Complex Estate? What To Watch Out For When Creating A Tampa Will

Your estate represents the total value of everything you own in the event of your passing. What makes for a complex estate in Tampa? Is it your status as a business owner, or your rights in an inheritance?

These and other circumstances in your life not only make your estate more complex, but they can also pose problems when creating a will in Hillsborough County. Our Tampa wills-trusts lawyer explains more about complex estates and what to watch out for.

What Makes Your Estate Complex?

The Florida Probate Code can be confusing to read for anyone but a legal professional, but it does provide clear guidance on how to create a will in Tampa. You need to provide an inventory of all property, assets, and debts, acknowledge heirs and designate beneficiaries, and include any special provisions. It needs to be in writing and signed by you and two witnesses, neither of whom should have any close ties or benefit from the will in any way.

In the event of your passing, your will acts as a guide through Hillsborough County Probate Court proceedings. With the help of a personal representative you pre-select, the goal is to settle all outstanding debts, collect remaining property and assets for distribution in the manner prescribed in your will, and file final taxes to close the estate.

However, some estates are more complex, making them more at risk for mistakes, will contests, and other disputes. Common factors that can make your Tampa estate more complex include:

• Having significant amounts of property and assets;
• Receiving a family inheritance;
• Owning your own business;
• Owning significant digital assets currency;
• Owning property in other states;
• Having foreign assets;
• Having a blended family;
• Being estranged from parents, children, or other close family members.

Protecting Complex Estates In  Tampa Will

When you have a complex estate, you need to exercise special care when creating a will in Tampa. Rather than attempting to navigate the process on your own or relying on a do-it-yourself legal website that may fail to comply with individual state legal requirements, contact our experienced Tampa wills and trust lawyer. We protect you against common problems, which often include:

• Legal disputes over those you select as beneficiaries:
• Will contests due to fighting about the amount of property and assets each receives;
• Will challenges from legal heirs, claiming they were excluded from your will by mistake or deception;
• Failing to identify all property and assets in your will;
• Failing to include out-of-state and foreign assets;
• Failing of your will to conform with state legal requirements and Hillsborough County Probate Court guidelines.

Schedule A Consultation Today With Our Tampa Wills and Trust Lawyer

Complex estates pose additional challenges when creating a will in Tampa. At Bubley & Bubley, P.A., we protect you by identifying common issues that are likely to arise. For trusted legal guidance, contact our Tampa will and trust lawyer. Schedule a consultation today.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.502.html

hillsclerk.com/court-services/probate-guardianship-and-trust