Orlando Probate & Estate Administration Law Blog

Since the Supreme Court's recent landmark decision legalizing same-sex marriage across the nation, Florida residents in same-sex relationships may want to consider some important estate planning factors. Doing so can help couples to take advantage of some of the benefits to which they are now entitled, allowing for the easy passing of their estates to the surviving spouse.

A primary consideration for those who are living together, are in civil unions or are in domestic partnerships with their same-sex partners is whether to get married. Doing so will allow people to reap the advantages inherent in the marriage deduction, potentially saving thousands on their taxes. The marital deduction extends beyond normal tax returns, as it also applies in an unlimited basis to estate taxes. All property left to a surviving spouse is exempt from federal estate tax, even if the value exceeds the estate tax exemption amount.

As Florida residents may know, having a current will in place is an important part of estate planning. However, some individuals may not realize that certain tasks must be completed to ensure that a will does not cause problems for beneficiaries in the future.

Wills do not necessarily include everything that you own. For individuals who have a property owned in joint tenancy where the survivor inherits the property after the other individual dies, the surviving co-owner receives the property. This is true even if the will leaves the property to a different beneficiary. The same can be said for accounts such as insurance policies where a beneficiary has been designated.

Most people in Florida who are contemplating the preparation of their will know that part of the task is to appoint an executor to carry out the will's provisions. Many legal and financial professionals believe that the spouse of the testator can be an ideal choice, for a variety of reasons.

A spouse will often have superior knowledge about the couple's assets and the express and implied wishes and desires of the testator. As the executor, the spouse may be in a better position to track the location of assets and financial documents relating to them. The spouse will also be required to perform the normal duties of an executor, including the payment of all outstanding bills and ensuring the smooth and timely distribution of the decedent's assets to the named beneficiaries.

A Florida resident who is named as the executor of a decedent's will may be apprehensive about the responsibilities that accompany that position. The executor needs to make sure the desires of the deceased person are fulfilled and the remaining financial obligations of the person's estate are taken care of.

Perhaps the easiest activity is making sure a final income tax return is filed for the deceased. In addition, if the decedent was collecting Social Security benefits, the executor must notify the Social Security Administration of the death. Canceling credit cards and closing bank accounts could also be the responsibility of the executor.