Compassionate Allies, Aggressive Advocates

Estate planning: Are 'I love you' wills still used in Florida?

What are referred to as 'I love you' wills are pretty outdated for the 21st century, yet many couples still have them. Florida residents who want their estate planning to be all-encompassing and up to date might want to look into bringing their wills into the modern age. Some couples may become complacent and believe once they have wills, there is no need to do update them.

An 'I love you' will is pretty basic as far as wills go. When a couple wishes not to utilize trusts as part of their estate planning, they might have used this type of will, which leaves everything to the surviving spouse. But there may be positives that aren't being taken advantage of with this sort of will -- things such as the planning of estate taxes, asset protection and even keeping assets from a second spouse's family members.

Estate taxes are one of the primary reasons to consider revamping an I love you will. AB or ABC trust planning means that a B trust will never be taxed after a surviving spouse dies. If changes happen to estate tax laws on the federal level, a B trust would protect an estate against those changes. These trusts are all irrevocable and so assets owned by these trusts won't be considered the property of the surviving spouse and so would be protected against any lawsuits, creditors or predators.

Laws are continually changing when it comes to Florida estate planning. A lawyer can provide information regarding current legislation and what should and shouldn't be included in an estate plan. An attorney may also be able to help his or her client to update an existing will.

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Pensacola, FL 32501

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