When creating a will or trust, one of the most critical decisions you will make is appointing a guardian for any minor children. In Florida, if you pass away without appointing a guardian, the court will step in to decide who will care for your children, which may not align with your wishes.

Choosing a Guardian: A will allows you to choose a trusted individual to serve as a guardian for your minor children. This person will be responsible for their care, upbringing, and any decisions related to their well-being.

Financial Guardianship: In addition to choosing a guardian for your children’s physical and emotional well-being, you may want to appoint a financial guardian, who will manage any assets left to your children. Alternatively, you can set up a trust, with a trustee who will oversee your children’s inheritance until they reach an age of financial maturity.

Appointing both a guardian and trustee ensures your children are cared for and that their inheritance is managed responsibly.

How Often Should You Update Your Estate Plan?

Estate plans should not be created once and forgotten. Life changes, and so should your estate plan. You should review and update your estate plan in the following situations:

1. Marriage or Divorce: If you get married or divorced, it’s essential to update your will and trust to reflect your new marital status and ensure that your assets are distributed according to your wishes.
2. Birth of a Child: When a child is born, you’ll want to update your will to name a guardian and ensure they are included in your estate plan.
3. Significant Changes in Assets: If you acquire significant new assets or sell large properties, your estate plan should reflect these changes to prevent confusion during probate.
4. Relocation: Moving to another state can affect your estate plan since laws vary by state. Make sure your plan is compliant with Florida’s laws if you relocate to or from the state.
5. Beneficiary Changes: Life changes, such as the death of a beneficiary or changes in family relationships, may prompt you to adjust who will inherit your assets.

Regularly reviewing your estate plan ensures it remains aligned with your wishes and current legal standards.

What Happens If You Don’t Have A Will?

If you die without a will in Florida, the state’s intestate succession laws dictate how your assets are distributed. This can lead to unintended consequences, including:

Loss of Control: The state decides who inherits your assets, which may not reflect your wishes.

Disputes Among Heirs: Without clear instructions, your family may face legal battles over your estate.

Lack of Protection for Minor Children: A judge will decide who becomes their guardian.

No Charitable Gifts: Without a will, charitable donations may not be made.

What Is A Trust In Florida?

In Florida, different types of trusts serve various purposes depending on your goals for asset management and distribution. Here are some common types:

1. Revocable Living Trust: This is a trust you create during your lifetime that allows you to manage your assets as the trustee. The terms of the trust can be changed or revoked at any time while you are alive. When you pass away, the trust becomes irrevocable, and the successor trustee manages the distribution of your assets according to your instructions, bypassing probate.
2. Irrevocable Trust: Once established, an irrevocable trust cannot be modified or revoked without the consent of the beneficiaries. These trusts offer stronger asset protection and can help reduce estate taxes, making them ideal for individuals with large estates or specific asset protection needs.
3. Special Needs Trust: This trust is designed to provide for a beneficiary with special needs without disqualifying them from government benefits like Medicaid or Social Security. It allows funds to be used for the beneficiary’s care and well-being while protecting eligibility for essential public assistance programs.
4. Charitable Trust: If you wish to leave part of your estate to a charity, a charitable trust can allow you to do so while also providing tax benefits. You can set up a charitable remainder trust, where the trust pays out income to non-charitable beneficiaries for a set period, after which the remaining assets go to a charity of your choosing.
5. Testamentary Trust: Unlike living trusts, testamentary trusts are created within a will and only come into effect upon your death. They allow for more control over how your assets are distributed to your beneficiaries, especially minors.

Each type of trust serves a unique purpose, and consulting with a trust attorney in Florida will help determine which is best suited to your needs.

A trust is a legal entity that holds your assets and specifies how and when they will be distributed after your death. Trusts are often used in combination with wills for more complex estate planning and to avoid probate.

Benefits Of Setting Up A Trust

Avoid Probate: Assets placed in a trust bypass the probate process, saving time and money for your heirs.

Maintain Control: You retain control over your assets while you’re alive, and you decide how they’ll be managed and distributed after your death.

Incapacity Planning: A trust can appoint a successor trustee to manage your assets if you become incapacitated.

Protect Your Beneficiaries: Trusts can ensure that minors or special-needs beneficiaries inherit assets under the terms you specify, such as age or conditions for use.

Privacy: Trusts are private documents that do not need to be filed with the court, unlike wills that become part of the public record during probate.

What Does A Trust Lawyer Do In Florida?

A trust lawyer assists with:

Creating Trusts: Drafting and executing trusts that align with your estate planning goals.

Providing Legal Advice: Ensuring that your trust complies with Florida law and meets your objectives.

Updating Existing Trusts: Trusts, like wills, should be reviewed regularly and updated to reflect changes in your financial situation or family dynamics.

Navigating Probate: If necessary, a trust lawyer can assist with probate to ensure that the trust’s terms are honored.