Q: What is homestead protection in Florida?
A: Florida’s homestead laws offer strong creditor protection and limit how your primary residence can be devised if you are married or have minor children. Our estate plans allow you to retain your homestead exemption status while ensuring your homestead passes to your heirs smoothly and according to your wishes.
Q: What is probate?
A: Probate is the legal process supervised by a Florida court to identify a deceased person’s assets, ensure that deceased person's estate pays valid debts and taxes, and distribute the remainder to of what is left, to beneficiaries. There are two types of Florida probate court cases, formal administration and summary administration.
Q: How long does probate typically take.
A: Summary Administration cases typically take anywhere from a few days to two months, while a formal administration case is more involved and typically takes anywhere from six to nine months.
Q: How do I know if I need to open a probate case for my deceased loved one?
A: First, reach out to the financial institutions, insurance companies and organizations where the deceased person had assets such as bank accounts, retirement accounts, life insurance policies, etcetera. If the company advises that there are no named beneficiaries to an account, then you may need a probate order to gain access to those funds. For a house, you may need a probate case if the the only owner(s) of the house are deceased and a special warranty, general warranty deed, or quitclaim deed is in place. You will need to share your specific circumstances and consult with a licensed attorney to obtain advice tailored to your specific circumstances.
Q: What is an estate plan and why do I need one?
A: An estate plan is a set of legal documents that determine how your assets will be managed if you become incapacitated and how they will be distributed after your death. In Florida, an estate plan can also protect you unnecessary court proceedings, minimize taxes, and ensure your loved ones are taken care of.
Q: Do I need a trust if I already have a will?
A: A will directs where your assets go, but it does not avoid a probate court case. A revocable living trust helps your family bypass probate, provides privacy, and allows faster distribution of your assets. Trusts are especially useful for blended families, minor children, persons with disabilities, and/or individuals with property in multiple states.
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