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Ready For What’s Next? Learn Why Regular Will Reviews Are Essential

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Ready For What’s Next? Learn Why Regular Will Reviews Are Essential

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For many in Florida, updating their will might not be top of mind, but it should be. In this article, we’ll explore the importance of updating your will and how it can ensure your wishes are honored and your loved ones are protected.

https://amyphillipspllc.com/ready-for-whats-next-learn-why-regular-will-reviews-are-essential/

To contact an estate planning attorney in Florida today, simply contact us online or at 863-268-8292 to set up your first fully confidential consultation. We are here to help.

#EstatePlanning #FloridaLaw #WillReview #FamilyProtection #SecureFuture #AmyLPhillipsPLLC

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Ready For What's Next? Learn Why Regular Will Reviews Are Essential - Amy Phillips, Attorney

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For many in Florida, updating their will might not be top of mind, but it should be. In this article, we'll explore the importance of updating your will and how it can ensure your wishes are honored and your loved ones are protected. Designate a Guardian for Minors in Your Will Just like preparing your...

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Post about Newsletter: Does a Will Help You Avoid Probate in Florida?

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Post about Newsletter: Does a Will Help You Avoid Probate in Florida?

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Does a will help you avoid probate in Florida?

Having a will can make distribution easier, but on its own, a will cannot keep your estate from going through probate. Wills, however, play a critical role in the probate process. Learn more below.

https://amyphillipspllc.com/does-a-will-help-you-avoid-probate-in-florida/

#EstatePlanning #AmyLPhillipsPLLC

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Wills are valuable tools for distributing property and reducing the stress on families after a loved one has passed. But does a will eliminate the need to probate an estate in Florida? The short answer is, no. Having a will can make distribution easier, but on its own, a will cannot keep your estate from going through probate.

Actually, wills play a critical role in the probate process. Florida requires that a deceased person's will must be filed at the local circuit court within ten days of learning of the death. The court will review the will, see if it meets state requirements, and admit the will into the case to direct the distribution of property.

How Long Does the Probate Process Take in Florida?

Probate, which is the legal process used to identify and distribute a deceased person's assets, can be completed in just a few months, or could take years, depending on the circumstances involved. The amount and type of assets included in the estate, the decedent's debts and creditors, and the existence and terms of a will are all factors that can affect the length of time necessary to probate an estate.

In Florida, there are two main types of probate:

1. Summary Administration. Summary administration is a type of probate primarily used when the estate's assets are less than $75,000 and the deceased person has no creditors, or the death occurred over two years prior to probate. Under Florida law, if the decedent left any debts at the time of death, creditors have two years to collect and summary administration is not the best option in those cases. After two years have passed, the decedent's estate no longer has any obligations, making summary administration the preferred probate process.

2. Formal Administration. Formal administration is the typical probate process requiring a personal representative (Florida's term for executor) who is granted the authority to settle the estate. The process includes inventorying assets, paying debts and taxes, and distributing remaining amounts to beneficiaries.

Ways to Avoid Probate in Florida

In Florida, there are options available to help avoid probate. These include:

Living Trusts. With a revocable living trust, an individual can control and receive the benefits of their property, but the trustee appointed in the trust document technically owns that property. When the grantor who created the trust dies or becomes incapacitated, an alternate trustee can manage assets and distribute them to other beneficiaries according to the terms set up in the trust document.

Joint Ownership. When property such as property is held in joint ownership with a "right of survivorship," the property automatically transfers to the remaining owner after the other owner(s) pass away. Property owners in Florida can hold many types of the property under joint tenancy or tenancy by the entirety to help achieve the goal of avoiding probate. This is an economical and easy way to avoid probate, but it doesn't offer the control and protections of a living trust, and may create problems later on if the owner needs to apply for Medicaid benefits to pay for nursing home care.

Beneficiary Designations. There are various forms of beneficiary designations that can enable bank accounts, stocks, bonds, life insurance proceeds, and other financial assets to pass without becoming part of an estate subject to probate. These designations are known as payable-on-death or transfer-on-death.

Beneficiary designations can be extremely useful for avoiding probate because they allow direct transfer beneficiaries. These, too, are easy and economical but not as protective as a trust and may create penalties and ineligibility in a future Medicaid or VA benefits application.

Consult an Experienced Estate Planning Attorney

While a will does not eliminate the need for probate, it remains an essential estate planning tool. A qualified estate planning attorney can guide you through the process of creating a valid will and advise you about which probate avoidance strategies are right for your estate. To learn more about the best options for your situation, contact us now

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Does a Will Help You Avoid Probate in Florida? - Amy Phillips, Attorney

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Wills are valuable tools for distributing property and reducing the stress on families after a loved one has passed. But does a will eliminate the need to probate an estate in Florida? The short answer is, no. Having a will can make distribution easier, but on its own, a will cannot keep your estate from...

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The Importance of Keeping Your Estate Plan Updated

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The Importance of Keeping Your Estate Plan Updated

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Jeffrey Rolison and Margaret Sjostedt's story is a cautionary tale about the dangers of outdated estate plans. After 40 years, Sjostedt stands to inherit Rolison's $1M retirement account, all due to an overlooked beneficiary form from 1987.

Read their full story here: WSJ - Inherited Retirement Savings

Life events such as marriage, divorce, the birth of a child, or the death of a loved one can drastically change your estate planning needs. Regular reviews with a professional advisor ensure your wishes are honored and your assets are distributed as you intend.

https://amyphillipspllc.com

#EstatePlanning #SecureYourLegacy #UpdateYourWill #EstatePlanUpdate

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Becoming an estate executor is often an unexpected and overwhelming responsibility. From dealing with family drama to the tedious process of managing assets, the role can be both emotionally and financially taxing.

Take Greg Kern, for instance, who spent over 200 hours managing his father-in-law’s estate amidst raw family feelings and unexpected complications.

Many underestimate the time, effort, and expense involved in being an executor. The process can become even more challenging without proper planning, often requiring legal intervention and court oversight.

Read the full story here:

https://www.wsj.com/personal-finance/grief-then-paperwork-the-messy-thankless-job-of-an-estate-executor-6bb1e228?st=srppovoo0ae03fj&reflink=desktopwebshare_permalink

Contact us now: https://amyphillipspllc.com/contact-me

#EstatePlanning #ExecutorChallenges #EstateAdministration

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What If…a Free Webinar on Wills and More 

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What If…a Free Webinar on Wills and More 

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Ever wondered, "What if"? It's easy to get overwhelmed by the unknowns of the future. But you can take control and answer those "what if" questions with a solid estate plan.

Join us for "What If: a Free Webinar on Wills and More," presented by Amy L. Phillips.

🗓️ Date: Wednesday, July 24

⌚ Time: 1:00 PM ET
📍 Location: Zoom

In this webinar, you will learn:

The difference between a Will and a Trust and when each might be appropriate.

The key documents everyone should have, including Wills, Trusts, and POAs.

How to ensure your wishes are carried out if you become incapacitated.

The basics of probate and how it affects your estate.

Tips for keeping your estate plan up to date and organized.

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning

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What If…a Free Webinar on Wills and More 

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What If…a Free Webinar on Wills and More 

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Register for our FREE webinar on wills, trusts, and other essential documents that should be part of your estate plan. No matter your age or assets, planning ahead is beneficial for everyone.

🗓️ Date: Wednesday, July 24

⌚ Time: 1:00 PM ET
📍 Location: Zoom

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning

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What If…a Free Webinar on Wills and More 

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What If…a Free Webinar on Wills and More 

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FREE WEBINAR: It can be overwhelming to imagine what would happen if you were in an accident – to your kids, your pets, your bills, your home…the list goes on and on. But there are easy steps you can take to answer those “what if” questions.

Join us on “What If: a Free Webinar on Wills and More,” presented by Amy L. Phillips, where we'll discuss wills, trusts, and other essential documents that should be a part of everyone’s estate plan.

🗓️ Date: Wednesday, July 24

⌚ Time: 1:00 PM ET
📍 Location: Zoom

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning

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What If…a Free Webinar on Wills and More 

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What If…a Free Webinar on Wills and More 

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Our free webinar is a valuable opportunity to gain the knowledge and tools necessary for effective estate planning. By joining us, you can ensure your wishes are respected and your loved ones are protected.

In this webinar, you will learn:

The difference between a Will and a Trust and when each might be appropriate.

The key documents everyone should have, including Wills, Trusts, and POAs.

How to ensure your wishes are carried out if you become incapacitated.

The basics of probate and how it affects your estate.

Tips for keeping your estate plan up to date and organized.

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning

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What If…a Free Webinar on Wills and More 

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What If…a Free Webinar on Wills and More 

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Have you ever wondered, "What if?" It can be overwhelming to imagine the unknowns – what happens to your kids, pets, bills, and home if something happens to you? Don't worry; we're here to help you plan ahead!

Join us for an insightful webinar, "What If: a Free Webinar on Wills and More," presented by Amy L. Phillips.

🗓️ Date: Wednesday, July 24

⌚ Time: 1:00 PM ET
📍 Location: Zoom

In this webinar, you will learn:

The difference between a Will and a Trust and when each might be appropriate.

The key documents everyone should have, including Wills, Trusts, and POAs.

How to ensure your wishes are carried out if you become incapacitated.

The basics of probate and how it affects your estate.

Tips for keeping your estate plan up to date and organized.

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning

# data[].attributes.headline
What If…a Free Webinar on Wills and More 

# data[].attributes.subject
What If…a Free Webinar on Wills and More 

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Join us for an insightful webinar, "What If: a Free Webinar on Wills and More," presented by Amy L. Phillips. Learn about wills, trusts, and other essential documents that should be a part of everyone's estate plan, regardless of age or assets.

🗓️ Date: Wednesday, July 24

⌚ Time: 1:00 PM ET
📍 Location: Zoom

In this webinar, you will learn:

The difference between a Will and a Trust and when each might be appropriate.

The key documents everyone should have, including Wills, Trusts, and POAs.

How to ensure your wishes are carried out if you become incapacitated.

The basics of probate and how it affects your estate.

Tips for keeping your estate plan up to date and organized.

👉 Register now:

https://amyphillipspllc.com/what-ifa-free-webinar-on-wills-and-more

#EstatePlanning #Webinar #WillsAndTrusts #FuturePlanning