FL Wills, Trusts & Estates Specialist key terms

The default statutory scheme distributing a decedent's probate property when no valid will exists. Florida's rules favor the surviving spouse and descendants, with shares varying by which relatives survive.

A surviving spouse's right under Florida law to claim a statutory percentage of the elective estate, regardless of what the will provides. It protects spouses from disinheritance and requires a timely election.

The aggregate of specified assets used to measure the elective share. It reaches beyond the probate estate to include certain jointly held property, beneficiary designations, and transfers made within statutory lookback periods.

A written agreement by which a spouse gives up elective share, homestead, and other marital rights in the other spouse's estate. Florida requires specific disclosure and formalities to be enforceable.

A contract executed before marriage addressing property rights and rights at death. In Florida it can waive spousal rights if it meets disclosure and voluntariness requirements of the applicable statute.

A constitutional limit preventing a will from devising homestead to anyone other than the surviving spouse, or to lineal heirs if there is no spouse. It operates independently of the elective share.

A child born or adopted after a will is executed who receives less than an intestate share. Florida law may grant such a child a statutory share unless the will shows intent to disinherit.

A separate instrument that amends, adds to, or revises an existing will. It must be executed with the same testamentary formalities as a will and republishes the will as amended.

A will signed by the testator and witnessed by two competent witnesses who sign in the testator's presence. Florida requires this formality for a valid written will.

A sworn statement attached to a will in which the testator and witnesses affirm due execution. It allows admission to probate without locating witnesses later.

The mental ability to make a will: understanding the nature of the act, the property owned, the natural objects of one's bounty, and a plan of disposition. Florida presumes capacity absent evidence to the contrary.

Conduct that overcomes the testator's free will and substitutes another's intent, invalidating a will or gift. Florida recognizes a rebuttable presumption when a confidential relationship and active procurement exist.

Coercion by threat or force that deprives a testator of free choice in executing a will. A will procured by duress is voidable and may be challenged in probate proceedings.

A will directing that probate assets be transferred to a trust that was funded during the testator's life. It captures assets not otherwise titled to the trust.

A trust created during life that the settlor can amend or revoke, commonly used to avoid probate and manage assets during incapacity. It typically becomes irrevocable at death.

The process of retitling assets into a trust's name or naming the trust as beneficiary. Unfunded trusts do not control those assets, so funding is essential to the plan.

The person or institution holding legal title to trust property and administering it for beneficiaries under the trust terms and Florida fiduciary standards.

The legal obligation of loyalty, impartiality, and prudent administration owed by trustees and personal representatives to those they serve. Breach can lead to surcharge or removal.

A periodic report to trust beneficiaries showing receipts, disbursements, and holdings. Florida trustees must provide it at least annually and on change of trustee unless waived.

A court-ordered personal charge against a fiduciary whose breach of duty caused loss to the estate or trust. It compensates the beneficiaries and may be imposed after an accounting objection.

A trust clause preventing a beneficiary from assigning or creditors from reaching trust distributions before they are paid. Florida recognizes such restraints under its trust code.

A trust giving the trustee authority to decide whether and how much to distribute to a beneficiary. Distributions are generally not subject to the beneficiary's creditors until made.

A trust designed to supplement, not replace, public benefits for a beneficiary with a disability. Its structure limits distributions to non-countable goods and services.

A court or statutory process for changing trust terms, such as by consent of settlor and beneficiaries or under changed circumstances. Florida's trust code sets the available methods.

A trustee's power to distribute assets from one trust into a new trust with different terms, subject to statutory limits. It can extend trust duration or adjust administrative provisions.

The court-supervised process of validating a will, appointing a personal representative, paying debts and taxes, and distributing remaining assets to beneficiaries.

The fiduciary appointed to administer a decedent's estate. Florida sets qualification, priority, and residency rules, and the PR owes statutory duties to creditors and beneficiaries.

The court-issued document authorizing a personal representative to act on behalf of the estate. Third parties commonly require it before recognizing the PR's authority.

A simplified Florida probate available for smaller estates or where the decedent died more than two years earlier. It avoids formal administration and can be completed by petition and order.

A separate proceeding in Florida to administer assets located in the state when the decedent was domiciled elsewhere. It follows the foreign will and appointment.

The statutory window for creditors to file claims against an estate. Florida sets publication and service deadlines, and late claims may be barred.

A personal representative's formal challenge to a creditor's filed claim. The objection shifts the burden and triggers a deadline for the creditor to sue.

A transfer tax imposed on the right to transfer property at death. Florida imposes no separate estate tax, but federal estate tax can apply to residents with large estates.

The federal credit that shelters a set amount of gifts and estate transfers from tax. It is applied against taxable transfers over a lifetime and at death.

A federal election allowing a surviving spouse to use the deceased spouse's unused exclusion amount. It requires a timely estate tax return and preserves the benefit for later transfers.

The per-donee amount a donor may give each year free of federal gift tax and without using the unified credit. It applies to present-interest gifts only.

A federal transfer tax on lifetime gifts above the annual exclusion or other exceptions. It shares the unified credit with the estate tax.

A federal tax on transfers to grandchildren or others more than one generation below the transferor. It applies in addition to gift and estate tax and has its own exemption.