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Estate Planning
We handle all aspects of Estate Planning, including:
Wills
Trusts
Minor's Trusts
Revocable Living Trusts
Irrevocable Trusts
Life Insurance Trusts
Special Needs Trusts
Powers of Attorney
Living Wills
Designation of Health Care Surrogate
Asset Protection
Probate
Frequently Asked Questions
What is a will?
A will is a written document that describes how your property will be distributed upon your death. Every state has their own laws which set forth the requirements for a legal will. In order to create a valid will in Florida:
1. You must be at least 18 years old.
2. You must be of sound mind at the time you sign your will.
3. Your will must be in writing.
4. Your will must be witnessed and notarized in the special manner.
You must follow specific rules for the execution of a will and your will must be proved in and allowed by the probate court.
Your will becomes final when you die and until that time, you may change or add to it by creating a new will or by creating a "codicil" to your existing will. A codicil is an amendment to your existing will that must be executed with the same formalities of a will. You cannot change the terms of your will by writing something in or crossing something out after the will is executed. In fact, writing on the will after its execution may invalidate part of the will or all of it.
What Happens If I Die Without a Will?
If you die without a will (this is called dying "intestate"), your property will be distributed to your heirs according to a formula fixed by law. Your property does not go to the State of Florida unless there are absolutely no heirs at law, which is very unlikely. In other words, if you fail to make a will, the inheritance statute determines who gets your property. The inheritance statute contains a rigid formula and makes no exception for those in unusual need.
When there is no will, the court appoints a personal representative, known or unknown to you, to manage your estate. The cost of probating may be greater than if you had planned your estate with a will, and the administration of your estate may be subject to greater court supervision.
Does a Will Increase Probate Expenses?
No. If there is property to be administered or taxes to be paid or both, the existence of a will does not increase probate expenses. A will frequently reduces expenses. If there is real or personal property to be transferred at your death, the probate court will have jurisdiction to ensure that it is transferred properly, either according to your will, or, if there is no will, in accordance with the inheritance statute. Thus, even if you have no will, your heirs must go to court to administer your estate, obtain an order determining your legal heirs, or obtain a determination that administration is unnecessary. These procedures are often more expensive than administering your will, since a properly drawn will names the beneficiaries and delineates procedures to simplify the administration process.
Can a Will Reduce Taxes?
A well-drawn will can reduce estate and income taxes that may arise when someone dies. Estate taxes are often by far the largest cash expense an estate can have. There is also the possibility that Congress may increase the impact of the estate tax in the future. In addition, proper planning must be made for income tax advantages. Proper planning with a will is indispensable in taking these benefits in the tax codes.
When Should I Revise My Existing Will?
There are many circumstances when it is necessary to change an existing will but the following two examples are the most common:
You Get Divorced. Marriage does not cancel a will in Florida, but a spouse acquired after the execution of a will may receive the same portion of your estate that he or she would have received had you died without a will (at least one-half).
You Move to Florida from Another State. If you have moved to Florida from another state, it is wise to have your will reviewed by a Florida lawyer in order to be sure that it is properly executed according to the laws of Florida, that the witnesses are readily available to prove your will in Florida, and that your personal representative is qualified to serve in Florida.
Wills
Trusts
Minor's Trusts
Revocable Living Trusts
Irrevocable Trusts
Life Insurance Trusts
Special Needs Trusts
Powers of Attorney
Living Wills
Designation of Health Care Surrogate
Asset Protection
Probate
Frequently Asked Questions
What is a will?
A will is a written document that describes how your property will be distributed upon your death. Every state has their own laws which set forth the requirements for a legal will. In order to create a valid will in Florida:
1. You must be at least 18 years old.
2. You must be of sound mind at the time you sign your will.
3. Your will must be in writing.
4. Your will must be witnessed and notarized in the special manner.
You must follow specific rules for the execution of a will and your will must be proved in and allowed by the probate court.
Your will becomes final when you die and until that time, you may change or add to it by creating a new will or by creating a "codicil" to your existing will. A codicil is an amendment to your existing will that must be executed with the same formalities of a will. You cannot change the terms of your will by writing something in or crossing something out after the will is executed. In fact, writing on the will after its execution may invalidate part of the will or all of it.
What Happens If I Die Without a Will?
If you die without a will (this is called dying "intestate"), your property will be distributed to your heirs according to a formula fixed by law. Your property does not go to the State of Florida unless there are absolutely no heirs at law, which is very unlikely. In other words, if you fail to make a will, the inheritance statute determines who gets your property. The inheritance statute contains a rigid formula and makes no exception for those in unusual need.
When there is no will, the court appoints a personal representative, known or unknown to you, to manage your estate. The cost of probating may be greater than if you had planned your estate with a will, and the administration of your estate may be subject to greater court supervision.
Does a Will Increase Probate Expenses?
No. If there is property to be administered or taxes to be paid or both, the existence of a will does not increase probate expenses. A will frequently reduces expenses. If there is real or personal property to be transferred at your death, the probate court will have jurisdiction to ensure that it is transferred properly, either according to your will, or, if there is no will, in accordance with the inheritance statute. Thus, even if you have no will, your heirs must go to court to administer your estate, obtain an order determining your legal heirs, or obtain a determination that administration is unnecessary. These procedures are often more expensive than administering your will, since a properly drawn will names the beneficiaries and delineates procedures to simplify the administration process.
Can a Will Reduce Taxes?
A well-drawn will can reduce estate and income taxes that may arise when someone dies. Estate taxes are often by far the largest cash expense an estate can have. There is also the possibility that Congress may increase the impact of the estate tax in the future. In addition, proper planning must be made for income tax advantages. Proper planning with a will is indispensable in taking these benefits in the tax codes.
When Should I Revise My Existing Will?
There are many circumstances when it is necessary to change an existing will but the following two examples are the most common:
You Get Divorced. Marriage does not cancel a will in Florida, but a spouse acquired after the execution of a will may receive the same portion of your estate that he or she would have received had you died without a will (at least one-half).
You Move to Florida from Another State. If you have moved to Florida from another state, it is wise to have your will reviewed by a Florida lawyer in order to be sure that it is properly executed according to the laws of Florida, that the witnesses are readily available to prove your will in Florida, and that your personal representative is qualified to serve in Florida.
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Dixon & Associates
3335 West Bearss Avenue, Tampa Florida 33618
(813) 968-2404
3335 West Bearss Avenue, Tampa Florida 33618
(813) 968-2404
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(c) Copyright 2019. All Rights Reserved.
(c) Copyright 2019. All Rights Reserved.