Estate Planning includes the necessary documents that will benefit both you and your loved ones in the event of your incapacity and upon your death. It is important that you plan now while you are healthy so that you can select appropriate individuals to handle your affairs instead of having the court appoint an individual to handle your affairs. In addition, you need to choose your beneficiaries so that the State of Florida will not determine who will receive your assets. By taking the time to plan now, you can decide who will make decisions for you if you become incapacitated and upon your death, decide the manner and timing of distributions to your beneficiaries, and you can avoid probate and minimize taxes.
Below are the Five basic Estate Planning documents:
Revocable Living Trust:
o The Trust Maker (you) keeps control over assets while alive
o The Trust Maker instructs what happens to trust assets at your death
o Provides privacy
o Can be amended or terminated
o Can reduce or eliminate estate taxes
o Avoids the time consuming and costly process of probate
o Maintain control over beneficiaries inheritance to protect from spouses, predators and creditors
o Must title assets in the name of Trust, also known as funding your Trust
Last Will and Testament:
o Does not avoid probate
o Goes into effect after you pass away for assets that are titled in your name alone
o Provides instructions to the probate court as to who will receive your assets
o States who you want as Personal Representative of your estate
Durable Power of Attorney (Financial):
o Allows you to appoint someone to manage your financial affairs if you are unable to do so
o Effective once signed
o Not effective once you pass away
o Can avoid guardianship
o Very powerful; trust whomever you appoint
Health Care Surrogate/HIPAA Authorization:
o Allows you to appoint someone to make health care decisions on your behalf if you are unable to do so
o Gives your loved ones access to your medical records
Living Will:
o A declaration that allows you to clearly state whether you want life prolonging procedures to be withheld or withdrawn in the event you have a terminal condition, end stage condition or in a persistent vegetative state.
There is not a one size fits all estate plan. Every client has unique planning concerns and each plan should be customized to reflect their goals and dreams. Therefore, we have a client centered process in place where you will need to consider what is important to you now, if you are incapacitated and upon your death. We will then give you several options to choose from that will encompass your goals and dreams that will allow you to maintain control during incapacity, reduce the time and costs involved in wealth transfer at your death and protect your beneficiaries.
Pittman Law Office can help you create a comprehensive estate plan that will ensure that your concerns are dealt with and your intent and wishes are carried out now and in the future.
Contact our office for a Complimentary Initial Consultation to meet with one of our attorneys to discuss how to design an estate plan that can protect, improve and enhance the lives of your beneficiaries.