Debunking Common Florida Estate Planning Myths

In this article, you can discover…

• Whether estate planning is only for the wealthy.
• If joint ownership of property with a spouse means you don’t need estate plans.
• Whether your spouse will automatically inherit your assets when you pass away.

Myth #1: Estate Planning In Only For The Wealthy

Estate planning can and should be done regardless of your financial status, as it serves several important purposes. Your will includes information such as your designated guardians for underage children, directions for the distribution of your assets, and a record of your preferences for medical care in case you become incapacitated.

Myth #2: Only Older People Need Estate Plans

This is certainly false, as anyone who owns anything of value or needs to care for dependents should have an estate plan. This plan will account for your assets and dependents who need care after your passing.

Myth #3: I Can Avoid Probate Altogether In Florida

This is true to a degree, as a proper estate plan with trusts, beneficiary designations, and lady bird deeds can assist you in avoiding the probate process altogether. However, probate will typically be required if you still have assets that are titled in your name when you pass away, as probate is the legal process of transferring asset titles to your heirs.

Myth #4: Having Joint Ownership Eliminates The Need For Estate Planning

While there are ways that joint ownership can help to avoid probate, this does not eliminate the need for estate planning. There are several types of joint ownership in Florida, depending on how a property is titled. Properties that are titled as tenants for or joint tenants with survivorship rights will usually cause the property to be automatically inherited, avoiding the probate process completely.

Attorney Alice Batts is a seasoned lawyer based in Escamilla County, FL who has helped countless clients just like you avoid the common pitfalls of estate planning law. With over 10 years of relevant legal experience under her belt, Alice Batts is prepared to assist you in creating and maintaining a solid estate plan so that you can look forward to the future, knowing that your assets and your health are accounted for.

Still have questions? Ready to get started? Contact Dubyak Law Firm today to schedule an initial consultation.

Myth #5: If I’m Married, My Spouse Will Inherit Everything When I Pass

This is not necessarily the case, depending on your family situation. For instance, if you have children outside of your marriage with your spouse and pass away without a will, your spouse and your children will each receive half of your estate.

Addressing The Myth That Estate Planning Is A One-Time Event

As I’m sure you know, life is very cyclical, and the seasons of our lives are always changing. As your life changes, it is important to review your estate plan regularly over the years to ensure that it is still relevant to your circumstances.

The general rule is to review your estate plan every 3-5 years as well as whenever a significant life change occurs, such as births, marriages, divorces, or changes in your health and finances. If you fail to regularly review your estate plan and keep it up to date, your loved ones could face serious complications and the major expenses associated with probate.

Still Have Questions? Ready To Get Started?

For more information on Florida Estate Planning, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (850) 280-6251 today.