Estate planning rules in Florida
Key takeaway
Florida estate planning rules address written wills, testamentary competence, estate inventories, payment of estate obligations and ownership interests. Florida estates have inventory procedures that include valuations and beneficiary notices. Florida also provides for ancillary letters when a nonresident dies leaving assets, credits or liens in Florida.
Written wills and testamentary competence
Florida law provides for written wills with the testator's signature at the end. Florida's signing formalities include the testator's signing or acknowledgment of a prior signature in the presence of at least two attesting witnesses. Florida's witnesses sign in the presence of the testator and each other.
Florida's general presumption is that a person is competent to make a will, deed or gift and engage in other transactions. Florida does not treat elderly age, physical frailty, sickness, failing memory or vacillating judgment as establishing incompetence by themselves.
Estate inventories and beneficiary notices
Florida's personal representative files an amended or supplementary inventory upon learning that the inventory omits property or gives an erroneous or misleading description or value.
Florida's personal representative tells each beneficiary about the right to request an explanation of inventory values or a copy of an appraisal.
Payment of estate expenses and obligations
Florida law places administration costs and personal representative compensation first in the order for paying estate expenses and obligations. Florida places funeral expenses next, with an aggregate cap of $6,000.
Florida creditors within a class receive ratable payments after higher classes are paid if the estate lacks enough assets to pay all claims in that class.
Florida law makes certain revocable trust property liable for estate administration expenses and obligations when the estate lacks sufficient assets, subject to statutory exceptions.
Ownership interests and ancillary administration
Florida joint property carries survivorship rights when the instrument creating the ownership contains express survivorship language.
Florida permits a person, including a trust, to become a member of a limited liability company without acquiring a transferable interest.
Florida permits a trustee to represent and bind trust beneficiaries absent a conflict of interest on the particular question or dispute.
Florida appointment priority depends on the will and qualification to act in Florida.
Thresholds and rates change. Check the state's own current figures.
Common questions
Can another person sign a Florida will for the testator?
Florida permits another person to subscribe the testator's name at the end of a written will when that person acts in the testator's presence and at the testator's direction.
Does Florida company membership depend on a contribution or minimum ownership interest?
Florida permits a person, including a trust, to become a limited liability company member without contributing to the company. Florida law states no minimum ownership interest for membership in the company.