Providing The Estate Planning Answers You Need
It is normal to have a lot of questions when it comes to making a will, setting up a trust or creating other estate planning documents. At Michael T. Heider, P.A., you can sit down with our experienced attorney to learn everything you need to know about estate plans. To get you started, we have answered a few of the most frequently asked questions that we hear from prospective clients.
Why do I need a will?
Every adult should have a last will and testament. If something unexpected happens and you pass away or lose your capacity, a will lets your loved ones and the state of Florida know how to handle your medical care, who is allowed to make decisions on your behalf and how to distribute your assets.
What happens if I die and I don’t have a will?
If you die intestate – or, without a will – the state will follow its laws of intestacy to distribute your assets. Your assets will go to your next of kin – your spouse, if you are married, or your adult child, if you are not. If you do not have a spouse or children, your assets will pass to your parents.
What is estate administration?
Estate administration – also called probate administration – is a process in which a court validates the will of a deceased person and distributes their assets to beneficiaries. Some other tasks involved can include notifying creditors, inventorying property and appointing a personal representative.
What is the estate tax bracket in Florida?
Florida does not have an estate tax or an inheritance tax. However, if an estate is worth more than $12,060,000, it is subject to the federal estate tax, which ranges from 18% to 40%.
Do I really need an attorney to make an estate plan?
The internet offers plenty of do-it-yourself templates for just about any legal document you can imagine. However, using these instead of hiring a lawyer is not a good idea. Many of the documents online are inaccurate or outdated. Often, courts do not honor estate plans unless an attorney drafted them. Working with a lawyer the first time around ensures that the court will honor your wishes.
Get More Information In A Free Consultation
If you still have questions or are interested in making an estate plan, Michael T. Heider, P.A., is ready to assist you. Contact us to set up a free, no-obligation initial consultation. To begin, call our toll-free number at 727-235-6005 or use our online contact form.
