Efficient Estate Planning For The People Of Florida
There are various tools in the state of Florida that you can use to your advantage in your estate plan. I am estate planning attorney Barbara J. Hartbrodt, and I can discuss your goals and the nature of your assets to create an estate plan for you that will meet your objectives. At my law firm, Hartbrodt Law PLLC, I feel honored to serve the people of DeBary, Volusia County, Orange County and the Surf Coast region of Florida.
What To Know About Wills
A will, also known as a last will and testament, is a written document that directs the disposition of property owned by a person (called the testator) upon his or her death. In Florida, the testator must be at least 18 years of age and of sound mind. Furthermore, a will must be witnessed and notarized in the special manner provided by Florida statutes. At a minimum, your will should:
- Designate a personal representative – commonly known as an executor – to manage your estate after death.
- Identify the beneficiaries of your estate and state what assets each beneficiary is entitled to receive.
- Name a personal representative qualified for appointment under Florida law.
- Appoint a guardian for minor children.
- Select a trustee to manage such beneficiaries’ share of the estate.
- Make charitable gifts.
- Designate the tax burdens of the estate.
- Give specific instructions for the handling of bodily remains.
By having a last will and testament, you can decide who inherits your property and who will manage the estate. If you die without a will, the court will make these decisions and administer your estate according to Florida laws of intestacy.
Do I Really Need An Estate Planning Lawyer?
It is recommended to have a Florida estate planning attorney licensed in the state of Florida prepare and execute your will. Having an untrained person prepare a will may result in a failed or invalid devise, and possibly having your property distributed according to Florida law rather than how you desire. Failure to follow the exact formalities required by Florida law for the execution of a will can result in your will being invalidated and unable to be admitted by the probate court.
No will is “simple,” given that each person has a unique set of circumstances. I will draft a will that best accomplishes your needs and goals within your budget, allowing for the various contingencies that can arise with probating a will.
What Is A Revocable Living Trust?
A revocable trust is a document that provides for the creator, called the grantor or settlor, to manage assets that are placed into the trust while he or she is living. Then, the trust distributes the remaining assets upon death. The person responsible for the management of the trust assets is the trustee. You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee. The trust is revocable in that you may freely modify or terminate the trust during your lifetime.
The benefits of creating a revocable trust are great:
- A revocable trust allows for the disposition and management of property in the trust after death without the need for court supervision.
- It allows the trust assets to be kept private rather than a matter of public record.
- Setting up a trust can prevent the need for having a court-appointed guardian in the event of incapacity, as a successor trustee would be able to stand in to administer the assets in the trust.
It is important to note that a trust only allows for the administration of property placed in it. Therefore, a will or probate proceeding may still be necessary if a person dies owning other assets individually that have not been placed in the trust.
As a trust attorney, I can prepare your trust or will to ensure that all assets are properly disposed of according to your intended goals and desires.
Enhanced Life Estate Deed, Or Ladybird Deeds
Another tool for estate planning is the enhanced life estate deed, also known as the ladybird deed. With this deed, the grantor gives himself or herself a life estate in real property that he or she owns, for exclusive use during his or her lifetime. Upon death, the property passes automatically to the person(s) named on the deed. The ladybird deed prevents the need for real property to pass through probate.
When properly drafted by an estate planning lawyer, your life estate deed will allow you to retain complete control over your real property while living. This includes the power to sell, transfer or mortgage the property during your lifetime. The cost of a ladybird deed is relatively inexpensive compared to a probate proceeding to transfer real property.
I will draft your life estate deed with proper care. Then, I will ensure that it is witnessed, executed, and recorded in accordance with Florida law.
Simplify Your Estate Planning – Contact Me Today
Although creating an estate plan may sound complex, it doesn’t have to be when you work with me. Please consult me at my law office to learn more about how I can help you preserve your assets. Call 386-888-8478 or send me an email to schedule an initial consultation.