A will is the document surrounding your estate planning and outlining your wishes. Often, it names representatives or executors of the will to oversee the implementation of your wishes. It will also name any potential guardians whom you’ve established as the people taking over the care of any dependents and the property of those defendants. After your death, your elder law attorney can submit the Will for processing through the probate court, ensure that your will is authenticated, and ensure that your wishes are respected.

If you die without a will, your estate will be probated as an “intestate estate.” Your estate will go through a different process wherein your estate will be distributed to heirs according to a list of priorities outlined in Florida law. Surviving spouses get a lot of priority, but not total priority, especially if the deceased had children from a prior relationship. Surviving children and then more distant relatives are in line behind the surviving spouse, if one exists.

It’s a proactive legal action that will defend your assets against creditors, Medicaid, probate proceedings, divorce, judgements and lawsuits. We can guide you to engage in action that will isolate assets from being claimed by others or the government in certain circumstances.

It’s Latin for “by the branch,” which means that if one of your children or heirs dies, then their children or heir will receive the share of your will instead.

A personal representative is entitled to reimbursement for all the expenses incurred during their service. Some states, like Florida, organize fees according to the value of the estate. The Florida statute states that a personal representative is entitled to a reasonable commission. Reasonable is presumed to be:

• 3 percent for the first $1 million.
• 2.5 percent for all above $1 million and not exceeding $5 million.
• 2 percent for all above $5 million and not exceeding $10 million.
• 1.5 percent for all above $10 million.

In addition, a personal representative can receive further compensation for any extraordinary services, including:

• The sale of property.
• The conduct of litigation on behalf of, or against, the estate.
• Proceedings for the adjustment or payment of any taxes.
• The carrying on of the decedent’s business.
• Dealing with a protected homestead.
• Any other services that may be necessary for the personal representative to perform.

No. A will does not govern the transfer of life insurance proceeds unless the estate is the beneficiary (highly discouraged), accounts with a death beneficiary other than the estate, or assets that pass through a trust, to name a few.

A “joint tenancy’ often with rights of survivorship means that whoever outlives the other receives the full ownership of that asset. When you see the term “tenants in common,” that means when one owner dies, the assets attached to that owner’s name pass on to the heirs specified in their will.

Creating a trust is one of the many ways to avoid probate because it side-steps the probate court entirely, meaning the entire estate remains private and out of the public eye, because it does not go through a public court. It’s also a better way to provide tax benefits to your descendants.

Best practice is to review your estate planning materials once per year. This will ensure your wishes will be carried out exactly as you wish and accounts for possible changes as they may come along. For example, you might need to amend your documents with major life events like marriage, divorce, and/or having children or grandchildren that you’re hoping to incorporate in your estate. If, for some reason, your agent or trustee is no longer the best option for your will, you can always change it down the road.

A comprehensive, well-formed estate plan should include a will or a trust, the document detailing the power of attorney for health care and financial decisions. You should also include a living will and a declaration of your last remains. Depending on the details of your estate, your elder law attorney can help you navigate what documents you should include in your estate planning details. The benefits of having an experienced elder law attorney help you navigate creating a detailed estate is a tailored, fool-proof portfolio that outlines your wishes in a crystal clear format, so that everything goes to plan and the stress of a family member’s death is greatly decreased with better planning.