Answering Your Questions About Estate Planning
Preparing for the future is a vital step in ensuring that your legacy thrives beyond your lifetime. However, the process of creating a plan may leave you with questions about the best way forward.
At Absolute Law, we help people in Fort Myers and the surrounding area create plans that reflect their financial goals, their values and their care for their loved ones. Our experienced attorneys can provide you with assertive representation, compassionate support and answers to your questions.
Do I need a lawyer to create a will?
You can legally make a will without a lawyer. However, the guidance of an attorney can make sure the will is valid, meets all legal requirements and truly reflects your wishes. A lawyer can also handle complex issues like estate taxes, guardianships and dividing assets.
What happens if I die without a will in Florida?
If you pass away without a will in Florida, the state’s intestacy laws will determine what happens to your savings, your home and your other possessions. Usually, your closest relatives will inherit your estate, which might not be what you wanted.
What is the difference between a will and a trust?
A will is a document that states how to distribute your assets after you die. It only works after your death and requires probate. A trust works during your lifetime and after your death, often skipping probate, which keeps things private and might reduce taxes and legal fees.
What is a living trust?
A living trust is made while you are alive, placing assets under a trustee’s control for the benefit of the beneficiaries. It manages assets during your life and outlines how to distribute them after your death, often avoiding probate.
What is a power of attorney?
A power of attorney is a legal document that names someone to make decisions for you if injury or illness prevents you from making those decisions yourself. This document can cover financial, legal or health decisions.
When might I need to update my estate plan?
It is good to review and possibly update your estate plan every three to five years or after major life changes like marriage, divorce, a new child, a big change in your finances or the death of a beneficiary to make sure it still reflects your current situation and wishes.
Will estate taxes impact my estate?
Florida does not have a state estate tax, but federal taxes might still apply. To minimize estate taxes, you can set up trusts, make annual gifts that are within the tax-exempt limit and allocate assets to charitable organizations. Consulting with an estate planning attorney can help you create a plan that fits your specific needs.
Can a will or trust be contested in Florida?
In Florida, people can challenge a will or trust for a number of reasons. These reasons include undue influence, not being capable when signing, fraud or improper signing. Contesting a will or trust can be complicated and usually requires legal help to settle disputes.
What is probate?
Probate is the legal process that confirms the validity of a will, settles debts and distributes the deceased’s assets according to the will or state law if there is no will. This process is overseen by a probate court.
Do all estates go through probate in Florida?
Not all estates in Florida have to go through probate. Smaller estates or those with assets already assigned to joint owners, designated beneficiaries (like in life insurance policies), or placed in trusts may avoid or qualify for a simplified probate process.
How long does the probate process take?
The length of the probate process in Florida can vary greatly, from a few months to over a year. The actual time it takes depends on the assets in the estate, how clear the will is and whether there are any disputes or claims against the estate.
What is probate litigation?
Probate litigation involves legal disputes that arise during the probate process. These can include challenges to the validity of a will, disputes among beneficiaries or disagreements over the interpretation of will terms. These issues can extend the process, making it lengthy and costly.
You Have Unique Concerns. Call Us For Answers.
Do not wait to secure your legacy. Contact Absolute Law today at 239-268-4669 to schedule a consultation and begin your journey toward peace of mind. Your future is our priority, and we are here to ensure it shines as brightly as possible.