If you’re searching for answers about wills and trusts, you’re not alone! As a Florida-based trust and estates attorney, I hear all of these burning questions people have about protecting their legacy all the time. Whether you’re planning for the future or just curious about your options, this guide covers the most Googled questions about wills and trusts—tailored to Floridians like you.
Wills: Florida’s FAQ Edition
- Do I need a will?
Short answer: Yes, if you own property and have beneficiaries. Long answer: No, if you are ok with the state of Florida deciding who gets your assets. Without one, your property is distributed according to Florida intestate succession laws. That means the people you might not want to inherit your estate (looking at you, distant cousin Larry) could end up cashing in.
- What happens if I die without a will in Florida?
If you pass away without a will (also known as dying intestate), Florida law takes over. Your estate will be distributed to your closest living relatives in a specific order—spouse, kids, parents, etc. In modern times, families are complex and intricate, and it is more important than ever to leave your wishes clear with a Florida Will. Court battles between families are on the rise and having a well written Will helps prevent disputes. Intestate laws often result in unintended consequences, and that is what could happen if you die without a will in Florida.
- How much does it cost to create a will in Florida?
Costs can vary based on complexity, but a professionally drafted Will typically starts around four hundred dollars. While DIY templates seem tempting, they often miss Florida-specific requirements, leading to costly court disputes. Trust me: investing in a solid will now saves your loved ones from financial and emotional stress later.
- Can I write my own will in Florida?
Yes, you can write your own will, but should you? Florida courts are sticklers for proper execution. If your DIY will doesn’t meet all the legal requirements (e.g., proper witnesses, no handwritten changes), it could be declared invalid. Work with a pro—you deserve better than “hoping it’ll hold up.”
- What makes a will valid in Florida?
For a will to be valid in Florida, it must be:
- Signed by the testator (that’s you).
- Witnessed by at least two people who aren’t beneficiaries.
- Executed with the intent to create a will.
- Pro tip: Florida doesn’t recognize holographic (handwritten) or oral wills.
- Pro’s pro tip: Add a self-proving affidavit to avoid complications in probate.
Trusts: Florida’s Estate Planning MVPs
- What is a trust, and how does it work?
A trust is a legal tool that holds and manages your assets for the benefit of your chosen beneficiaries. In Florida, trusts are particularly useful for avoiding probate, protecting assets, and providing for loved ones. Think of it as a financial safety net that ensures your wishes are followed seamlessly.
- Will a trust avoid probate in Florida?
Yes, and that’s one of its biggest perks. Assets held in a trust skip the probate process entirely, meaning faster distribution, lower costs, and more privacy for your estate.
- What’s the difference between a will and a trust?
Here’s the gist:
- A will goes into effect after you pass away and deals with naming guardians, distributing assets, and expressing final wishes.
- A living trust can take effect while you’re still alive, allowing you to manage your assets, avoid probate, and provide for beneficiaries during your lifetime and after.
- How much does a trust cost in Florida?
A basic trust can range from $1,500 to $3,500+, depending on your needs. While the upfront cost may seem steep, the long-term savings on probate fees and estate taxes make it well worth the investment.
- Do I need a lawyer for a trust in Florida?
Yes, unless you enjoy navigating Florida’s complex trust laws solo. A lawyer ensures your trust is properly drafted, funded, and tailored to your unique circumstances. Mistakes can lead to big problems, so leave this one to the pros.
Wills & Trusts: General FAQs Floridians Ask
- How do I update my will or trust?
Life changes—marriages, divorces, new kids (or new grudges). In Florida, you can amend a will with a codicil or draft a new one altogether. Trusts require amendments or restatements. Whatever you do, don’t scribble notes in the margins. Call your lawyer for help.
- How can I protect my assets from taxes?
Florida has no state income tax or inheritance tax (insert collective cheer here), but federal estate taxes can still apply if your estate exceeds $12.92 million (as of 2023). Trusts, gifting strategies, and charitable donations can help minimize tax liability.
- Who should I choose as my executor or trustee?
Pick someone responsible, trustworthy, and willing to handle the nitty-gritty. They’ll be overseeing finances, paying debts, and distributing assets. Pro tip: Avoid picking someone who’s likely to cause family drama.
- What happens if my heirs fight over my will or trust?
Family feuds over estates are sadly common. To avoid this, work with an attorney to draft clear, enforceable documents. Mediation and arbitration clauses can also help keep the peace.
Ready to Take the Next Step?
Whether you’re just starting to plan or need a review of your existing documents, I’m here to help. My Florida-based virtual law firm specializes in creating customized wills and trusts that protect your assets, honor your wishes, and give you peace of mind.
Schedule a free consultation today! Let’s turn “Googling estate planning” into “having it all figured out.”