Florida Estate Planning Lawyer Blog

Many people who have reached the age of retirement split their time between Florida and another state. Since we are at the prime time of year for this to be happening I thought it appropriate as a Florida Estate Planning Lawyer to write about some of the issues of Estate Planning that can affect these individuals.

Florida’s new trust code has a new requirement of a connection with the state of Florida to be able to create and use a Florida Living Trust or any Florida Trust.

In addition there are specific requirement for Valid Florida Durable Power of Attorney that do not exist in other states. If you visit or live in Florida, you Durable Power of Attorney should have the relevant Florida language to make sure it can be enforced in Florida.

Often our clients have well-established relationships with the Estate Planning Lawyers in their home state. Some want to take advantage of the strong and robust trust code in Florida compared to that of their other state of residence. A common question that arises when a person spends time in two different states (dual residency) is: how do you create a Florida living trust and Florida Estate Plan that works as intended when you are not sure where the probate or trust administration will take place?

This issue becomes important because the ultimate determination of domicile for the purpose of probate and trust administration is not conclusively determined until a person passes away. Individuals can take steps to help insure that Florida is considered their domicile to take advantage of the favorable tax, estate tax, and probate costs associated with Florida.

Often when I am confronted with a living trust and family which spans multiple states I try to work with an Estate Planning Lawyer from the other states to make sure that the Living trust complies with the requirements of each state as well as offers the advantages of each state. Often we find that Florida is as advantageous as other states, but sometimes we use aspects from each state to create the plan that serves the clients ultimate needs.

For example, if there is a possibility that my client’s estate plan may be administered in Connecticut or another northern state. In these cases we will work with Estate Planning lawyers from these states to make sure that any recent changes in the states laws are included in the will or revocable trusts that are in place or being prepared

Do you have to work with a Florida Estate Planning Lawyer to make sure your estate plan works in Florida and or a different state than where it was created? In most cases I find that the answer is no. Although competent drafting can establish the site of the trust as the state where it was created it can also establish another state when there are advantages. Most Florida Estate Planning Lawyer focus on one state and are not able to accurately determine what is the best state to use. This means that even if there are judicial proceedings in Florida, the court can interpret the revocable trust according to the chosen state in the trust.

An effective estate plan for dual residency is a challenge and an opportunity. Multi-state Estate Planning can be a can of worms for the ill-prepared and can have unintended or unforeseen consequences to an estate plan that worked perfectly fine in one state. However, if you act carefully you can not only preserve your existing estate plan, but possibly enhance it as well.

If you would like you Estate Planning Documents reviewed to see if they can be enhanced please contact a Florida Estate Planning Lawyer.

If you would like your Estate Planning Documents reviewed by a http://www.shealawonline.com/blog/ Connecticut Estate Planning Lawyer you may contact http://www.shealawonline.com/ Richard L. Shea.