Trusts & Wills

Last Will & Testament A will ensures that your assets will go to whom you wish and your children, (if minors) will have the guardian you choose, upon your death. If you are an adult, you need a Will regardless of your age, whether you are single or married and whether you own property jointly with another. If you die without a Will, the Florida Probate Code dictates how any assets in your name will be distributed.

Probate Probate is a court administered distribution of assets after creditors and taxes are paid. Probate usually takes from four to six months to complete and sometimes up to a year. Estates over Two Million Dollars must file a federal estate tax return, and usually take longer than one year to probate.

While assets owned solely by the deceased person are subject to probate, assets titled as “Joint Tenants with Right of Survivorship,” or bank accounts titled as “Transfer on Death” or “in Trust for the benefit of” are not subject to probate. Assets that pass by means of a beneficiary designation, such as life insurance, some retirement accounts and annuities are also not subject to probate.

Living Trusts A Living Trust looks and reads like a will but avoids probate. Assets held in the name of the Trustee of a Living Trust pass to heirs and beneficiaries without probate. When you create a Living Trust, you can specify that if you become incapacitated a person of your choosing can administer your property and take care of you. This makes it unnecessary to have a guardian appointed because the Living Trust handles the matter. With a Living Trust, you can take advantage of all of the federal tax credits that the Internal Revenue Code allows.