- Wills are legal documents that explain how a person’s belongings are distributed and who will administer the probate estate in the event of their death. This can include distribution of their estate, funeral wishes, as well as care of children. There are very specific signing requirements in Florida for the Will to be valid.
- Trusts can be set up to avoid probate and/or reduce the amount of inheritance tax payable.
- Probate is the legal term for administering the estate of someone who has died. There are different processes and procedures for people who did or didn’t make a will before they died. Administering the estate can involve dealing with property, other assets and money.
- Wills and probate lawyers can help the personal representative/executor of the will with their duties to carry out the wishes of their deceased loved one.
- Inheritance tax might need to be paid; especially if there was not time for proper inheritance tax planning. Final individual income tax returns also need to be handled.
- Inheritance Tax Planning can reduce the amount of inheritance tax owed, so your loved ones don’t end up paying a large amount of inheritance tax.
- Durable Powers of Attorney are required early, so that when a person is no longer able to make financial and other decisions for themselves the agent can help. A Preneed guardian designation can also be registered with the Clerk’s Office to have your preference known.
- It is well worth making sure that the probate attorney you choose is well-versed in this area of law, sympathetic and efficient to save your family time and expenses after a death.
- If you haven’t made a will yet, then perhaps now you can understand how important it is, and that it doesn’t just affect you. Your whole family could be affected, and you don’t want them to suffer unnecessarily after your death.
Now that you know more about the importance of wills, now is the time to make a will and other important estate planning documents.