Have You Planned To Protect Your Loved Ones Upon Your Death? An Estate Lawyer Can Help
It is easy to avoid creating your estate plan. However, it is important to plan accordingly so you can make sure your wishes are properly documented and executed when the time arises.
Estate lawyer Taren L. Castro can help you create an estate plan that works for you and your loved ones. With her guidance, you can choose an executor, name guardians for minor children, grant power of attorney in case of incapacitation and place your assets in the right estate planning instrument, such as a trust or your will. Find out how she can help you today. Your consultation is free.
Last Will And Testament
According to Fla. Stat. 732.502, for a will to be considered properly executed it must be in writing, signed by the testator (the person who made the will) at the end, or the testator’s name must be subscribed at the end of the will by some other person in the presence and direction of the testator; the testator’s signing or acknowledgement that he or she previously signed the will or that another person has subscribed the testator’s name to it in the presence of at least two attesting witnesses; and the attesting witnesses must sign the will in the presence of the testator and in the presence of each other. If you die without leaving a properly executed will, Florida Statute will dictate who will benefit from your estate.
Revocable Living Trust
If you want your loved ones to avoid the costs, headaches and time associated with probate, consider having a revocable living trust. A revocable trust is a document created by you to manage your assets during your lifetime and distribute the remaining assets after your death. The grantor or settlor is the person who creates a trust. The trustee is the person responsible for the management of the trust assets. You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee. The trust is revocable, therefore you may modify or terminate the trust during your lifetime, as long as you are not incapacitated.
After the trust instrument itself is drafted and executed, you have to fund the trust. What this means is changing the name on property titles or financial accounts to the name of the trust. An experienced estate lawyer can assist you with this to make sure your trust is properly funded. Upon your death, the trustee is responsible for paying all claims and taxes and then distributing the assets to your beneficiaries as described in the trust agreement.
Living Will
Fla. Stat. 765.302 dictates the procedures for making a living will. A living will is a written document that dictates what kind of medical treatment you want to preserve your life. This document would be used in situations where you are unable to speak, lack capacity or are unable to communicate as to what medical care you want. Most commonly, a living will addresses your medical care if you are in a persistent vegetative state, have an incurable or irreversible terminal condition, or have an end of state condition. Typically, you elect care regarding artificial life support, artificially administered food and water and comfort care related to pain reduction medication.
Designation Of Health Care Surrogate
According to Fla. Stat. 765.202, a designation of health care surrogate is a written document that designates a surrogate to make health care related decisions for you and receive health related information about you. This document must be signed by the principal in the presence of two subscribing witnesses.
Power Of Attorney
Fla. Stat. 709.2102 defines a durable power of attorney. A power of attorney is a written document that allows you to appoint someone to manage your property, finances and even your medical care in your absence or incapacity. In order to be effective, a power of attorney has to be signed by the principal and two witnesses and it must be notarized.
NFA Gun Trust
The National Firearms Act (“NFA”) controls the purchase, transfer and creation of certain types of weapons. These weapons are referred to as Class 3 or Title II firearms, which consist of machine guns, short-barreled shotguns, short-barreled rifles and silencers. You must meet certain conditions outlined in the NFA in order to buy any of these firearms. The NFA requires you complete a Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”) form, submit your fingerprints, pay the ATF applicable fees and have the Chief Law Enforcement Officer (“CLEO”) in your area approve the purchase.
Without an NFA Gun Trust, when you pass away, your heirs cannot legally inherit your NFA firearms. Additionally, they could be violating federal laws by just being in possession of these weapons. By having an NFA Gun Trust, you can bypass some of these requirements and keep your heirs out of trouble with the law.
Estate Planning FAQs
When it comes to estate planning, Ms. Castro’s goal is to demystify complex terms and principles for you. Below, discover answers to questions commonly asked by clients.
What sets a will and a trust apart in Florida?
A will is a legal document that outlines how your assets should be distributed after your death and names guardians for minor children. It takes effect only after you pass and assets go through probate, a court process to validate the will and distribute assets. A trust, on the other hand, is a legal arrangement where a trustee manages assets for beneficiaries, often during your lifetime and after, typically without court involvement. Trusts can bypass probate, offering privacy and faster distribution.
In Florida, wills are simpler and less costly to create, while trusts provide more control, especially for complex estates or minor beneficiaries. Your choice depends on your family dynamics, asset types and goals for privacy or speed.
How often does an estate plan need an update?
Even though Florida law does not require updates, life does not stand still, and neither should your estate plan. As a rule of thumb, review your estate documents every three to five years at a minimum. More importantly, update your plan after major life events such as:
- Marriage, divorce or remarriage
- Birth or adoption of children or grandchildren
- Purchase or sale of significant assets
- Moving to Florida from another state
- Changes in Florida estate law (which happen regularly)
- Death of a named executor, guardian or beneficiary
- Significant changes in your financial situation
Regular reviews help ensure your plan continues to reflect your wishes and complies with current Florida law.
What if I pass away in Florida without having a will?
Dying without a will (called “intestate”) means that Florida state law determines who inherits your property – not your personal wishes. Under Florida’s intestacy laws, your assets typically pass first to your spouse and children according to a fixed formula. If you have no spouse or children, assets go to parents, siblings or more distant relatives as prescribed by statute.
This standard distribution might not match your preferences. Additionally, without a will naming guardians, the court decides who will raise your minor children, potentially causing family conflict during an already difficult time.
Can my digital assets, accounts and crypto be part of my Florida estate plan?
Yes, it is increasingly important to address your digital assets. Florida’s Fiduciary Access to Digital Assets Act provides a framework for including these assets in your estate plan.
Digital assets to consider include:
- Email and social media accounts
- Digital photos and videos
- Cryptocurrencies and online investment accounts
- Digital businesses or income sources
- Intellectual property stored electronically
- Subscription services with monetary value
Your estate plan should include instructions for accessing these assets and your wishes for their management or deletion.
Hire A Knowledgeable Estate Lawyer Today
If you want to help protect your family and draft your estate plan in Palm Beach, Broward and the Treasure Coast area, The Castro Law Firm, PLLC, can provide the assistance you need. Please call 855-998-7570 to schedule your free consultation with an estate attorney or send an email today. Hablamos Español.