One of the biggest misconceptions about estate planning is that it is only necessary for individuals with large estates or for the elderly. This is not true. All adults should have a proper estate plan to make sure their family is provided for in the ev
ent that they pass away. Our St. Petersburg estate planning attorney can help you devise a thorough and comprehensive plan that will not only ensure your loved ones are cared for after you pass, but that will also help you during your lifetime.
With a last will and testament, you can outline which of your heirs will receive property in the event that you pass away. A will can also outline other provisions, such as who you would like to become guardian of your children if there comes a time when you cannot care for them. The estate of anyone who passes away without a will has died intestate, and their property is divided according to state law. Without a will, there is a risk that your beneficiaries will not receive the property you intended to leave for them.
Florida law allows for two types of probate. The most common type is formal administration. During formal administration, creditors can make a claim against an estate and family members can challenge wills. The other type of probate in Florida is summary administration. Summary administration probate is much simpler and more efficient, but it only applies to small estates. Summary administration is also only available when the deceased has been dead for two years or longer. After this time, creditors are barred from making a claim against an estate.