FREQUENTLY ASKED QUESTIONS
FREQUENTLY ASKED QUESTIONS
Q: Can your firm represent me if you did not create the original documents?
A: Yes, the firm can represent you or your family in all probate and estate administration matters, regardless of whether or not our firm drew up the original paperwork. Often it is necessary to update your wills, trusts, or other estate planning documents from time to time, and it is not uncommon for original documents to be drafted by other attorneys before our firm’s retention.
Q: Do I need a trust?
A: Most of the time, and especially in Florida, yes, a trust is essential. While you are alive, it can serve as an easy and reliable system to pay your bills. It can also provide for your spouse or children during or after your life. It works better than a power of attorney and it gives more transparency, longevity and accountability. It can also lower estate and gift tax liability and avoid probate.
Q: What is probate?
A: Probate is the judicial procedure by which a testamentary document is established to be a valid will. The rules of this procedure are set forth in a collection of statutes called the probate code. The probate code encourages this process to operate with minimal input and supervision from the probate court, but, in cases where allegations of interference and undue influence arise, the court may take a more active role. Probate is accomplished by an executor/executrix who is paid a fee based on the size of the estate that passes through the will.
Q: How often should I review my estate plan?
A: You should consult with your estate planning attorney and review your estate plan on a yearly basis. Additionally, you should also review and revisit your will, trust, or power of attorney documents upon the happening of a significant event, such as the purchase or sale of property, the start-up of a business, the liquidation of investment assets, or the acquisition of art or other tangible assets.
Contact David E. Wolff Law with you or your loved ones’ Estate Planning needs.