Many adults don’t have a will in place, especially when they’re healthy and happy. But an unwelcome surprise can happen at any moment. When it does, it’s crucial to make sure your family is secure in case of your death.

A will is a critical document that explains how your estate will be handled after your passing. More than that, it helps protect your family’s finances and affairs in your absence. 

Here are three ways a will protects your loved ones:

1. A Will Sets Out What Your Inheritors Get

A will is a legally binding document that sets out what assets your family members (or other inheritors) will receive or handle after your death. Without a will, your assets may not be distributed as you intended. If you have more than one child or inheritor, a will can prevent painful family disputes over who gets what items.

A will also dictates which parties will be responsible for settling loose ends like canceling credit accounts, paying off outstanding debts and bills, and notifying relevant banks and businesses of your passing. You can name a responsible family member to serve as executor to make sure your intentions are carried out.

If you happen to die while being in charge of a minor child, your will can name who will be responsible for raising them when you’ve passed. Otherwise, the matter will be settled by a court, which may not place your children in the care you want. 

2. A Will Moves Your Estate Through the Legal Process More Quickly

Whether the departed has left a will or not, all estates are subject to the probate process. But having a will in place can make this process go a lot more quickly. The court doesn’t have to make decisions about administering your estate on its own, and your family doesn’t have to endure a lengthy stretch of court hearings.

With a will, you name who your executor will be and the beneficiaries who will divide your estate. The court will authenticate your document and allow the executor to begin the distribution process per your instructions. 

Planning ahead means the court has to do much less – and your surviving family can spend less money on a Daytona Beach wills lawyer. 

3. A Will Can Lower Estate Taxes

The value of your estate will be subject to taxes after you’ve passed, and your inheritors will be the ones liable for paying them out of the estate. But you can put a cap on estate taxes by having a will in place.

If your will outlines what family members, parties, or charities will receive, the overall value of your estate will decrease according to how much you give. That, in turn, will reduce your estate tax, which will ease your survivors’ financial burdens even further. 

You Need a Lawyer to Set Up Your Will

Without a doubt, having a will securely in place can protect your family’s assets, limit their tax burdens, and speed up the process of probate in Daytona Beach. 

Although some people write their will alone, a Daytona Beach wills lawyer is recommended to make sure that the process goes smoothly, and your assets go where you want them to go. When you’re ready to make crucial estate planning decisions, find a qualified probate attorney in Daytona Beach to help you set up your will.

According to Fred B. Share, an attorney with over two decades of experience in probate law in the Holly Hill area, he knows firsthand how challenging it can be for families to navigate the probate process after losing a loved one. Probate can seem daunting to those unfamiliar with the legal system. However, with some guidance on what to expect, you can handle probate efficiently. Here is his advice on successfully administering an estate in Holly Hill, FL.

Locate the Will and Other Key Documents

After your loved one passes away, the first step is locating their last will and testament. This legal document identifies the nominated Personal Representative (also known as Executor) who will oversee the probate process. If no valid will exists, the court will appoint an Administrator. Also gather other important documents like deeds, financial statements, insurance policies, and titles to vehicles.

File the Petition with Probate Court

To open probate, the nominated Personal Representative will need to file a Petition for Administration with the Volusia County Probate Court located in DeLand. This formal court document starts the legal process. You will also need the death certificate and a complete inventory of assets. The probate clerk will schedule a hearing before a judge who will officially appoint the Personal Representative.  

Obtain Official Appointment

After approval by the judge, Letters of Administration are issued as legal proof of the Personal Representative’s appointment. Certified copies should be obtained to provide to financial institutions holding the deceased’s assets. This allows the Personal Representative to conduct estate business.

Provide Required Notices

Several notices must be properly provided at the start of probate. First, all beneficiaries named in the will must be noticed of the Petition for Administration. A notice to creditors must also be published in a local newspaper. This allows a statutory claims period for creditors to file against the estate.

Identify and Inventory Assets

The Personal Representative must locate, identify and catalog all of the decedent’s assets and property holdings. This comprehensive inventory must be filed with the probate court. Common assets include bank accounts, investment accounts, real estate, vehicles, and personal belongings. Accurately valuing these assets can be complex.

Settle Debts and Pay Expenses

Before making distributions to beneficiaries, the estate must settle legitimate debts and pay expenses. Typical estate expenses include funeral costs, medical bills, appraisal fees, attorney and accountant fees, and bankruptcy claims. Any taxes owed by the decedent or the estate must also be paid.

Make Proper Distributions

Once all debts and expenses are settled, remaining assets can be distributed according to the terms of the will. If there is no will, Florida intestacy laws determine distribution. Property like real estate or vehicles must be properly retitled before distribution. Detailed accounting records should be maintained.

Close the Estate

Finally, the Personal Representative petitions the court for a formal discharge after all tasks are completed. Any undistributed assets are turned over to the State of Florida. The probate judge will review all documentation and formally close the estate.

Share advises families to hire a probate attorney and utilize the guidance of professionals like appraisers, accountants and investment advisors. Don’t hesitate to contact the Fred B. Share Holly Hill law office if you need assistance with probate matters or estate planning for yourself or a loved one.

Proper estate planning can benefit anyone who wants to have a say in what happens to their assets when they pass away, according to Fred B. Share, an attorney with over 30 years of experience practicing in Volusia County. While many view estate planning as something only the elderly or ultra-wealthy need to do, the reality is that people of all ages and backgrounds can benefit. In this blog post, we’ll discuss some of the key benefits of estate planning from the perspective of a Volusia County attorney.

 

One of the biggest benefits is being able to decide who inherits your assets and possessions. Without a proper will or trust established, the state intestacy laws will determine who gets what – and those distributions may not align with your wishes. For example, in Florida, if you are married but have no children, your surviving spouse would receive your entire estate under intestacy law. However, you may prefer to leave some assets to other relatives or friends. With estate planning, you can designate your chosen beneficiaries.

 

Estate planning also allows you to avoid probate, which is the court-supervised process for distributing assets after someone dies. Probate can be extremely time-consuming and costly. With the proper estate planning vehicles, such as living trusts, most assets can bypass probate and transfer immediately to beneficiaries upon your death. This spares your loved ones the hassle and expenses of the probate process.

 

In addition, estate planning provides you with more control and protection for your assets if you become incapacitated. Tools like durable powers of attorney for finances allow you to designate someone you trust to manage your assets if you become unable to do so yourself. Without such documents in place, your family may have to go to court to obtain guardianship over you and your property.

 

Parents, in particular, benefit greatly from estate planning. Proper documents can designate guardians for minor children in case of your untimely death. You can also set up trusts to provide for your children’s financial needs and prevent wasting their inheritance. Share has seen far too many instances where young beneficiaries received substantial assets outright and squandered them due to lack of maturity and money management skills. With thoughtful planning, that unfortunate result can be avoided.

 

Estate planning also allows you to minimize taxes owed by your estate. Florida has no state estate tax, but federal estate taxes still come into play for larger estates. You can also gift assets during your lifetime to reduce your taxable estate. Without planning, taxes can take a huge bite out of the assets you intended for your loved ones.

 

The peace of mind that comes with having your estate in order is significant as well. No one likes thinking about their own mortality, but none of us knows when our time on this earth will end. Making legal preparations while you’re still able provides comfort that your wishes will be carried out and your family will be provided for when you’re gone. It’s one of the kindest things you can do for those you love.

 

Share has prepared hundreds of wills, trusts, and other estate plans over his many years practicing in Volusia County. In doing so, he has seen firsthand the protecting, providing, and peace of mind that proper planning can give clients and their families. If you live in Volusia County and have been putting off estate planning, you are encouraged to schedule a consultation today. It’s one of the wisest investments you can make for yourself and your loved ones.

Wills, trusts, and other estate planning documents are supposed to be unique to you and your circumstances. However, this does not mean that all wills and trusts are completely different from other wills and trusts. 

On the contrary, many estate planning documents will have the same general provisions — just the wording will be reworked depending on the client’s needs. Even wills and trusts crafted by different attorneys in Daytona Beach, Florida, may contain similar terms and structure.

Naming an Administrator or Trustee

One frequently-encountered term in wills and trusts will name one or more individuals to act as the administrator over the decedent’s estate. In the case of a trust, many trusts will contain a similar provision that names a trustee. 

An administrator or executor is responsible for guiding your estate through the probate process. This person seeks court orders as appropriate to carry out your final wishes, collects and distributes your assets, and resolves any claims against the estate.

The trustee of a trust has a similar role. This person acts as a manager for the trust and its property, taking steps to safeguard the property and carry out the purposes of the trust.

Identifying a Guardian for Minor Children

If you have minor children, you and similarly situated individuals will craft wills and trusts that identify a guardian for your children. The guardian acts to provide physical and legal care over your children if you and the other parent both perish while the children are still minors.

This is a critical term, as without it a court would be forced to name a guardian who may or may not share your parenting values. If a guardian you do not approve of is appointed, that guardian can decide where your child lives, what school they go to, and even the faith background in which the child will be raised.

Distribution of Assets to Beneficiaries

While the ways in which people can divide their assets and property are endless, every will and every trust will speak to how the decedent’s or trust’s property is to be used. 

In the case of wills, the terms may specify that certain beneficiaries receive certain items of property. Or the testator may divide all of their property between several beneficiaries.

In the case of a trust, where the trust itself owns property, the trust will almost always specify the purposes to which the property should be put. These purposes may include supporting you and your family members during their lifetimes or benefiting some charitable cause.

In both cases, these terms help guarantee that the people and causes you wish to benefit from your property actually receive your assets.

Does a Wills Attorney in Daytona Beach Make a Difference?

While many wills and trusts cover similar topics, you should still hire a wills attorney in Daytona Beach. The language with which these provisions are drawn must be precise and unambiguous so both courts and laypersons can understand and apply them. An attorney is well-equipped to accomplish this goal.

Your estate is what remains of your assets and debts after you die. Your executor is the person who manages the settling of your estate. It is therefore important for you to select an executor who will faithfully execute your wishes and who is qualified under Florida law.

What Exactly Does an Executor Do?

The executor of an estate, also known as the estate’s personal representative, is the person who manages a deceased individual’s estate according to the decedent’s wishes or probate. This duty entails:

• Accounting for assets, including all property and financial accounts
• Accounting for debts and liabilities, such as credit card debt
• Gathering all important legal documents
• Properly settling debts that remain
• Distributing remaining assets according to law
• Filing lawsuits on behalf of the decedent’s beneficiaries

Some of the legal documents necessary to faithfully close out an estate include:

• The death certificate
• The last will and testament
• Titles and deeds to real and personal property
• Tax returns and judgments
• Financial statements
• Life insurance documents

For high-value and complex estates, personal representatives are advised to hire an experienced wills attorney to help them execute their executor duties correctly. 

Who Can Be an Executor of an Estate in Florida?

Not just anyone can be an executor of an estate in Florida. With that being said, the requirements are not overly restrictive. In order to be qualified as an executor, a person must:

• Be at least 18 years of age
• Have the mental and physical capacities to perform the duties required
• Be free of felony convictions

The above-listed rules apply to residents of Florida. For non-residents, a familial connection with the decedent must exist. The following individuals qualify to serve as non-resident executors:

• Child, grandchild, and others related by lineal consanguinity
• Adoptive child or parent
• Sibling or person related by lineal consanguinity
• Aunt or uncle or person related by lineal consanguinity
• Nephew or niece or person related by lineal consanguinity

Additionally, the spouse of any person listed above may also be named as an executor of your estate if located out of state. 

Considerations for Choosing an Executor for Your Estate

Although you may have many legally viable options for your executor, it is important to choose someone who you believe can and will close out your estate faithfully. Various factors should be considered before making your choice, such as:

• Time: The person you choose should have sufficient time to attend the proceedings
• Distance: The executor should be close to assets and proceedings
• Reliability: The executor should a person who is reliable and committed 

In the event you do not choose an executor before you pass away, the courts will appoint your spouse or your children as executors. 

How a Wills Attorney in Daytona Beach, Florida, Can Help

If you need assistance or guidance appointing an executor, you should know that many attorneys give free consultations for potential clients. By setting up an appointment with a wills attorney in Daytona Beach, Florida, you can get help choosing the right executor as well as assistance in other important estate matters. 

Estate planning is a way for you to exercise control over your estate when you pass away. Although no one can dictate their desires from the grave, pre-planning with an experienced estate planning attorney in Daytona Beach can help you accomplish the same end.

Questions to Ask a Daytona Beach Wills Lawyer

Before you hire an attorney to help you, consider scheduling a consultation with one so you can ask them the following questions.

Is Estate Planning One of Your Primary Focuses?

Any licensed attorney in the state can provide estate planning services. However, attorneys who focus their practice on estate planning are likely more adept at helping clients in need because of specialization. 

How Long Have You Been Helping Clients with Estate Planning?

Experience is important when choosing an attorney to help you plan your estate. When it’s time to choose your lawyer, you want to go with someone who has years of experience serving estate planning clients. 

What Experience Do You Have with Probate Courts?

Probate law and courts are complex, so you want an attorney who has experience not only planning estates but also going through probate. An experienced attorney can preview and preempt problems in the planning stage, ultimately making probate run more smoothly in the future. 

What Are Your Fees?

It is important to understand your potential attorney’s fee structure before hiring them. Of course, the more estate planning services an attorney offers, the higher their fee will be. But in some cases, attorneys offering the same services charge wildly divergent rates, typically due to the experience and expertise differences between the two. 

What Services Are Included with Your Estate Planning Services?

Estate planning is a bag of services designed to give you the peace of mind that all will be well with your estate when you pass on. Some attorneys do everything for you if you so desire, and others simply prepare documents for you and let you notarize and file them. 

In every case, it is best to let an attorney draft and file all necessary documents so you don’t have to worry about clerical and substantive mistakes. 

What Other Costs Are Involved in Probate?

In addition to the fees you will pay your lawyer, you will also want to know what other expenses you and your estate will encounter in the future. For example, probate filing fees are not small and should be factored into your cost calculations. Other fees, such as accountant fees and legal fees, may also apply. 

Do You Have Experience with Complex or High-Value Estates?

If you have a complex estate (an estate worth over $1 million), you will want to ask your potential candidate about their experience handling such cases. As you would imagine, the higher an estate’s value, the higher the stakes involved. Limit your selection to a Daytona Beach wills lawyer with a verified track record of helping clients with high-value estates.

Not all attorneys are the right fit for your needs. By asking a few questions of potential advocates, you can find the right lawyer to handle your fairs the way you want.

A trust is a common feature in many estate plans, and for good reason. A trust can offer you certain benefits and flexibility that you simply cannot achieve with a will and power of attorney. Therefore, your estate planning attorney in Daytona Beach may recommend you add a trust to your estate plan if you do not have one already.

Trusts Help You Avoid Probate

One of the biggest benefits of having a trust in addition to a will is the avoidance of probate. Probate in Daytona Beach refers to the court-guided process through which your estate passes after you die. Probate can be:

• Lengthy, requiring at least several months to complete
• Burdensome, as the court will need to be consulted before assets can be distributed
• Costly because of the time you must spend going to court and the costs of legal counsel
• Public, as filings in a probate case, are public and thus your assets and distributions are visible to others

Probate is initiated after you, the owner of assets, pass away. However, when you have a trust, it is the trust that owns your assets. And because a trust exists into perpetuity until it is dissolved, probate can often be avoided with a trust.

Your Trust May Help You Avoid Federal Taxes

While there is no state inheritance tax in Florida, if your estate is worth more than $12.06 million, as of 2021, your heirs and beneficiaries may have to pay federal estate taxes if you have only a will. This would diminish the value of the assets your beneficiaries inherit.

The federal estate tax can claim anywhere from 18 to 40 percent of your estate over the $12.06 million threshold. For example, if your estate’s value was $13.06 million, the federal estate tax could claim anything between $180,000 and $400,000. 

A trust, though, is an excellent and effective way to avoid federal estate taxes. Because the beneficiaries of a trust do not inherit anything, these beneficiaries do not need to pay any inheritance taxes.

Other Reasons Your Estate Planning Attorney in Daytona Beach Recommends a Trust

Aside from these benefits, trusts also offer other advantages over just a will. Trusts give you greater flexibility to decide how your assets will be managed after you pass. If you have minor children or grandchildren, a trust can give you the opportunity to provide for their education even though that may be decades after you pass away.

If you have unique family dynamics, such as children from multiple marriages, a trust may allow you to navigate around laws of intestate succession. This can enable you to provide a benefit to those children and relatives who might not otherwise be entitled to receive a portion of your estate.

Finally, in addition to all these benefits and advantages, trusts are not especially time-consuming to set up. An estate planning attorney in Daytona Beach can craft a trust in short order based on your goals and objectives.

Blended families are formed when a married couple blends children from each one’s previous marriages into a new family and sometimes has more children together. These familial relations can be complicated to navigate, especially from an estate planning and financial perspective.

Different states have different succession laws, which can affect who will inherit what and how much when one partner in a blended family marriage passes away.

If you’re drafting a will, trust, or other estate planning documents, an experienced wills attorney can help you divide your assets between all of the members of your blended family in the manner you wish.

Florida Succession and Inheritance Laws and Prior Divorce

To begin estate planning as a blended family, spouses in blended families should each take an inventory of all accounts, including joint accounts, work retirement accounts, and accounts set up before the couple wed.

One or both spouses may realize that some assets are still legally shared with an ex-partner or that the beneficiary for a TOD succession of assets is still listed as their ex.

Inventory other assets, including vehicles, jewelry, valuables, and real estate. Value these and your accounts, and ensure that assets with a transfer-on-death clause have the correct party listed. You may also need to update the beneficiaries on any life insurance policies.

If you don’t make changes to your estate plan after a divorce, your current spouse may not have any recourse to claim assets that are still assigned to go to the ex-spouse on your death.

Solid Blended-Family Estate Plans and How They Affect Probate in Volusia County

Estate plans are critical for blended families, especially when one or both parties have children from a prior marriage or relationship. For example, many parents leave certain assets to biological children, especially family heirlooms, but still wish to provide for their step-children.

Without an estate plan, however, these valuable family heirlooms may be sold and the funds lumped in with the rest of the estate. Or, no matter how long you were in their lives and how close you were, your stepchildren may receive nothing.

Probate courts may not recognize the step-parent and child relation if one or both spouses pass without a will.

There are a couple of other considerations for blended family estate planning:

Prenuptial Agreements

A prenuptial agreement for a second marriage can ensure that biological children are provided for. These tools can help you and your spouse designate which of your separate assets you wish to pass to your respective children in the event one of you dies. 

Beneficiary Designations

A beneficiary designation applies to assets that would pass outside probate in Volusia County. These designations take priority over the terms of a will. Therefore, it’s critical to update your designations anytime you have a significant life change.

If you’re planning on getting remarried, especially if one or both of you have children, it’s critical to have proper estate planning to ensure that all of your family members receive the correct assets and your true financial wishes are honored after you pass.

Leaving behind a will is an essential step in the estate planning process. It’s crucial that you know what elements to include and address. 

A Daytona Beach lawyer can help you organize your assets to ensure you leave behind a legacy for your family, friends, and loved ones.

1. Personal Representative and Beneficiaries

You’ll need to appoint a trusted individual to execute your will in Florida. The personal representative becomes the legal representative of your estate and oversees any assets, accounts, and distributions. It would help to consider the financial and legal framework involved in administering an estate before selecting someone. 

An personal representativewill be in charge of a variety of duties, including:

• Overseeing probate process
• Distributing assets to beneficiaries
• Paying taxes and debts on your estate
• Managing properties and accounts

Choosing someone you trust is vital when you name your personal representative .

Beneficiaries are the people who will benefit from your estate after your death. These parties will inherit property, money, personal items, and other assets as outlined in your will. You must provide a clear list of every individual who is set to receive a gift on your behalf.  

2. A Complete List of Assets and Property

Every well-developed will needs to be as detailed as possible. You must account for all of your property and assets as best as possible because all estates pass through probate in Florida. 

These items include any:

• Real estate and property
• Checking and savings accounts
• Investment portfolios
• Digital assets
• Vehicles
• Cash
• Items of personal value 

Effective estate planning involves clearly defining your assets to ensure nothing gets left behind.

3. Guardianship for Minor Children

If you have minor children or dependents, you must name a guardian to care for them in case of your death or incapacitation.

Under Florida law, the courts will appoint a guardian for any children you leave behind unless you have a well-directed estate plan. Because of this, naming a guardian in your will can be an excellent way to protect your child’s best interests and avoid the difficulties of a custody battle through the courts.

4. Detailed Instructions and Directives

If you want your wishes to be carried out exactly as you want them, you must leave behind detailed instructions. Although your personal representative will be in charge of administering your will, they may not know every detail regarding your assets and directives.

Instructions are fundamental whenever there are time-sensitive disbursements. For example, you may want to give your grandchildren an inheritance only when they reach a certain age.

Additionally, it’s wise to include any special instructions for handling medical decisions for your end-of-life care. You can do this through health care directives or by establishing a power of attorney.

A Daytona Beach Lawyer in Estate Planning Can Help

A will is a delicate document that requires careful consideration. Although Florida probate laws can be complicated, a dedicated estate law attorney can help ensure all of your bases are covered and give you much-needed peace of mind. Consult with a Daytona Beach wills lawyer to learn more about planning your legacy.

Estate planning is a delicate process designed to protect your assets and future. When you begin to organize the elements that make up an estate, you’ll have to consider specific people to take on designated roles. 

Personal Representative 

When you establish a will, you’ll have to appoint someone to take on the role of personal representative. The personal representative is legally responsible for seeing out your wishes and settling any affairs as written in your will. 

Some key responsibilities of a personal representative include the following:

• Distributing assets to beneficiaries
• Managing properties
• Securing bank accounts
• Paying out creditors
• Making tax payments 

Because of the many moving parts involved in the process, you’ll want to choose someone you can trust to follow instructions and carry out your wishes. Additionally, probate in Volusia County can be time-consuming. It would help if you weighed out all of your needs before making a final selection. 

Trustee

Many residents in the Sunshine State choose to establish trusts. A revocable living trust includes some excellent benefits:

• Avoids probate process
• Gives extra privacy for you and your beneficiaries
• Provides a plan for incapacity 

While a will is activated only upon your death, you can modify a revocable living trust at your discretion while you’re still alive. Many people enjoy the benefits of a trust because it gives them added flexibility in managing their assets and investing money.

For a trust to be administered, you’ll have to select at least one trustee who will manage your assets, pay taxes, and oversee your directions.

The role of the trustee can be extra complicated given the legal and financial framework. You may want to select a friend or loved one with experience managing accounts and properties. Alternatively, you can consult with an estate planning attorney in Daytona Beach who can help determine how to oversee your estate.

Beneficiaries

Beneficiaries are the people you choose to inherit any part of your estate. Every estate involves unique assets, and the distribution will be up to you. 

There are generally no restrictions on who you can name as a beneficiary. You can select friends, family, loved ones, and even organizations. To ensure your wishes are met, you must adequately identify each party in the relevant documents, either in a will or a trust.

Guardians for Minors

If you have minor children or dependents in Florida, you should name someone who can care for them in the event of your incapacity or death. For logistical reasons, it’s also wise to designate an alternate guardian.

When you fail to name someone to care for your dependents, the state courts may decide for you. 

How an Estate Planning Attorney in Daytona Beach Can Help

Planning for your estate is no walk in the park. When you consult with an estate planning attorney, you can enjoy the peace of mind of working with a professional. A dedicated estate law expert can help you navigate the process to protect your assets and loved ones in the best way possible.