Florida Estate Planning Law

Estate planning in Florida ensures that your assets are managed and distributed according to your wishes after your death. A well-structured estate plan includes legal documents that designate beneficiaries, appoint representatives, and protect your interests in case of incapacity.

Key Components of a Florida Estate Plan

A basic estate plan in Florida includes:

• Last Will and Testament – Directs how your assets are distributed and names a personal representative.
• Power of Attorney – Grants someone authority to handle financial matters on your behalf.
• Health Care Directive – Allows a designated person to make medical decisions for you if you become incapacitated.
• Living Will – States whether you want life-sustaining treatment in end-of-life situations.
• Declaration of Pre-Need Guardian – Designates who should be appointed as your guardian if a court determines one is needed.

Many estate plans also include a living trust to avoid probate and estate tax planning for larger estates.

Cost of Estate Planning in Florida

The cost of an estate planning package in Florida typically ranges between $1,000 and $4,500.

• A basic estate plan (without a trust) is on the lower end of the range.
• Plans that include a living trust and estate tax planning cost more due to added complexity.

Estate Taxes in Florida

Florida does not impose a state estate tax, but a decedent’s estate may still be subject to federal estate tax.

What Is Included in the Gross Estate?

A decedent’s taxable assets are known as the gross estate, which includes:

• Individually Owned Property – All assets solely owned by the decedent.
• Jointly Held Property – Half of the value of jointly owned property is included in the estate unless ownership contributions can be proven.
• Life Insurance Proceeds – If the decedent had ownership rights or named their estate as the beneficiary, the payout is included in the gross estate.

Gross estate assets are generally valued at fair market value on the date of death.

Estate Tax Deductions

Federal law allows several deductions to reduce estate tax liability, the most significant being the unlimited marital deduction, which exempts assets left to a U.S. citizen spouse from estate tax.

To qualify for this deduction:

1. The surviving spouse must be a U.S. citizen.
2. The property must be included in the gross estate.

Understanding Probate in Florida

What Is Probate?

Probate is the court-supervised process of administering a deceased person’s estate. The probate court:

1. Identifies heirs and beneficiaries – Determines who inherits property under a will or state intestacy laws.
2. Settles debts and taxes – Ensures all outstanding obligations are paid.
3. Distributes assets – Transfers legal ownership of property to heirs.

In Florida, probate is handled by circuit courts in each county.

Role of a Personal Representative

A personal representative (executor) is responsible for managing the probate process. Most wills nominate a qualified individual for this role. The court appoints this person to:

• Inventory assets and determine their value.
• Pay outstanding debts and taxes before distributing the estate.
• Ensure all instructions in the will are carried out.

Frequently Asked Questions

What is the estate tax?

The estate tax is a federal tax on the transfer of wealth at death. It applies to estates exceeding the federal exemption amount.

Do all estates go through probate in Florida?

Not necessarily. Estates with proper planning, such as those using living trusts, can avoid probate for many assets.

How does a living trust help in estate planning?

A living trust allows assets to pass directly to beneficiaries without probate, saving time and legal costs.

Do I need an attorney for estate planning in Florida?

While not required, an attorney ensures your documents comply with Florida law and protects your estate from legal challenges.