Probate is the state supervised legal process by which a deceased person’s assets are managed and distributed. Florida has several types of Wills and Probate proceedings, depending on the nature of the estate.
-If a deceased person (“decedent”) had a Last Will and Testament, this is referred to as a Testate Estate. The will must be filed with the Probate Court.
-If the decedent did not leave a will, then the decedent’s property will descend by Intestate Succession.
In such event, Florida laws of Intestate Succession will be used by the Court to determine the disposition of all property separately owned by the decedent at death.
-Disposition of the assets will differ depending upon whether the decedent was married at the time of death and whether the deceased left any surviving lineal descendants (i.e. children or grandchildren) or, in the alternative, other surviving heirs. Pursuant to Florida law, probate is only necessary for assets titled in the deceased person’s name. Probate is not required for jointly held assets, assets titled in the name of a trust, or accounts naming a beneficiary.
An estate plan is invaluable because these arrangements determine the method in which property is distributed after an individual’s death. This planning also often provides for documents that include important health care or financial directives if an individual becomes incapacitated.
While many people need estate plans, there are some particular types of individuals that most often need estate plans which include the following below.
Unmarried couples lack spousal inheritance rights during an individual’s life or death. Estate planning can help determine the rights of a domestic partner in the event of an unexpected death.
Creating estate plans concerning who will take care of a minor child in the case a parent dies is often crucial.
By performing proper estate planning, individuals can make decisions regarding how their finances and health care should be maintained if the individual dies or becomes incapacitated.
There are several types of estate planning documents that are commonly used in Florida, which include the following below.
These documents allow an individual to appoint another person to make financial decisions in the event of incapacity or the individual being unable to make financial decisions for themselves.
A guardian can make financial, medical, and other types of decisions of an incapacitated individual. All individuals should have guardianship documents in place in the event that the individual becomes accidentally injured. Visit our dedicated Guardianship website [here].
Designating an individual to both have access to one’s medical records and make medical decisions allow individuals to make medical decisions in case a person becomes incapacitated.
This type of estate planning documents lets people appoint another party to make decisions regarding medical treatment if the person becomes unable to communicate with physicians.
