Were you aware that when moving to Florida for a fresh start you need to also have important questions about the validity of your existing estate plan answered? If you have recently relocated to Miami or elsewhere in the state of Florida, you might wonder whether your out-of-state last will and testament, trust agreement, or other estate planning documents will hold up under Florida law. While many elements of your estate plan may still be recognized, Florida’s unique laws regarding homestead protections, spousal rights, and tax regulations could require you to make significant updates.
There is no question that it is essential to review and potentially update your estate plan after moving to ensure that it complies with Florida’s legal requirements. When you choose to work with an experienced Florida estate planning and probate attorney, you can make sure your estate plan is not only valid but optimized to protect your assets and fulfill your wishes in your new home state. Let us share just a few of the Florida estate planning questions that we answer for our clients, friends, and community.
1. Are out of state estate planning documents still valid? If you have moved to Florida with an out-of-state last will and testament or trust agreement it is important to know that, generally, Florida recognizes wills that were validly executed according to the laws of your previous state. Florida has specific requirements, however, that may not have been addressed in your original documents. For instance, Florida requires two witnesses to be present when you sign your will, and if the will was not notarized under Florida’s self-proof laws, your loved ones may face difficulties during probate.
Similarly, revocable living trust agreements may still be valid in Florida, but you will need to review them carefully with your experienced Florida estate planning attorney. Florida’s homestead laws, for example, can affect how your primary residence is passed on to heirs, and your trust may need revisions to reflect these protections. Updating your will or trust with a Florida estate planning attorney ensures your documents are fully compliant with state law.
2. What are Florida’s Homestead Laws? One of the most significant differences between Florida and many other states is its robust homestead protections. Florida’s homestead laws shield your primary residence from creditors and provide tax benefits, but they also impose restrictions on how the property can be devised. For instance, if you are married, Florida law restricts the transfer of your homestead property upon death to your spouse or minor children. If your out-of-state estate plan does not account for these rules, you may need to update your plan to avoid unintended consequences for your beneficiaries. An experienced Florida estate planning attorney can help you navigate Florida’s homestead laws and ensure your estate plan aligns with your wishes while protecting your home from creditors.
3. Understanding Florida’s Elective Share for spouses. Florida law includes an “elective share” provision, which gives surviving spouses the right to claim a percentage of a deceased spouse’s estate, regardless of what is written in the will. The elective share is typically 30% of the estate, which includes assets that pass outside of probate, such as jointly held property and retirement accounts. If your current estate plan does not consider Florida’s elective share rules, it is important to make adjustments to prevent future disputes or misunderstandings. Consulting with an experienced Florida estate planning attorney can ensure your estate plan respects your spouse’s rights while maintaining your overall estate planning goals.
4. Reviewing powers of attorney and health care directives. In addition to your last will and testament and trust agreement, you should review other essential estate planning documents such as powers of attorney and health care directives. Florida has specific laws governing these documents, and it is possible that your out-of-state versions may not meet Florida’s legal requirements. For example, a durable power of attorney executed in another state may not grant the full range of authority recognized in Florida, potentially limiting your designated agent’s ability to manage your affairs.
5. Consider Florida’s tax-friendly benefits. One of the advantages of moving to Florida is the state’s lack of an estate tax or inheritance tax. This is great news for those looking to preserve wealth and pass on assets to heirs with minimal tax burdens. If your out-of-state estate plan was structured with state taxes in mind, however, you may need to update your strategy to take full advantage of Florida’s tax-friendly environment. A Florida estate planning attorney can help you explore options to maximize tax savings while ensuring that your estate is distributed according to your wishes.
We know this article may raise more questions than it answers. Relocating to Florida brings exciting opportunities, but it also means adjusting your estate plan to reflect the state’s unique laws. Do not leave your legacy to chance. We encourage you to take the time to review and update your estate plan so that your assets are protected and your wishes are honored in Florida.
At Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.