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Home >> The Estate Plan You Didn’t Know You Had

The Estate Plan You Didn’t Know You Had

December 4, 2013 by Robert Kulas. Leave a Comment

One of the things that many estate planning clients are surprised to learn is that, even though they have never created a will or other estate planning tool, they effectively already have an estate plan. Why is this? It’s because every state, including Florida, has adopted laws that make your estate planning choices for you. These laws apply to you and your estate if you don’t make an estate plan of your own. This effectively means that everyone in the state of Florida has a default estate plan whether they realize it or not.

Estate Plans and Florida Intestacy

One of the primary purposes of developing an estate plan is to choose inheritances. The property you leave behind you after you die will have to be transferred to new owners. Because it’s your property, you get to choose who those new owners are. You do this by creating a will, or by creating another type of estate planning tool, such as a living trust, that can distribute your property after you are gone.

But most people never get around to making an estate plan. Because of this, Florida has inheritance laws that apply when someone dies without a will. These are called laws of intestacy or intestate succession. Through intestacy laws courts can easily determine who stands to inherit your property because these laws establish a predetermined inheritance plan.

For example, if you die in Florida and leave behind a spouse but no children, your spouse automatically inherits everything. If you leave behind the spouse and children who are also descendants of your spouse, the spouse still inherits everything. On the other hand, if you leave behind a spouse and children from a previous relationship, your spouse will inherit half of your property while your children will inherit the remaining half.

Estate Plans and Incapacity

Another key element of any good estate plan is making provisions for what might happen to you if you become incapacitated. Through advance medical directives, powers of attorney, and other tools, you can make decisions that you otherwise would not be able to make if you became unconscious or incommunicative.

If you don’t have an estate plan there are laws that will determine who gets to make these decisions for you. In Florida, a court will have to determine who becomes your guardian. Under the law, the court will choose a guardian and give preference to anyone related to you by blood or marriage. It will also consider who has the relevant educational or professional experience to manage your affairs, as well as who has the ability to manage any financial or legal obligations.

In short, if you don’t create an estate plan, a court will determine who makes your decisions for you.

Filed Under: Estate Planning, inheritance planning Tagged With: Estate Planning

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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