Under Florida estate law, your estate is any and all property or assets owned by you at the time of your death. This may include, but is not necessarily limited to, bank accounts, business interests, business investments, life insurance policies, stocks and bonds, retirement accounts, your primary residence and real estate investments, and valuables like jewelry, artwork, and motor vehicles. When someone dies, the estate administrator shall work on the distribution of assets before they close the estate.

While an out-of-state will is generally considered valid in Florida, there may be some differences in how the will is executed. Regardless, it is highly advisable that you speak with a Florida estate planning lawyer to revise your will. If your will is out of date, it may not reflect changes in your life or circumstances. For example, if you have gone through a divorce, you want the will to be revised so that your ex-spouse does not recover assets from your estate. Also, you want to name beneficiaries you wish to pass things on. If a beneficiary is not named, they may not recover any inheritance.

Your last will and testament is a vitally important part of your estate plan and could be considered the center of any estate plan. However, it is not the final thing you should consider when estate planning. Wills do not look after you or your family while you’re still alive. For that, you would want a durable power of attorney or health care proxy, which can speak for you if you are ever incapacitated. Also, consider a living will, living trust, and others. Schedule a free case review to discuss your goals with our lawyer and his legal staff.

The time is now. It’s never too early to begin estate planning. There is, however, such a thing as too late. The later you wait, the more at risk your estate is to various vulnerabilities. You would be well served to speak with an experienced estate planning attorney sooner rather than later about the complexities of estate planning and what type of documents would benefit your personal needs.

Unfortunately, no. Living trusts help you avoid the probate part of the estate planning process. Additionally, a living trust may help you reduce or eliminate state and federal estate taxes. However, living trusts cannot help you reduce income taxes. Do not be deterred, though. There are several additional benefits to establishing a living trust. Also, living trusts are not only for the wealthy, as their reputation may have you believe. Contact us to learn how a living trust may benefit your estate plan.