Best Estate Planning Attorneys in Ormond Beach, FL

The personal representative is required to file various inventories and accountings with the probate court, and beneficiaries have a right to obtain and review these reports. In addition, beneficiaries have the right to request that the court order the personal representative to provide an interim accounting during probate. And, beneficiaries may request further explanation of some aspects of probate reporting, such as how the personal representative arrived at valuation of assets.

In order to change your will, you will need to execute an amendment or execute a new will. In either instance, the guidance of an estate planning lawyer is essential. An amendment, or codicil, must make proper reference to your existing will that remains in effect, and must be signed in the presence of witnesses and be notarized. A new will should include language that makes it clear that you are revoking your previous will. A qualified attorney will ensure that either a codicil or new will is properly prepared and valid.

Ideally, you should meet with your estate planning attorney every few years to keep your will current and make sure it stays in compliance with any changing Florida laws. You should at least update your will whenever you experience a significant change in your life, such as marrying, divorcing, or having a child.

The executor of a will is legally bound to dispose of assets as the law requires and the will dictates. That means paying taxes, debts of the estate, and costs of administration, and then distributing the remainder of the estate to the designated beneficiaries. Occasionally, an executor may decide not to play by the rules, or may simply not be competent to manage the estate as required. Florida law protects beneficiaries from executor misconduct in a variety of ways, from reporting requirements to a process for removal of an executor who is not fulfilling his or her responsibilities. A local estate planning attorney can help assess the situation and determine the best approach under your specific circumstances.

The state of Florida does not impose either an estate tax or an inheritance tax. That means that the estate itself is not taxed, and beneficiaries are not taxed on the property they receive through intestate succession or administration of a will. Florida residents who inherit estates may be subject to federal taxes, but this only applies to estates valued at more than $11.2 million (as of 2018)