St. Johns Estate Planning Lawyer

St. Johns Estate Planning Attorney

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.

St. Johns Estate Planning Law FAQs

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

A: In Florida, you have 10 days to file a probate after death. This 10-day period starts from the day you learn of the death. This time period applies regardless of the size of the estate. Waiting too long to file probate could result in legal consequences. Starting the probate process early is beneficial to all parties. There are some circumstances where people can file probate after the 10-day deadline, but it is not recommended.

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: No, 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: Yes, 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.

Legal Support When You Need It

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. They think, “I’ll just do it later when I have time.” This is a mistake you should avoid making. Having an estate plan in place can protect your assets and ensure they’re divided up according to your wishes. It’s absolutely worth it to speak with an experienced estate planning attorney who can make the process easy for you.

The legal team at Law Office of Douglas A. Oberdorfer, P.A., has over two decades of legal experience helping residents all across the state. We pride ourselves in 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.