Questions About Estate Planning in Florida
Estate planning can sometimes be a difficult and confusing process to understand, which is why there are legal professionals who can help guide you in the right direction. Here are a handful of common questions that are asked during the estate planning process, with the answers provided by lawyers who have had experience in dealing with these aspects when they come up as their clients are dealing with probates, wills and other estate planning matters.
Can I take issue with the inheritance I received from my spouse?
Yes. If you are dissatisfied with the portion of the estate that your spouse has left you, Florida law allows you to take the elective share. This elective estate is determined by a formula based on the amount of probate and non-probate assets. In Florida, the elective share is 30 percent of the elective estate. If you are displeased with your spousal inheritance, a Jacksonville estate planning attorney can help by assessing the components of the estate and advising you whether you will benefit from taking the elective share.
Does a home have to pass through probate?
Florida homestead laws are complicated. The Florida Homestead Exemption means that a surviving spouse or lineal heirs have the right to receive the primary residence of their family member. Creditors may not make claims against the property, except for the bank holding the mortgage. However, there can be circumstances which require the home to be transferred through probate and great expense can be incurred. When you work with Todd Watson on your estate plan, he makes sure that your home is properly designated in your will to transfer smoothly without undue expense.
Do I have to pay my deceased spouse's bills?
No. Your spouse's estate is liable for outstanding bills, including medical bills. However, you remain responsible for any debts that bear both your name and the name of your deceased spouse. These may range from credit cards to deeds for secured assets such as car loans or mortgages. If your deceased spouse's estate is in probate and you cannot afford to make payments on your shared bills, I help you petition for temporary relief from the estate.
Does Florida law require my estate to go through probate?
No, not your entire estate. Most assets in your name at the time of your death are subject to probate, but it is up to you whether to leave your assets in your own name. For example, real estate titled as "Joint Tenants with Right of Survivorship" and bank accounts titled as "Transfer On Death" are not subject to probate. Also, assets that have a beneficiary designation, such as life insurance or certain retirement accounts, are not subject to probate. You and Mr. Watson discuss all of your probate and non-probate options when planning your estate.
If you have more questions about estate planning, or require legal assistance with your wills, probate or other issues in the state of Florida, contact an estate planning lawyer in Jacksonville at the law firm of Todd Watson, P.L. to help sort out your estate planning matters. Call today for a free initial phone consultation to find out how an experienced attorney can make your process go as smoothly as possible.
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