Wills and Trusts in Ocala

Revocable Living Trust

Can be changed or revoked during your lifetime. Commonly used for probate avoidance and incapacity planning.

Irrevocable Trust

Cannot be easily changed once established. Often used for tax planning, asset protection, or Medicaid planning.

Testamentary Trust

Created through your will and only takes effect after death. Often used for minor children or special needs beneficiaries.

Special Needs Trust

Designed to benefit individuals with disabilities without affecting their eligibility for government benefits.

Charitable Trust

Provides benefits to charitable organizations while potentially offering tax advantages to the grantor.

Asset Protection Trust

Designed to protect assets from creditors while providing some benefit to the grantor or beneficiaries.

Will Requirements in Florida

• Must be in writing
• Signed by testator (will maker)
• Witnessed by two witnesses
• Witnesses must sign in presence of testator
• Self-proving affidavit recommended

Homestead Protection

Florida's homestead laws affect how primary residences can be left to beneficiaries, with restrictions on leaving homestead to non-family.

No State Estate Tax

Florida does not impose a state estate tax, though federal estate tax may still apply to larger estates.

Probate Process

Florida has formal and summary probate procedures. Assets over $75,000 typically require formal probate administration.

Elective Share

Surviving spouses have rights to a portion of the deceased spouse's estate, even if not provided for in the will.