ESTATE PLANNING
Trusts, Wills & Estate Planning
Our aim is to guide clients through the estate planning process by explaining and preparing estate documents that best suit their wishes and objectives, with the goal of assisting clients in asset distribution upon death and helping the client’s estate to avoid probate.
Creating an estate plan is crucial to ensure that your wishes regarding healthcare, financial decisions, and the distribution of your assets after your death are respected. Our goal is to prioritize you and your family’s well-being, helping to prevent stress and uncertainty down the road. When planning your estate, there are several important documents that will help ensure your intentions are fulfilled.
Last Will and Testament
A Last Will and Testament, or simply, a “will”, is a legal document by which a person (the “Testator”), expresses their wishes as to how their property is to be distributed following their death. The testator names one or more persons as the Personal Representative to manage the Estate until its final distribution. A will is executed following certain formalities required by Florida Law. The will must go through a legal process, known as “Probate”, in order for the assets in the estate to be administered and distributed to heirs and beneficiaries. Only assets that are individually owned, and without a named designated beneficiary will pass through Probate.
Revocable Living Trusts
A revocable living trust is a document created by you to manage your assets during your lifetime and distribute the remaining assets after your death. The person who creates a trust is called the “grantor” or “settlor.” The person responsible for the management of the trust assets is the “trustee.” You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee. You can also name a successor trustee to act upon your death or disability. A revocable trust can be amended, restated, and revoked while the settlor is still alive and has not been adjudicated incapacitated. However, a Revocable trust becomes “irrevocable” upon the death of the Settlor. Any assets placed within the Revocable Trust will be distributed by the Trustee in accordance with the terms of the Trust, and WILL NOT pass through probate.
Irrevocable Trusts
Irrevocable trusts typically cannot be altered or terminated once they are created, unless the court intervenes. As the grantor, when you transfer your assets into the irrevocable trust, you relinquish ownership rights to those assets. The trust then becomes a formal agreement between you and the trustee, the person you designate to manage the trust’s assets. Irrevocable trusts are commonly used for purposes such as reducing estate taxes, protecting assets from creditors, and planning for Medicaid through special needs trusts.
Living Will
A living will is a legal document that outlines your preferences for medical treatment in the event of a terminal illness or end-of-life situation. It allows you to specify which medical interventions you do or do not want, ensuring that your wishes are respected by your healthcare providers.
Designation of Healthcare Surrogate
A Designation of Healthcare Surrogate is a legal document that grants someone you trust the authority to make healthcare decisions for you if you are unable to do so yourself. This document allows your designated surrogate to communicate with medical staff and access your medical records. Having a healthcare surrogate is particularly important if you are hospitalized and unable to express your wishes, such as in the case of a vegetative state or other condition that impairs your ability to communicate.
Durable Power of Attorney
A Durable Power of Attorney is a document in which you appoint an agent who is given the legal authority to manage your financial affairs during your life. An agent may be granted either a limited scope of authority or a wide scope of authority, depending on the grantor’s wishes, to make decisions regarding a variety of financial decisions and even decisions regarding your property. A durable power of attorney is “durable” meaning that it survives even if you become legally mentally incapacitated. For example, you may choose an agent under a durable power of attorney to continue to make decisions on your behalf if you become incapacitated. This will avoid the long and expensive process of having a guardian appointed by the Court.
Enhanced Life Estate (Lady Bird) Deed
An Enhanced Life Estate Deed, also commonly known as a “Lady Bird” deed is a type of deed that allows you, as the owner of real property to convey the property back to yourself for your life, and name a beneficiary or beneficiaries, known as a remainderman or remaindermen, who will automatically own your property upon your death. The benefit of such a deed is that it takes this property out of the “Probate” process, thus avoiding significant legal fees; a lengthy legal process; and any claims of creditors. Another significant benefit is that you still own the property, andhave complete control over your property while you are alive, as the remainderman’s interest does not become effective (vest) until you pass away. This allows you to change or remove the remainderman should you wish.