Category Archives: Estate Planning
Is It a Good Idea to Add My Child’s Name to My Bank Account?
When it comes to estate planning, many Florida residents look for shortcuts. And while there are certain legal tools you can use to minimize the burden of the probate process for your heirs, you need to think carefully before taking steps that might actually make things worse for you while you are still alive…. Read More »
How Private Is a Florida Trust?
There are many reasons that Florida residents choose to create a living trust as part of their estate plan. One commonly cited motive is the desire to keep their affairs private. But just how private is a Florida trust? Wills vs. Trusts Compared to a traditional last will and testament, a well-drafted trust offers… Read More »
When Is Summary Administration of a Florida Estate Justified?
There are situations where formal probate of a Florida estate is unnecessary. In these cases a deceased person’s heirs can file a petition for summary administration, a simplified probate process. Normally, summary administration is only available after the decedent has been dead for at least 2 years (and no prior estate was opened) or… Read More »
The “Queen of Soul” Did Not Have a Will–But You Should
There are some people who decide not to make a Florida will because they think they don’t own enough assets to justify formal estate planning. This is a fallacy for many reasons. Unfortunately, it’s a fallacy that even famous and wealthy people believe, as demonstrated by the recent news reports surrounding the death of… Read More »
Will Florida Accept My Handwritten Will?
There is a famous story in Canadian estate planning law about a farmer who died in 1948 after getting pinned underneath his own tractor. The day after the farmer died, neighbors noticed some writing on the side of the tractor. It turned out the dying farmer used his pocket knife to scratch out a… Read More »
Does My Estate Have to File Tax Returns After I Die?
An often overlooked component of estate and probate administration is addressing any outstanding tax liabilities of the deceased person. This can be more complicated than you might think. With respect to federal income taxes, your personal representative may need to file two separate returns: one for you as a deceased individual, and one for… Read More »
Who Is the “Qualified Beneficiary” of a Trust?
Trust disputes often arise between the beneficiaries of the trust. According to Florida law, a beneficiary is “a person who has a present or future beneficial interest in a trust, vested or contingent, or who holds a power of appointment over trust property in a capacity other than that of trustee.” There is also… Read More »
Who Is Considered an “Interested Person” in My Estate?
A common issue in Florida estate and probate administration is determining who qualifies as an “interested person.” This is a legal term used to describe someone who may be affected by the outcome of an estate administration. An interested person has certain legal rights within the probate process, so it is important to understand… Read More »
Is My Revocable Trust Liable for My Personal Debts?
A trust is a vehicle for disposing of your assets without the need for probate after you die. It is, at least in the case of revocable trusts, not a mechanism to shield your assets from creditors. The reason for this is simple: As long as you have the power to revoke the trust,… Read More »
How Does a “Tenancy by the Entirety” Work in Florida?
One way that married couples can leave an asset to one another without the need for probate is by holding the property as “tenants by the entirety.” This is a special form of property ownership exclusively available to married co-owners, although it is similar to a joint tenancy with right of survivorship. With a… Read More »
