Florida Estate Law: What To Know About Estate Planning in the Sunshine State

For those unfamiliar with Florida estate law, there can be the assumption that “estate planning” is reserved for those who own a large gated property. Legally, however, an estate plan is nothing more than a set of legal documents that outline your wishes for the distribution of your assets after your death.

Estate plans are critical for anyone who wishes to control and protect their assets when they’re no longer able to do so. Working with an experienced estate planning attorney to prepare a will, trust, and other legal documents can ensure that your estate plan is tailored to your individual needs and goals.

With that in mind, let’s take a closer look at what an estate plan entails, the benefits of estate planning in Florida, and how partnering with a law firm well-versed in the intricacies of Florida estate tax laws will make sure that your wishes are met.

Florida estate tax laws are some of the most liberal in the country, with many folks moving to the Sunshine State to take advantage of the friendly estate laws. As we mentioned above, an estate plan is simply the legal documents you’ll need to make sure all of your assets are distributed per your wishes after your death.

The most common part of an estate plan is the will, which in Florida is known as the Last Will and Testament. This document will legally declare such information as who the executor of the estate will be, who the beneficiaries are, how the assets will be distributed, and the names of guardians in the case of minor children.

A trust is a fiduciary arrangement that allows for a third party (trustee) to hold property and other assets for the beneficiary both during their lifetime and after. Most trusts are revocable, meaning they can be modified at any time by the person establishing the trust (for more on how to dissolve a revocable trust click here ). Florida trust laws require trusts to be drafted by a licensed attorney, and doing so will help you and your beneficiaries avoid any expensive legal issues down the road.

A power of attorney gives legal authority to a trusted individual who can make decisions and act on your behalf if and  when you are no longer physically.able to do so.  Depending on the language of the legal document, this could entail legal, financial, and medical decision-making powers.

Every individual situation is different, and it’s possible you’ll need an estate planning attorney to draw up other legal documents to protect your assets, such as Florida’s homestead exemption, spousal property ownership splits, and healthcare directives.

Considering the liberality of Florida estate law, it’s not difficult to see the many benefits of having an estate plan. Not only will you be able to make important decisions about your future and protect your hard-earned assets during your own lifetime, but it will also allow you to provide for your dependents after your death. In the end, making an estate plan will save you time, money, and excessive stress for both you and your loved ones.

There are inevitably going to be estate planning costs when you hire a seasoned lawyer who’s an expert in Florida estate tax laws and Florida trust laws. But the benefits and security offered— specifically, tailoring your documents to your needs and ensuring that the estate plan is properly executed—will be well worth the investment in the long run.

Estate planning is an important process that everyone should consider, regardless of age or wealth. By working with an experienced estate planning attorney, you can ensure that your wishes are carried out and your loved ones are protected. The law firm of Walser & Herman is dedicated to helping clients throughout Florida create customized estate plans that meet their needs and goals.

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