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Florida Estate Planning FAQS
WHAT IS ESTATE PLANNING?
Simply put, estate planning is the process of putting your affairs in order to maximize the benefits that your property can provide to you during your lifetime and for your beneficiaries after your death.
WHAT IS PROBATE?
Probate is the legal process of transferring property and assets from the name of the deceased person into the names of the living heirs. Probate must go through court. There are several steps in the probate process and take between 60 days to 1 year to complete.
WHAT IS THE DIFFERENCE BETWEEN A WILL AND A TRUST?
A will and trust are similar in that they both allow you to specify exactly how you want your property distributed to your heirs after you pass away. However, there are major differences. For example, a will does not avoid probate proceeding which means your beneficiaries must pay probate fees and wait until the process is complete to benefit from any inheritance.
WILL MY ESTATE STILL GO THROUGH PROBATE IF I HAVE A WILL?
A will does not avoid probate but will avoid your estate from being distributed "Intestate." If you do not have a will your property will be distributed according to Florida statutes. If you have a valid will, the probate court will distribute your assets according to your will. However, if you have a Florida trust, you can avoid the process all together. Having all of your property titled so that the trust is the "owner," the income generated or the assets used can be passed directly on to your heirs.