Florida Estate Planning: True or False
Many people have a general awareness about estate planning, especially the importance of executing a will to dictate what happens to real and personal property at death. However, beyond these basic concepts, there are many details under Florida state law that you may not fully understand. As such, you should trust an experienced Dade City estate planning lawyer to guide you on some of the more in-depth complicated topics. This True-False quiz can help you test your knowledge and provide some talking points for when you do consult with an attorney.
There are strict requirements for creating a will in Florida: TRUE
Under Florida’s statute on executing a will, the document must be:
- In writing;
- Signed by the testator or someone else at his or her direction;
- Executed in the presence of at least two witnesses, who observe the testator and each other sign.
I’m too poor to need a will: FALSE
Even if you own minimal assets upon death, you make things easier for your surviving loved ones. The process of appointing a personal representative in probate court is streamlined when you’ve designated that person. Plus, you can excuse the requirement to purchase a fiduciary bond in your will, so your executor won’t have to advance funds to meet this legal requirement.
I can pass some assets separate from my will: TRUE
Property that you own with another person can pass by operation of law when the arrangement is joint ownership with right of survivorship. Examples include real estate, vehicles, bank accounts, and other assets that designate other individuals as joint owners. You can also pass life insurance proceeds and bank accounts by designating a beneficiary.
Complex estate planning is too expensive: FALSE
Creating a comprehensive estate plan can be challenging when you own considerable assets, have a large group of beneficiaries, or family members with special needs. The process can be more costly because it requires in-depth consultation with a knowledgeable attorney. However, if you don’t invest in legal help up front, the cost of probating the estate are likely to exceed the costs of planning and the outcome is not predictable.
It’s wise to retain a lawyer for legal help with estate planning : TRUE
There are plenty of computer applications that enable you to create a will and other estate planning documents, including powers of attorney and trusts. The downside is that these solutions are very “one size fits all.: They don’t take into account the personal needs of you and your loved ones. An experienced estate attorney will customize an estate plan that suits your specific circumstances.
Get More Information from a Florida Estate Planning Lawyer
While this True-False quiz offers insight on some basic legal issues, you should work with a knowledgeable attorney when it comes to preparing your own estate plan. To learn more about options that could benefit your unique situation, please contact the Dade City, FL Law Office of Laurie R. Chane. You can call 352-567-0055 or go online to schedule your consultation.