St. Johns Estate Planning Lawyer

Estate Planning Attorney in St. Johns, FL

If you don’t have an estate plan established or you need help revising your current estate plan, a St. Johns estate planning lawyer may be just what you need. Whether it’s discussing wills, trusts, tax strategies, litigation scenarios, or creating a new plan from scratch, an experienced lawyer is the resource you need. A lawyer can review your situation, provide the necessary legal advice, and help create a solution customized to fit you in your unique situation.

Updating an Estate Plan in St. Johns, FL

Creating an estate plan is a critical first step in the estate planning process. However, once you’ve created a plan, things can change, and the plan may need to be updated or amended. This is possible to do with the help of an experienced attorney. There are some key signs to look for indicating that you may need to update your plan.

• Changes in Family Dynamics: If your marital status changes it would necessitate a thorough review of your estate plan. Not only may you need to update your beneficiaries but you need to make sure your wishes are updated and your assets protected.Failing to update your plan may lead to unintended, life-altering consequences. Also, if there is an addition to the family, such as a new child or a loss of a family member, you may need to review your plan.
• Changes in Finances or Assets: If you acquire any new property or come across a huge investment opportunity boosting your investment portfolio, you should consider reviewing your plan. Any substantial increase or decrease in assets could require an updated estate plan.
• Changes in Tax Law or Legal Amendments: Any changes to federal or state tax law could affect your estate plan in its current state. There could also be new litigation, opening up alternative possibilities you may want to explore.
• Changes in Health Status or Life Circumstances: Any changes in your health, personal goals, or values may necessitate an update to your plan. For example, you may develop a passion for philanthropy and wish to distribute some assets to support a great cause. This would require an update.
• Time-Related Triggers: There could be milestone events such as retirement, a significant anniversary, or a child reaching adulthood. These occasions are worth celebrating, but they also reflect a point in time where you should review your plan in case anything needs to be changed.

The St. Johns County Clerk of the Circuit Court, situated at 4010 Lewis Speedway, St. Augustine, FL 32084, usually handles estate planning and probate cases for St. Johns citizens. Familiarity with local court procedures and filing requirements is crucial.

Will-Based Estate Plans vs. Trust-Based Estate Plans

Clients who meet with an estate planning attorney in St. Johns frequently ask whether a will is enough or if they should instead consider a trust-based plan. Both estate planning tools can be worthwhile, but many factors affect which documents make the most sense.

A will-based plan may work well if your assets are easy to understand and you have clear ideas about who should inherit what. With a will, you can name beneficiaries and a personal representative, along with providing instructions for your assets.

Many people keep their estate plan simple with just a will because it is relatively easy to create and update. With a will, however, assets will typically go through Probate after death. Probate can involve court oversight, timing delays, and public filings.

Trust-based plans provide avenues for both controlling your assets during life and providing for a streamlined administration after death. Assets titled in certain ways can often skip Probate after death.

Trust-based planning can make sense if you want to maintain more control over when and how beneficiaries receive their inheritance. Trusts can also reduce or eliminate administrative burdens for loved ones after your passing. Trust-based estate plans may be a good fit if:

• You want to avoid the public court process of Probate
• You own real estate in more than one state
• You have a complex family dynamic or beneficiary designations
• You want minor children to receive their inheritance over time
• You wish to avoid court delays and retain privacy if possible
• You are concerned about a future incapacity

However, the right estate plan depends on your specific circumstances. Most well-structured estate plans use wills, trusts, and other documents to create balance.

Hire an Estate Planning Lawyer

At the Law Office of Douglas A. Oberdorfer, P.A., we understand estate planning laws, and we cover several types of trusts when it comes to your estate planning case. These include:

• Revocable living trust. A revocable living trust is one of the most common planning tools because it allows you to maintain control of your assets during life and provides for your incapacity and eventual death. You can also amend the terms of the trust whenever you want.
• Irrevocable trust. Irrevocable trusts may be part of your long-term planning if your goals are centered around asset protection, tax reduction, or qualifying for certain government benefits. For this reason, they are not entered lightly.
• Special needs trust. Special needs trusts can help you care for a loved one with disabilities. Contributions to this type of trust can provide for their care without disrupting qualifications for government benefits.
• Charitable trust. We also discuss charitable planning and charitable trusts with many clients who want to leave a legacy that includes support for their favorite charities. Including charitable donations in your estate plan can help you achieve tax efficiency and your legacy objectives.

Your estate plan can incorporate some or all of these tools to ensure the right documents fit your unique needs.

FAQs

Q: How Long Do You Have to File Probate After Death?

A: In Florida, you have 10 days to deposit the Will after learning of the death. The statute of limitations for probate cases, however, is 2 years. It is important that all issues relating to the estate plan of a deceased loved one are handled delicately, but with reasonable quickness. This can be difficult during times of grief, but their wishes help ensure the family can continue moving forward with their support.

Q: What Is a Reasonable Executor Fee?

A: Executor fees in the state are determined based on the compensable value of the estate. This includes the inventory value of all assets and income earned from the administration of the estate. Florida Statute 733.617 outlines how executors can be compensated. Reasonable compensation is 3% for an estate valued up to $1 million, 2.5% for estates valued between $1 million and $5 million, 2% for $5 million to $10 million, and 1.5% for estates over $10 million.

Q: Does a Spouse Automatically Inherit Everything?

A: A spouse does not automatically inherit everything in St. Johns, FL. A deceased spouse’s assets will be distributed according to their Will if they have one in place. The will should provide instructions for how assets will be distributed according to the named beneficiaries. If the spouse is not named as a beneficiary in the Will, they may not inherit any assets. If no will is in place, intestate succession mandates that assets be distributed to family members, of which surviving spouses are first in line.

Q: How Long Can an Executor Take to Settle an Estate?

A: The length of time it takes for an executor to settle an estate depends on the complexity of the estate. The more complex the estate, the longer it may take to settle. Each asset has to be identified and valued before it can be distributed and closed. If an estate contains a substantial amount of artwork, collectibles, or any other personal property that is difficult to properly value, it can lengthen the process. Creditors must also be paid off.

Q: Can I Act as My Own Trustee?

A: You may act as your own trustee for your trust. You are permitted to handle your own financial affairs. There is no law barring you from acting as the trustee of your own living trust. It’s common for people to do this in Florida. If you are married, you and your spouse may act as co-trustees. Acting as your own trustee allows you to continue making your own business, financial, and tax decisions related to your assets.

St. Johns Estate Planning Lawyer

Estate planning can seem like a daunting process. Perhaps that’s the reason many people make the mistake of putting off creating a solid plan. You should avoid making mistakes and hire an estate planning lawyer. Having an estate plan in place can protect your assets and ensure they’re divided up according to your wishes. It’s worth it to speak with an experienced estate planning attorney who can make the process easy for you.

The legal team at the Law Office of Douglas A. Oberdorfer, P.A., has over two decades of legal experience helping residents across the state. We pride ourselves on helping those in need of an estate plan. We understand how critical this stage of life is and what it means for your legacy and your family. No one should have to wonder what will happen to their assets after their death. Act now and speak with a member of our team by contacting us today.