Estate Planning
Estate Planning Attorney in Daytona Beach, Florida
Be Prepared for the Future
Estate planning is not a one-time event: It’s an evolving, ongoing process that addresses your future needs. With the guidance of a Florida probate attorney, an estate plan helps you protect your assets and determine how they will be distributed or managed should you become unable to oversee the management of your personal affairs.
What is Estate Planning?
Estate planning is much more than writing a will. Your estate plan should also include documents that establish your health care power of attorney, durable power of attorney, and living will. These documents, along with a simple will, comprise an effective estate plan for most individuals. More complex estate plans, however, may involve business planning, tax planning, and a host of other strategies.
To learn more about an estate plan that may be right for your needs, schedule a consultation with estate planning attorney Thomas Upchurch.
Estate Planning Services
Dedicated to Protecting Your Rights
Daytona Beach probate attorney Thomas Upchurch of Upchurch Law offers services to those in need of an elder law attorney, estate planning & estate litigation attorney, probate attorney, and more. When you are looking for someone to handle your affairs, you need an experienced Florida probate attorney who has handled many different situations.
Estate Planning Frequently Asked Questions
Have questions? We are here to help. Still have questions or can't find the answer you need? Give us a call at 386-272-7445 today!
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When should an estate plan be updated?Ideally, you should meet with your estate planning attorney every few years to keep your will current and make sure it stays in compliance with any changing Florida laws. You should at least update your will whenever you experience a significant change in your life, such as marrying, divorcing, or having a child.
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What should I know about estate taxes?The government levies taxes on the estate of a deceased person, but Florida does not have an estate tax (or an inheritance tax). If you inherit property from someone in a state that does have an inheritance tax, however, you may be taxed. There may also be federal estate taxes that apply to your unique situation, so you should consult an estate planning attorney for more information about state and federal estate and inheritance taxes.
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What does "testate" and "intestate" mean in estate planning?In the simplest terms, a person is said to die testate when he or she has a valid will in effect at the time of death, and intestate when there is no valid will. The laws of “intestate succession” dictate that the legal system will determine how your estate is distributed. If you die intestate—or if your will is not properly prepared and therefore invalid—you will have had no influence on or control over who receives assets from your estate. Having a will prepared by an experienced estate attorney is the best strategy for ensuring your estate is distributed according to your wishes.
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What is power of attorney?This is a legal document that allows you to delegate authority to another person, with the definition of that authority spelled out in the document. A power of attorney may grant another person the right to sell a property, access financial accounts, sign legal documents, or other such “powers.” A power of attorney is a very important document and is subject to complex laws and regulations, so it should be drawn by an experienced attorney.
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What is a living will?There is often confusion surrounding the meaning of the term “living will.” Unlike a traditional will that sets out instructions for how your assets will be distributed after your death, a living will goes into effect while you are still living. A living will gives you the opportunity to provide specific instructions, in advance, for your end-of-life medical care, including whether you wish to be kept alive by life-support apparatus and/or want other measures taken to prolong your life. Because a person cannot know when he or she may be incapacitated and unable to express such wishes, it’s important to have proper documentation that makes those wishes clear.
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What is probate?When a testator dies, his or her will must be submitted to a probate court for execution. This is the legal process that carries out the administration of your estate and is overseen by a probate judge. The judge determines whether the will meets the requirements of Florida law. If there is no valid will at the time of the testator’s death, the legal process of administering and closing out his or her estate is still governed by the probate judge. The probate process can be complicated, so it’s best to have an estate planning and probate attorney assist you in identifying estate assets, working with creditors, and managing the distribution of your assets to your beneficiaries.
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I want to change my existing will. How do I do that?In order to change your will, you will need to execute an amendment or execute a new will. In either instance, the guidance of an estate planning lawyer is essential. An amendment, or codicil, must make proper reference to your existing will that remains in effect, and must be signed in the presence of witnesses and be notarized. A new will should include language that makes it clear that you are revoking your previous will. A qualified attorney will ensure that either a codicil or new will is properly prepared and valid.
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Can't I create a will without an estate planning attorney?In short, yes, and there are plenty of software and online options to do so. But there are a number of excellent reasons why you should work with an experienced estate planning and probate attorney. A will that’s incorrectly written or improperly executed may be found to be invalid, and the rules that govern the drafting of wills varies from state to state. It’s very easy to make errors while preparing your own will, and some of them can have significant effects later on. It’s also easy to overlook the inclusion of some assets or omit clear instructions on how your estate should be administered. It’s also very important to have an estate planning lawyer work with you to draft a will that will withstand the probate process and accurately reflect all of your wishes
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Why should I have an estate plan?In addition to the benefits outlined above, an estate plan gives you control over how your assets will be managed after your death and ensures your end-of-life wishes are carried out. Without a will or other estate documents, any decisions will be dictated by Florida law, which may or may not be in line with what you would have wanted if you’d had a say in your affairs. Another important reason to have a will and estate plan is that it relieves family members of having to make decisions and minimizes conflict over your estate.
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What is an estate?A: All of the property you control or own—or that may be generated upon your death, such as life insurance— is your estate. You may be the sole owner of this property, or share ownership. Your estate includes these items and more:
- Real property, such as houses and buildings
- Personal property, such as cars, stocks and bonds, bank accounts, mutual funds, cash, jewelry and furniture
- Life insurance, IRAs, pension benefits, and obligations or debts owed
- Businesses and business interests