Estate Planning
in St. Pete and Pinellas Park
Facts versus Fiction: Estate Planning
| Once complete, my will is always valid |
FICTION If you move states, get married or divorced, have children, tax laws or probate laws change, aspects of your will can become ineffective. Your will should be reviewed periodically to ensure it is up-to-date. |
| A spouse that is not provided for in a will can contest the distribution |
FACT Florida’s elective share is 30% of the augmented estate, a calculation which includes both probate and non-probate assets. A spouse who is devised less than this share, without a proper waiver in place, is entitled to contest the planned distributions to receive their share. |
| I don’t have many assets – estate planning is worthless for me |
FICTION Estate planning is not only about assets, it is also the process by which you determine who receives personal belongings, choose a guardian for children, and set advance healthcare guidelines for your care.
Even if you have few assets, planners frequently discover the statutory defaults in Florida do not meet your wishes for those assets. The process of estate planning and in particular, composing your Last Will and Testament with an experienced estate planning attorney, help ensure your wishes will be met. |
| Wills increase the expenses after death |
FICTION The existence of a will does not increase expenses, it often decreases them because of providing guidance on administering your estate |
| Probate can be avoided |
FACT There are measures you can take to avoid some of your assets going through probate. Avoid Probate |
