Wills, Trusts & Estate Planning

Q. What are the Advantages to Having a Will?

A. A will allows you to exercise control over the disposition of your property. Other benefits include: naming the personal representative of your choice; providing that your personal representative not be required to post a bond; creating trusts for minors or adults who require assistance due to disabilities, inability to handle finances or, substance abuse; making gifts to charities; planning to reduce or eliminate estate tax.

Q. What Does Probating an Estate Mean?

A. Probate is a legal process provided by Florida Law which determines the value of a deceased person's estate, distribution of assets to beneficiaries, payment of creditor's claims, and the legal transfer of ownership of real estate and other property with recorded ownership.

Q. What Happens to My Assets if I Die Without a Will?

A. If you do not make a Will to name your beneficiaries and designate what each will receive, the laws of Florida or the state where you reside will decide for you. The State determines who will: receive your property and their percentage; be the executor to administer your estate; and be the guardian of your minor children.

Florida law generally provides for distribution to the surviving spouse and the closest family member.

Q. What Can a Parent of a Special Needs Child Do to Plan in Advance for the Child's Future Care and Financial Affairs?

A. A coordinated plan that addresses your child's financial, medical, and social needs can be developed. It may involve creating a special needs trust within your Will or Trust to hold the child's inheritance so that government benefits are not lost. It can also involve having a Court appoint a Guardian or, Guardian Advocate to make decisions for your child.

Q. What is a Revocable Trust (aka. Living Trust)?

A. It is an estate planning tool used to assist people who want their assets to avoid the probate process. It is created and operates while you are alive. You are the trustee who manages your affairs and finances. You name a successor trustee in the event you become incapacitated or, die.

The trust provides for continuity of management of your assets and investments during your incapacity. This avoids the need for a legal guardianship proceeding. To avoid probate, your assets are retitled in the name of the revocable trust. Upon your death the trust's assets pass to your beneficiaries, outside of probate, according to the terms of the trust document. A living trust can: reduce the expense associated with probate administration; provide for immediate distribution of the trust property and afford greater privacy during the administration process.

The following legal documents are used to create a plan to manage your personal and financial affairs in the event you become disabled or incapacitated:

Durable Power of Attorney
You can designate a trusted person to handle your financial affairs if you are unable to make decisions due to a temporary or permanent incapacity. You also designate a successor financial agent. The document provides detailed instruction about the agent's authority. It avoids the need for a guardianship.

Designation of Healthcare Surrogate
You can designate a trusted person to make medical and residential decisions for you in the event you cannot communicate or, are incapacitated. You also designate a successor medical agent. It avoids the need for a guardianship.

Living Will
A living will declares your wishes concerning the provision, withholding, or withdrawal of life-prolonging procedures if you are diagnosed with a terminal condition where there is no medical probability of recovery or, cure.

Designation of Preneed Guardian
A competent adult can appoint a preneed guardian for themself or, their minor child in the event the adult becomes incapacitated or, dies. The guardian can make medical and financial decisions for the incapacitated adult or, minor child.

The Benefits of Planning

As life expectancies increase, more people are interested in creating a management plan for their financial and health care needs. Our firm is devoted to educating and counseling clients about their legal rights and planning options so they can make the best informed decision. Proper and timely planning has numerous benefits such as:

• Maintaining one's privacy and dignity.
• Maintaining one's independence and control over personal decisions and financial affairs.
• Minimizing federal estate taxes and expenses associated with probating an estate.