Florida Estate Planning, Probate, Trust, and Wills Attorneys | Morgan Legal Group

Estate planning is the process of arranging for the management and disposal of a person’s estate during their life and after death. It involves making decisions about how assets will be distributed, who will manage them, and who will make decisions in case of incapacity.

Yes, having a will is important regardless of the size of your estate. A will allows you to specify how you want your assets to be distributed and who will be responsible for carrying out your wishes. Without a will, state law will determine how your assets are distributed, which may not align with your preferences.

An estate plan typically includes a will, a durable power of attorney, a healthcare directive, and possibly trusts or other legal instruments depending on your individual circumstances and goals.

It’s advisable to review your estate plan regularly, especially after major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation. Your plan should also be reviewed periodically to ensure that it remains up-to-date and reflects your current wishes and circumstances.

Probate is the legal process of administering the estate of a deceased person, resolving any claims against the estate, and distributing the deceased person’s property according to their will or the laws of intestacy.

There are several strategies available to help individuals avoid probate, such as creating a living trust, designating beneficiaries on accounts and assets, and making lifetime gifts.

A trust is a legal arrangement in which one person, the trustee, holds legal title to property for the benefit of another person, the beneficiary. Trusts can be useful estate planning tools for managing and distributing assets, providing for minor children or beneficiaries with special needs, and avoiding probate.

If someone dies without a will, their estate will be distributed according to the laws of intestacy, which may not reflect their wishes. The court will appoint an administrator to manage the estate and distribute assets to heirs based on state law.

There are various legal strategies available to help individuals protect their assets from creditors, such as creating asset protection trusts, gifting assets, and structuring ownership of assets in a way that limits liability.

An executor is responsible for managing the probate process, including collecting and inventorying assets, paying debts and taxes, and distributing assets to beneficiaries according to the terms of the will or state law.