Wills, Trusts and Estate Planning: Facts You Should Know

A Cautionary Tale: What Happens Without a Will?

Imagine an elderly woman in her early 80s, living in a nursing home in Jacksonville. She had no spouse or children and sadly passed away without a will. What followed was a legal nightmare for her surviving family members.

As one of ten siblings, her estate should have been distributed evenly among them. However, seven of her siblings had predeceased her, meaning their shares had to be passed down to their children. Some of those children had also passed away, requiring an even deeper search for rightful heirs. In the end, over 30 heirs across multiple states had to be located. Some received fractions of the estate so small that their inheritance amounted to little more than the cost of a cup of coffee.

To make matters worse, a legal battle erupted over who would serve as the estate’s executor. One group of heirs supported a particular individual, only for another group—represented by a lawyer—to challenge the decision. This led to a long and costly probate process, draining time and money from what should have been a straightforward inheritance.

This case is an extreme example, but it highlights a critical truth: without a will, the state of Florida—not you—determines what happens to your assets, as explained in the video below.

Why Having a Will Is Essential

A will allows you to dictate:

• Who inherits your assets
• What they receive
• When they receive it
• How they receive it

Without a will, Florida’s intestacy laws take over, distributing assets based on a default legal formula. If you don’t have immediate family, the process becomes even more complicated, as seen in the case above. Read more in our article, First-Time Executor? Key Steps to Ensure a Smooth Process

However, even with a will, your estate may still go through probate, which can be time-consuming and expensive. That’s why many people choose to take their planning a step further with a revocable living trust.

A Revocable Living Trust: The Best Estate Planning Tool

While a will is essential, a revocable living trust offers far greater protection and convenience for your loved ones. Here’s why:

1. Avoids Probate

Probate is a public, court-supervised process that can take months—or even years—to settle. A revocable living trust allows your assets to pass directly to your beneficiaries without the need for probate, saving time, money, and stress.

2. Provides Privacy

Once a will is filed in probate court, it becomes public record. Anyone can see what assets you owned and who is inheriting them. A revocable trust, on the other hand, remains private, protecting your family from unnecessary scrutiny.

3. Offers Flexibility and Control

With a trust, you can specify when and how your beneficiaries receive their inheritance. This is especially important if you have minor children or beneficiaries who may not be financially responsible. You can also protect assets from potential divorce settlements, lawsuits, or creditors.

4. Protects in Case of Incapacity

A revocable trust is active during your lifetime, meaning if you become incapacitated, a successor trustee can step in and manage your affairs without the need for court intervention. A will only takes effect after death and does nothing to help manage assets if you’re unable to.

5. Reduces Family Conflict

Clear instructions in a trust help prevent disputes among heirs. Family members are less likely to argue over the estate when your wishes are outlined in a legally binding document. Read more in our article, When Do I Need a Revocable Trust?

The Best Plan: A Will and a Trust

For most people, the best estate plan includes both a revocable living trust and a will. The trust manages and distributes your assets efficiently, while the will serves as a backup to name guardians for minor children and cover any assets not placed in the trust.

At Legacy Planning Law Group, we help Jacksonville families create customized estate plans that ensure their wishes are followed, avoiding unnecessary probate battles and family conflict.

Don’t Wait Until It’s Too Late

Estate planning isn’t just for the wealthy—it’s for anyone who wants to protect their family and assets. If you live in Florida, probate laws can be especially complex, making early planning even more crucial.

Avoid the stress and confusion of leaving your estate in the hands of the state. Take control of your legacy today.

Reference: The Wall Street Journal (May 2, 2023) “The Confusing Fallout of Dying Without a Will”