7 Common Florida Will and Trust Rumors Debunked

Wills are something everyone needs but no one likes to talk about. It seems distasteful to discuss and often the silence creates rumors, rumors that can be costly. Get the facts.

Did my marriage invalidate a will? Does dying intestate mean everything is given to the State? Here are some of the most common we hear everyday and a quick recap of the actual law in Florida.  

1. Marriage does not invalidate a will in Florida. Although under the common law a will was invalidated by marriage, which is not the law currently in Florida. But a spouse acquired after the execution of a will may receive the same portion of your estate that he or she would have received had you died without a will (at least one-half).
2. You may not have to go into Court to probate a will. In Florida you will need to file several  documents in Court but a properly drawn will can be executed and administered in Florida without  Court appearances.
3. Wills are not expensive. Although there may be an upfront cost to prepare and execute a will,  this can cut down or almost eliminate probate costs.
4. Life insurance and Trusts are not replacements for a valid will. Sometimes individuals believe  that naming an individual as a beneficiary of a life insurance plan or trust will be an acceptable will  replacement. This is not the case and these assets that have beneficiaries may avoid probate but  the rest of your assets will pass through intestacy.
5.  Wills may affect tax liabilities. Although most people believe the estate tax is the only tax to worry about, other liabilities may accrue after death. Proper estate planning can minimize these expenses and increase the size of inheritance actually reaching heirs.
6. Technicalities do matter. If you had a will executed in another state or by a non-professional it is important to have it reviewed for conformity with Florida law. The law will not apply a piecemeal approach in many instances the Court may invalidate your entire will.
7. If you die without a will the assets still pass to your heirs. Countless times one may have heard the rumor that if one dies intestate (i.e. without a will) that all of their assets aresurrendered to the State of Florida. This is only the case when the individual has no living heirs, which is extremely unlikely.

No short list can be a complete replacement for a proper understanding of Florida law regarding Wills, and Trusts. These are just some of the most common misconceptions that we see on a daily basis.

Have more questions about trusts, probate, estates and guardianship? Check out our FAQ video library at:http://www.pankauskilawfirm.com today!