Contact Us

Why is it Better to Have an Estate Plan in Florida?

better to have a will than not to in Florida

Why is it better to have an Estate Plan in Florida? It’s so much better to have a will than not to in Florida. With a will, you can direct your assets to those whom you wish to receive a legacy, rather than the Florida default rules. This is according to a recent article in the Houston Chronicle’s entitled “Elder Law: Will you plan now or pay later?”

You should also designate an independent executor. You may want to have an estate planning attorney in Jupiter, Florida, create a special trust to provide for family members who are disabled, along with trusts for minors and even adult children.

Here are three major items about which you may not have considered that may require changes to your estate plan or motivate you to get one. Years ago, the amount a person could leave to beneficiaries (the tax-free exemption equivalent) was much lower. You were also required to either use it or lose it.

For example, back in 1987 when the exemption equivalent was $600,000 per taxpayer, a couple had to create a by-pass trust to protect the first $600,000 upon the first to die to take advantage of the exemption. The exemption is $11.58 million in 2020, and the “portability” law has changed the “use it or lose it” requirement. There may still be good reasons to use a forced by-pass trust in your will, but in some cases, it may be time to get rid of it.

Next, think about implementing planning to have some control over your assets after you die.

You could have a heart attack, a stroke, or an unfortunate accident. These types of events can happen quickly with no warning. You were healthy and then suddenly a sickness or injury leaves you severely disabled. You should plan in the event this happens to you.

Why would a person not take the opportunity to prepare documents such as powers of attorney for property, powers of attorney for health care, living wills and medical privacy documents?

It’s good to know that becoming the subject of a court supervised guardianship proceeding is a matter of public record for everyone to see. There is also the unnecessary expense and frustration of a guardianship that could’ve been avoided, if you’d taken the time to prepare the appropriate documents with a Florida estate planning attorney.

Why would you want to procrastinate making a will and then die suddenly without ever taking the time to make your will? Without a valid will, your family will have to pay more for a costly Florida probate proceeding.

Reference: Houston Chronicle (Jan. 16, 2020) “Elder Law: Will you plan now or pay later?”

0

Related Posts

What Is Fair in…

The assets you and your spouse bring into a second marriage need to be carefully considered when revising your estate plan, says a recent article “Value of an Estate Plan…
Read more

Estate Planning Lessons from…

The dispute over Larry King’s estate shines a harsh spotlight on what happens when an elderly person makes major changes late in life to his or her estate plan, especially…
Read more

Should a Trust Be…

A revocable trust can be a wise choice for managing your assets within your estate plan, says nj.com’s recent article entitled “What are the advantages of putting assets into a…
Read more