Do you have an estate plan for your family?
What is estate planning?
Estate plans are designed to protect you and your family if you become incapacitated and when you die.
Most people think of the following set of documents when they think of estate plans:
Wills: a will is a document which lets the court(s) know who you're leaving your assets to, who you want to appoint to manage those assets during the process with the court, who your family members are, and who you would like to take care of your children if you have minor children in place. Wills that are not executed properly, or which are drafted improperly can result in your assets passing pursuant to Florida Statutes (intestacy laws), rather than how you'd prefer.
Trusts: a trust can be thought of as a private entity in which assets are placed before your death and which will then transfer assets to designated loved ones when you die. Trusts are very complex agreements which require the appointment of one or more trustees, designation of beneficiaries, and most importantly funding with assets. Trusts that are validly created and properly funded can help you and your family avoid guardianship and probate litigation, two very expensive and time consuming court processes used to transfer and use assets.
Living Wills: not to be confused with a Will, this is an agreement which is created to inform health care providers of actions that are acceptable to a person when they are facing a terminal, end stage, or persistent vegetative state. This can avoid costly litigation, like the Terry Schiavo case in the 90s.
Advance Health Care Directives: synonymous with Living Wills, these allow you to make extensive directives about pain treatment, feeding tubes, end of life care, organ donation, blood transfusions and other health care conditions that matter to you.
Health Care Agent Appointments: You can appoint one or more persons to be the decision maker for your health care if you are unable to make decisions, whether it is due to illness, injury, or other incapacitation. This saves from costly guardianship litigation and can be the difference between life and death in urgent health matters.
Powers of Attorney: (POA) A POA is an agreement that allows you to appoint one or more people to take actions on your behalf, whether you are able to or not, for everything from your property, assets, financials, life insurance, annuities, investments, employment, and sometimes even your business matters. POAs can be Special, and grant only limited powers such as for a real estate closing, or they can be General and help prevent costly guardianship litigation if you become incapacitated.
While the above documents are essential in comprehensive estate planning, they alone do not guarantee your plan will be implemented successfully. That is why our plans include providing information to your appointees about their roles, continued education on tax and planning matters, an updated inventory of your assets for your loved ones to have when the time comes, legacy interviews so that your memories, values, and stories pass on, kids protection plans, and so much more.
To schedule your comprehensive estate planning meeting and develop a life long relationship with our attorney, email LegalAdmin@lcolawfl.com or call 813-480-2106.