PRESERVE YOUR LEGACY
Estate planning gives you the chance to ensure your wealth and assets are transferred as you wish following your death. A properly implemented estate plan can also protect your assets from creditors, reduce taxes, preserve funds for your loved ones and pets, and avoid the necessity of court- supervised guardianship.
Except for the assets that'll be passed by beneficiary designation or operation of law, Florida's intestacy statutes (found in chapter 732 of the Florida Statutes) will determine the distribution of estate assets if you do not have a Will.
There is no legal obligation to have an attorney draft your Will in Florida. However, it is advised that you have an estate planning attorney assist you in the process to ensure the document is valid and that there are no misinterpretations of your wishes. If your estate is complex or of high value, it would be a huge risk not to work with a licensed attorney.
Probate is the legal process for identifying, gathering, and distributing the estate of a deceased person. In Florida, this process is court-supervised and includes:
· Validating the decedent’s Last Will
· Appointing a personal representative (also known as an ‘executor’)
· Paying the decedent’s debts and expenses
· Following the Will’s instructions to distribute assets to beneficiaries
Avoiding probate in Florida is commonly accomplished through:
A common misconception many hold is that having a valid Last Will avoids the necessity of probate- this is incorrect. As probate in Florida is the process by which a Last Will is administered. For many people, implementing a revocable trust as the basis for your estate plan may be the right choice. The benefits associated with using revocable trusts can include probate avoidance, confidentiality, and tax planning.
Ivan & Daugustinis
5150 Belfort Road | Building 200 | Jacksonville, Florida 32256
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