Experienced Florida Estate Planning Lawyers
Last updated on February 27, 2025
A Brief Overview Of Estate Planning
When you get ready to build your estate plan, you probably have some ideas of what you want but no ideas for how to make it happen. There are many options and considerations to creating a solid estate plan – enough to intimidate anyone. But with our lawyers’ help, you can build the plan you want for your family.
At The King Firm, PA, our attorneys help our clients write estate plans. They work with people from Tampa Bay, St. Petersburg and across Florida. They understand the estate planning process backward and forward and bring that highly detailed knowledge to you. Below are some facts that you should know about estate planning before you call us.
An Estate Plan is Not Just One Document
Your estate plan will not be just your will. It will have many documents in it that will describe what you want to happen with your assets. You can even craft trusts or rework your deed to make things more simple for your heirs. There will also be many documents in the estate plan that won’t be about your assets at all; they’ll be about you.
Your Estate Plan Guides Your Care
Estate plans include many documents that will declare your preferences for how medical facilities and your family will treat you as you age. You will likely have:
- Advance medical directives
- A living will
- A power of attorney
There may also be extensive plans in place for your Medicare or Medicaid planning as well as nursing home care. These constitute a significant aspect of planning your estate – one that can cause no small amount of difficulty if you don’t plan for them today.
Probate Court is Nothing to Take Lightly
No matter what your plans for your estate are, you will want to consider your choices with care so that your family spends as little time in probate as possible. Any area of dispute or lack of clarity can turn a “routine” probate court date into a debacle that may use all of your estate to resolve. And, of course, there are many issues ahead should you pass without a plan in place.
The Purpose and Importance of Having an Estate Plan
Estate planning helps ensure your assets are distributed according to your wishes, your loved ones are provided for and potential financial and legal complications are minimized. Having a well-crafted estate plan can:
- Provide peace of mind, knowing your wishes will be honored and your family will be taken care of.
- Avoid family disputes, as the clear estate plan prevents misunderstandings and conflicts among heirs.
- Minimize taxes and preserve wealth for beneficiaries.
- Protect minor children and dependents
- Avoid probate delays as it expedites the distribution of assets
Without an estate plan, state laws will dictate how your assets are distributed, which may not align with your wishes. Additionally, loved ones may face long legal battles, higher taxes and unnecessary stress.
Common Estate Planning Mistakes to Avoid
Estate planning requires careful consideration and regular updates. Many individuals make critical mistakes that can create complications down the road. Here are some of the most common pitfalls:
- Failing to update the estate plan
- Not considering tax implications
- Improperly funding trusts
- Overlooking Powers of Attorney and Health Care Directives
- Relying solely on a will
Our estate planning attorneys can help avoid these mistakes, making the estate planning process smoother and more effective.
Understanding the Estate Planning Process
Creating an estate plan is more than just drafting a will. It involves several key steps and documents that provide comprehensive protection for you and your family.
The key steps in the estate planning process include:
- Identifying all financial accounts, properties, debts and personal belongings.
- Deciding who will inherit your assets and under what conditions.
- Appointing executors, trustees and guardians if applicable.
- Drafting documents like wills, trusts, Power of Attorney and Advance Health Care Directives
- Reviewing and regularly updating your estate plans, especially after major life events.
A well-structured estate plan provides clarity, minimizes disputes and helps ensure your wishes are respected.
Estate Planning FAQs
We’ve compiled a list of frequently asked questions to help you understand the estate planning process and make informed decisions about your assets and legacy. Below, you will find answers to some of the most common questions we receive from clients.
Do I need an estate plan even if I do not have a lot of assets?
Yes. Estate planning is not just for the wealthy. Regardless of the size of your estate, having a plan in place ensures that your assets are distributed according to your wishes, and your loved ones are protected. It also allows you to appoint guardians for minor children, designate health care decisions and minimize potential legal complications for your loved ones.
How often should I review and update my estate plan, and what triggers should I look out for?
- Marriage, divorce or the birth of a child
- Death of a beneficiary or executor
- Significant financial changes like inheritance, selling or buying property
- Changes in tax laws that may affect your estate
If you’re unsure about how to update your estate plan, consult with an experienced attorney who can guide you through the process and ensure your plan remains current and effective.
What can I do to protect my estate from being overly taxed for my heirs?
Minimizing estate taxes requires careful planning and strategy. Consider the following options:
- Establishing trusts: Trusts can help reduce estate taxes by transferring assets out of your estate, while still providing for your loved ones.
- Gifting assets: Gifting assets during your lifetime can reduce the size of your estate and minimize taxes.
- Utilizing spousal exemptions: If you’re married, you may be able to transfer assets to your spouse tax-free.
- Charitable donations: Donating to charity can provide tax benefits while supporting causes you care about. Our experienced estate planning attorneys can help you develop a tax-minimization strategy that’s tailored to your unique situation.
Can I create my own estate plan, or do I need to work with an attorney?
While DIY estate planning tools do exist, working with an experienced attorney is highly recommended. Estate planning involves complex legal and tax considerations that require professional guidance to ensure your plan is legally sound and tailored to your specific needs. Our estate planning attorneys in Florida can help you:
- Create a comprehensive estate plan that meets your unique needs
- Ensure your plan is legally binding and effective
- Update your plan as needed to reflect changes in your life and the law Don’t risk leaving your loved ones with unnecessary stress and expense – contact us today to schedule a consultation.
An Estate Plan Is For Everyone
Everyone can – and probably should – have an estate plan. You don’t need to achieve a minimum or maximum for your assets before an estate plan will make a difference. Even if the difference is just showing your family members that you thought about how to make this time easy for them, that will be enough. Reach out to us to learn more about estate planning in a free consultation. Call 888-712-4771 or send an email to get started.