusts are so often found in an estate plan. Among the numerous and varied estate planning goals that can be furthered using a trust are:

        • Incapacity avoidance
        • Medicaid planning
        • Probate avoidance
        • Tax planning
        • Protecting the inheritance of a minor child
        • Asset protection
        • Pet planning
        • Special needs planning
        • Charitable gifting
        • Funeral planning
        • Blended family planning

      • People often make the mistake of thinking they can save time and money by using a “DIY” Will or trust agreement form found on the internet. Unfortunately, you are more likely to cost your beneficiaries and heirs time and money during probate if you go the DIY route. DIY forms are notorious for having errors and omissions that lead to litigation during the probate of an estate. Given the importance of your estate plan, working with an experienced attorney is advisable.

Contact Us

If you have additional questions or concerns about Wills or trusts in the State of Florida, contact the experienced Florida estate planning attorneys at Stivers Law by calling (305) 456-3255 to schedule your appointment today.

Category: