Whether you have significant wealth or simply want to make sure your family’s legacy continues after your death, estate planning is important. It plays a critical role in distributing assets, avoiding conflicts among heirs, minimizing taxes, and upholding your values and goals.
If you’re hesitant to begin the process, try desensitizing yourself by reading about it or talking to friends about their experiences. Contact Estate Planning now!
A will is an essential part of estate planning. It allows you to list all of the assets you own, name beneficiaries, and provide instructions for how you want those assets distributed. It also appoints guardians for any minor children you have, and it guides your estate through the probate process. It can also help you avoid paying unnecessary taxes and fees.
Without a valid will, any assets that you own in your individual name and not through trusts will be subject to state intestacy laws. This means that your spouse and children will receive only a portion of your estate, even if they are the only heirs. Your other family members could end up receiving nothing, or they may receive an amount that is far too small to meet their needs. In addition, the process of distributing your estate through the court system can be time-consuming and costly for your heirs.
Proper estate planning allows you to avoid these problems by creating a will that is customized to your unique circumstances and objectives. Our attorneys can draft your will and assist with completing other documents necessary for your estate plan, including trusts, healthcare directives, power of attorney, and more. We can also review your beneficiary designations and other legal documents to make sure they reflect current information and do not contain errors that could cause problems at your incapacity or death.
There are some services that offer online estate planning tools, but those services often lack the level of support and assistance you need to create a complete, thorough plan. Additionally, many of these online services do not include an attorney to help you complete your documents and ensure that they comply with state law.
If you decide to use one of these services, be careful to read reviews and choose a service that offers an optional attorney consultation for an additional fee. This way, you can be certain that the documents you sign are valid and enforceable. You can also contact us for a free initial consultation with an experienced estate planning attorney to discuss your specific situation.
Trusts
Whether you own a home, a car or bank accounts, estate planning includes a careful consideration of your assets and financial obligations. It also involves the distribution of those assets after your death. The process may involve a number of documents that dictate how you would like your property managed and distributed. This might include a will, power of attorney, guardianship, legal insurance or trusts. It also includes a letter of instruction, which lists who you want to receive what items and spells out how you would like them handled. It’s important to update the document as your life changes, such as when you get married or have children.
Trusts are often considered for high-net-worth individuals, but they can make sense for anyone. They’re used for a variety of reasons, including avoiding probate, which is the court-supervised process that validates your will. Probate can be time-consuming and expensive, especially if you have many assets. Trusts can help protect your family’s privacy as well, because they typically avoid public listings of your intentions.
There are a number of different types of trusts, and the type you choose will depend on your individual needs. For example, revocable trusts allow you to change trust provisions during your lifetime, while testamentary trusts are only active after your death. Other reasons for establishing a trust include minimizing taxes, providing for minors and providing for disabled beneficiaries. For example, a special needs trust allows you to transfer funds from your regular estate to a disabled beneficiary without losing Medicaid eligibility.
You can also use a trust to set up healthcare programs, such as long-term care or nursing homes, for your heirs. Trusts can also be used to fund education, as in 529 college savings plans. This allows you to invest money tax-free while ensuring that your heirs will have access to the funds when needed. It’s important to work with an experienced lawyer when creating an estate plan. Your company’s benefits department can help you find a qualified attorney, or you can consider obtaining legal services coverage through your employer.
Power of Attorney
Powers of attorney allow you to name a trusted friend or family member to act on your behalf if you become incapacitated. The type of power of attorney you choose depends on the level of authority you want to grant. A general power of attorney gives your agent broad powers to conduct various activities. A durable power of attorney, on the other hand, takes effect immediately upon signing and allows your agent to continue making decisions for you even if you become incapacitated.
Power of attorneys are a vital part of estate planning, as they can help ensure that your wishes are carried out when you no longer have the ability to make them yourself. A good estate planner can help you create a document that is in accordance with your state laws and that meets your specific needs.
Choosing someone to act as your agent can be one of the hardest parts of the estate planning process. It is important to pick someone who is trustworthy, responsible, and capable of handling financial matters or healthcare decisions on your behalf. It is also a good idea to have more than one person named as an agent. This can reduce the risk of conflict or disagreements, especially when it comes to a medical power of attorney.
A springing power of attorney is a popular option as it only goes into effect when you become incapacitated, meaning your attorney in fact would not have the ability to manage your assets now. However, this type of POA can have its disadvantages as it may lead to an increase in taxes and a delay in completing some transactions.
A durable power of attorney, on the other hands, is a more cost-effective way to prepare for the possibility that you could become incapacitated in the future. However, it is still wise to discuss your choices with an estate planning lawyer who can help you decide which type of power of attorney is best for you. The process of creating and maintaining a power of attorney can be complicated, especially since each state has its own rules and regulations regarding the form and content of a valid POA.
Health Care Directives
In Florida, every competent adult has the right to decide what medical treatment he or she wishes to receive or refuse. This right can be exercised even if the person is unconscious or terminally ill. Often, people choose to create health care directives (also known as living wills) which express their medical preferences and name someone to make decisions on their behalf when they are unable to do so themselves.
Each state has different requirements and procedures for these documents, and the terms used can vary as well. Generally, a health care directive must be in writing and signed by witnesses or notarized. The document must also be dated and a copy provided to the person you designate to make healthcare decisions on your behalf.
The most common form of a health care directive is a “living will” or “instruction directive.” It alerts medical professionals to the treatments you do and don’t want, but it only goes into effect if you are incapacitated and cannot communicate your own wishes. The other type of health care directive is a “durable power of attorney for healthcare.” This document appoints a surrogate to make medical decisions on your behalf, and it becomes effective immediately.
Both of these forms are important documents that should be part of a comprehensive estate plan. When drafting these documents, it is a good idea to consult with your financial advisor and an experienced estate planning attorney. Both individuals can offer insights and recommendations based on your specific circumstances and goals. They can also refer you to other trusted professionals who can help you draw up the necessary documents.
A health care directive is an important part of any estate plan, and it should be updated as your medical preferences change. It is also a good idea to share the documents with your family and let them know where they can find copies. It is also a good idea to carry a wallet-sized card that indicates you have advance directives, names your health care agent and indicates where the documents may be found.