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CALL FOR A CONSULTATION
An estate planning attorney assists individuals in developing comprehensive estate plans, including wills, trusts, and powers of attorney, to ensure their wishes regarding the distribution of assets are honored in the event of death or incapacitation.
You need an estate planning attorney to ensure that your estate plan is legally enforceable and tailored to your specific needs. They help reduce conflicts, minimize legal expenses and taxes, and assess wealth preservation.
The five components of estate planning typically include wills, trusts, powers of attorney, healthcare directives, and beneficiary designations.
To find a good estate planning lawyer, consider getting referrals from other attorneys, financial advisors, or CPAs. It’s important to work with an attorney experienced in estate law, probates, and trust administration.
The time limit to file for probate after death varies by state, and it’s important to consult with a probate lawyer to understand the specific deadlines in your jurisdiction. In Florida, the executor or the person in possession of the deceased’s will is required to file the original will with the appropriate court within 10 days of learning of the death​
A probate lawyer specializes in the legal process of administering the estate of a deceased person, resolving claims, and distributing the deceased person’s property under a will or as per the state’s intestacy laws.
The cost of a probate lawyer can vary based on factors such as the complexity of the estate and the lawyer’s fee structure. It’s advisable to discuss fees and payment arrangements with the lawyer during the initial consultation.
In most cases, the fees for a probate attorney are paid from the assets of the deceased’s estate. This means that before the estate is distributed to the heirs or beneficiaries, the probate attorney’s fees, along with any other expenses associated with administering the estate (like court fees, costs for appraisals, etc.), are settled using the estate’s funds.
Probate papers, including the original copy of the Will, should be deposited with the clerk of the Court in the venue of the decedent’s estate. The custodian of the Will must complete this deposit within 10 days of receiving notice of the testator’s passing, as specified in Section 732.901 of the Florida Statutes. It’s important to note that there is no fee associated with depositing the Will with the clerk of Court.
However, when initiating a probate matter, a filing fee is required and must be paid to the clerk. Upon submission of the necessary documents, the clerk will assign a unique file number to the probate case. This file number serves as a reference for all proceedings related to the decedent’s estate.
A trusts and estates attorney is best for wills, as they specialize in estate planning, wills, and trusts.
Attorneys may charge a flat fee or an hourly rate for drafting wills, and the cost can vary based on the complexity of the will and the attorney’s fee structure.
The time it takes to process a will can vary depending on factors such as the complexity of the estate and whether the will is contested. It’s advisable to consult with an attorney for a more accurate timeline.
After someone dies, the executor of the will is responsible for initiating the probate process, if necessary, and ensuring that the deceased person’s assets are distributed according to the terms of the will.
If you pass away without having a will in place (known as dying “intestate”), your assets will be distributed to your next of kin according to predetermined legal formulas. The state does not claim your property unless you have absolutely no living heirs, which is highly unlikely. In other words, if you haven’t written a will, inheritance laws decide who inherits your possessions. These laws follow a strict system and make no special exceptions based on financial need.
Without a will, the court selects an administrator, who could be someone familiar or a stranger, to handle your estate. Managing an intestate estate can cost more and undergo extra court oversight compared to an estate directed by a thoughtfully crafted will.
A trust should not be seen as a direct substitute for a will; rather, they serve complementary roles in estate planning. The main distinction lies in the scope of control: a trust only governs assets explicitly placed within it, leaving any property not included in the trust outside of its control. On the other hand, a well-drafted will exerts authority over all assets in your name at the time of your passing, regardless of whether they are part of a trust.
Family trusts, also known as revocable living trusts, allow individuals to transfer assets into a trust for the benefit of their family members, helping avoid probate and providing flexibility in managing assets.
A revocable trust achieves the avoidance of probate by facilitating the transfer of assets to the trustee during your lifetime. This eliminates the need to utilize the probate process to transfer assets after your passing. One notable advantage is that the trustee gains immediate authority to manage the trust’s assets upon your death, without requiring a court appointment.
Title insurance is not mandatory in all states in the USA, but it is commonly required by lenders to protect their interests in real estate transactions.
Title insurance policies are typically valid for as long as the insured owns the property. However, it’s advisable to consult with a title insurance provider for specific details about the policy’s duration.
In general, the buyer pays for the lender’s title insurance. This is because the lender’s title insurance policy protects the lender’s investment in the property if there are any title defects that prevent the buyer from having a clear title to the property.
Real estate closings can range in time from 30 days to 60 days. The length of time will depend on several factors, including the complexity of the transaction, the speed of the lender, and the efficiency of the title company or attorney involved.
