Legal Question in Wills and Trusts in Florida

I'm retired and my wife also retired live in Florida. We have a home with a small mortgage and a car with a loan. We have small nestegg in a IRA- We live on Social Secuity. No other obligations.

We have A son and daugther with grandkids living in North Carolina- We don't know if we need a WILL or a Living Trust and don't know if a Revocable or Non-revocable trust is right for us- We've talked to a local attorney who recommends a trust. Seems like the cost of a Living Trust is way high compared to a WILL.

So do we really need a Trust in Florida? And which kind? Revocable or non revocable?

Can we just create a Will? Thanks in advance Dave W


Asked on 6/01/17, 11:10 am

3 Answers from Attorneys

John Richert Richert Quarles P.A.

The issue that you will need to look at is the cost of probate in Florida. The major cost of probate in FL is the attorney's fees, which are based upon the value of the estate. If you have a large IRA, home, and other property, it can make the cost of probate in FL higher.

Property in a trust avoids probate entirely. If you have assets in a trust, all of the assets are transferred according to the trust after you pass away (or before, it depends on what you have in the trust).

A trust may save you time and cost over a will in probate in FL.

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Answered on 6/01/17, 11:18 am
Lucreita Becude Lucreita D. Becude, P.A.

There are other ways to resolve you issues as to the property which can go directly to the heirs via a Lady Bird Deed without the need for a trust. Doesn't sound like to me that you have all that many assets. As to your 401K you can name a beneficiary and that would go directly to them outside of any probate of your estate.

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Answered on 6/01/17, 12:00 pm

Many attorneys push Living Trusts. They are good tools for the right circumstances.There are pros and cons with trusts and wills. In Florida, there several ways to take care of your assets, even bank accounts, without having to set up a trust or go through probate. However, I always recommend a will (even when doing a trust, you should do a "pour-over will") because it does more than just gift property. Additionally, everyone should have Durable Power of Attorney and Health Care Directives (i.e., Designation of Health Care Surrogate, Living Will). I do not recommend trying to do these yourself since the "do-it-yourself" kits do not always comply with Florida law and neglects to incorporate specific language that can save you trouble in the long run. Doing a simple estate plan (Will, Durable Power of Attorney, Designation of Health Care Surrogate, and Living Will) can be done for a very reasonable cost. Other objectives come into play when deciding between a will vs. a trust (e.g., if there are children from a previous marriage,if you want your affairs to remain confidential at the time of death, etc.).

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Answered on 6/03/17, 5:13 am


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