Wills and Trusts in Florida

Fundamental estate documents for the Jacksonville area

Contrary to popular belief, not everyone needs a revocable trust. Before deciding to create a revocable trust, you should meet with a qualified estate planning lawyer to:

• Review your current financial statement.
• Determine which assets would be subject to probate upon your death.
• Discuss—
  • Alternatives to utilizing a revocable living trust
  • Transferring ownership of your assets to the trust
  • Trust administration
  • Probate administration
  • The cost involved in creating and funding a living trust

Valid wills in Florida

A person who makes a will is called the testator. At the time of signing a will, a testator must be—

The will must be—

• Witnessed by two competent people
• Signed by the witnesses in front of the testator and each other
• Signed by the testator in front of the two witnesses

The validity of these signatures may be challenged in court. Such a challenge is less likely if the will was made self-proving and was prepared by a qualified probate lawyer. If you engage the services of Todd Watson, he often recommends a pour-over will, which automatically transfers your probate assets into a trust at the time of your death. This reduces probate costs and delays.

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Florida revocable living trusts

A revocable living trust, also known as a revocable trust or living trust, is a method of managing your assets so they may be administered without court supervision in the event of your death or incapacity. To be fully effective, title of your existing assets must be transferred to the trust. A revocable living trust has two main advantages:

• The person designated to serve as successor trustee takes over management of your assets without court proceedings upon your death or in the event you become incapacitated.
• Assets placed in the living trust avoid the probate process upon your death.

Although a living trust avoids probate, the trust must still be administered. A living trust should only be drafted by an elder law attorney. You also need informed legal counsel when choosing which assets to use in funding the trust.

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Special needs trusts

Sometimes it is wise to protect assets in order to maintain eligibility for public benefits. Special needs trusts, also called supplemental needs trusts, can serve this purpose. Assets placed in this type of trust are used to pay for items not provided by public benefit programs. Such benefit programs include—

There are three types of special needs trusts:

Attorney Todd Watson helps you understand which type of trust is suitable for your circumstance.

Learn more about legal strategies for Medicaid planning and eligibility.

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Put your estate plan in place with a Jacksonville elder law attorney

For a free phone consultation about wills and trusts with an estate planning lawyer in Jacksonville, contact Todd Watson, Attorney at Law, P.L.