FL Wills, Trusts & Estates Specialist flashcards
FL Wills, Trusts & Estates Specialist · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Self-Proving Affidavit
- A sworn statement signed by the testator and witnesses before a notary that attests to due execution of the will, allowing the will to be admitted without live witness testimony.
- Elective Share
- A statutory right of a surviving spouse to claim 30% of the elective estate, filed within the earlier of six months after notice of administration or two years after death.
- Pretermitted Child
- A child born or adopted after a will's execution who takes an intestate share unless the omission was intentional or the child was otherwise provided for.
- Holographic Will
- A will entirely in the testator's handwriting; valid in Florida only if executed with the same witnessing formalities required of a typed will.
- Revival of Will
- Florida abolishes automatic revival: a prior will revoked by a later will is not revived when the later will is revoked unless the testator so intends.
- Slayer Statute
- A beneficiary who unlawfully kills the decedent forfeits all interests in the estate, and the property passes as if the killer had predeceased the decedent.
- Intestate Spouse Share
- A surviving spouse takes the entire estate if no descendants survive, or the first $60,000 plus half if all descendants are shared with the spouse.
- Will Execution Formalities
- A valid Florida will must be in writing, signed by the testator or a proxy in the testator's presence, and attested by two witnesses signing in each other's and the testator's presence.
- Revocable Trust
- A trust the settlor may amend or revoke during life; assets avoid probate but remain reachable by the settlor's creditors and subject to the elective share.
- Spendthrift Clause
- A trust provision restraining voluntary and involuntary transfers of a beneficiary's interest, shielding trust assets from the beneficiary's creditors and assignees.
- Rule Against Perpetuities
- Florida replaces the common-law rule with a 360-year period, during which trust interests must vest or terminate after the trust's creation.
- Trustee Duty of Loyalty
- A trustee must administer the trust solely in the beneficiaries' interest and may not engage in self-dealing or personal profit at the trust's expense.
- Trustee Removal
- A court may remove a trustee for breach of trust, unfitness, persistent failure to administer, or changed circumstances making removal in the beneficiaries' best interest.
- Trust Accounting
- A trustee must keep adequate records of receipts, disbursements, and distributions and provide beneficiaries with periodic accountings and information about the trust.
- Trust Modification
- A court may modify or terminate a trust when modification is consistent with the settlor's probable intent, or upon consent of all beneficiaries and the settlor if living.
- Trustee Compensation
- A trustee is entitled to reasonable compensation for services, controlled by the trust instrument if it sets a rate, and subject to court review for reasonableness.
- Trustee Exculpation
- A trust provision may relieve a trustee of liability for breach of trust unless the breach was in bad faith, intentional, or in reckless indifference to the trust's purposes.
- Summary Administration
- A simplified probate available when the estate subject to administration is $75,000 or less after exempt property and homestead, or the decedent died over two years ago.
- Personal Representative Qualifications
- A Florida personal representative must be a Florida resident, or a nonresident spouse, relative, or legally adopted child or parent of the decedent.
- Creditor Claim Period
- Creditors must file claims within three months after first publication of notice to creditors, or 30 days after service on a known creditor, whichever is later.
- Notice of Administration
- A document served on interested persons after a will is admitted to probate, advising them of the estate administration and of deadlines to object or elect.
- Estate Inventory
- A sworn list of the decedent's assets and values filed by the personal representative within 60 days after issuance of letters and served on interested persons.
- Homestead Protection
- The decedent's homestead is protected from forced sale and passes outside the estate, though it remains subject to the elective share and secured debts.
- Exempt Property
- Property such as household furnishings up to $20,000, two motor vehicles, and qualified tuition programs that passes to the spouse or descendants outside probate.
- Ancillary Administration
- A separate Florida probate for a nonresident decedent who owned Florida real property or tangible personal property, typically with the domiciliary representative as ancillary personal representative.
- Final Accounting
- A report of estate receipts, disbursements, and distributions served on interested persons before closing; objections must be filed within 30 days of service.
- Federal Estate Tax Exclusion
- The amount of an estate exempt from federal estate tax, indexed annually and $13,990,000 for 2025; amounts above it are taxed at 40%.
- Portability
- A surviving spouse may use a deceased spouse's unused estate tax exclusion if a timely estate tax return is filed to elect it.
- Marital Deduction
- An unlimited federal deduction for property passing to a surviving spouse, deferring estate tax until the survivor's death or later transfer.
- Annual Gift Tax Exclusion
- A per-donee gift amount excluded from gift tax, $19,000 for 2025, requiring no gift tax return unless gifts exceed the exclusion.
- Step-Up in Basis
- Property included in the decedent's gross estate takes a new basis equal to fair market value at death, eliminating income tax on appreciation during life.
- Generation-Skipping Transfer Tax
- A federal tax on transfers to grandchildren or later generations, offset by an exemption equal to the basic exclusion amount allocated to the trust.