WILL PREPERATION
In simplistic terms, a will is a document whereby an individual designates the individuals, charities or other entities who will receive his property upon death. Additionally the will designates who will manage his estate (in Florida known as the Personal Representative) and can include other provisions such as how a trustee.
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TRUST
In order to simplify things, a trust is a legal arrangement whereby one person usually referred to as the settlor, or grantor, gives property to another person or entity known as the trustee, who agrees to manage that property for the benefit of whomever the settlor chooses. In the standard revocable trust,
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PROBATE
Probate is a legal proceeding initiated upon a person’s death and which essentially serves to wrap up the individual’s affairs. It can be viewed as a type of lawsuit whereby the court supervises the distribution of the decedent’s assets and the payment of creditors. Probate may or may not be required depending
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PROBATE Q&A
How much does Probate Cost?
Depending on the size of the estate, the fee charged by an attorney will range from $2,500 and upwards. An estimate would range somewhere between 2 and 3% of the total assets in the probate estate excluding the value of the homestead real property.
Should I have a Revocable Trust?
A revocable trust may be useful for you depending on your circumstances as an alternative to testamentary planning focused on the use of a will. Revocable trusts can be a convenient mechanism for the transfer of assets to your heirs without the need for probate
Do I need a will?
Yes, 100%. Regardless if your estate plan focuses on the use of revocable trusts, pay on death accounts, and jointly held assets, the will will serve as a backup in the event that you have inadvertently failed to properly fund your trust, or failed to properly title other assets preventing those assets from passing automatically upon your death. In this event the will would control the disposition of these neglected assets and prevent them from descending according to the intestacy statutes in the even you die intestate.