Estate Planning

If you read this thinking that you don’t have a will, you are wrong. In fact, the State of Florida has already written it for you. It’s right there in section 732 of the Florida Statutes under “Intestate Succession” – intestate meaning to die without a will. Unfortunately, that "will" is written for a guy named John Q. Public, the most generic person you could imagine. You may not like the way the state has decided your property and your money should be divided when you die. More importantly, failing to create an estate plan could result in your estate being heavily taxed, even if you are not wealthy.

A complete estate plan has several elements: a will, a trust, a heath care surrogacy designation, a living will, and a durable power of attorney.

A will tells the world exactly how you want your assets, such as your property; your savings; and your possessions are distributed when you die. You have to ask yourself how you would like to distribute your assets. It is a very personal decision.

A trust is a legal document that puts conditions on how and when your property is distributed after you die. When properly drafted, trusts reduce estate and gift taxes. Trusts can also be used to avoid the probate

process. A trust is often useful for providing economic support for minor children who survive both parents. But this is only one example. A trust is a very flexible instrument.

A health care surrogacy designation tells medical personnel to whom you have granted the important responsibility of making health care decisions when you cannot.

A living will tells your family and your doctor what actions to take if you are in a terminal state and cannot communicate your wishes on your own. If you wish, you can communicate your desire to be kept alive as long as possible or to end your life with dignity. Following the Terry Schiavo case some years ago, a living will has become a key important estate planning document.

A durable power of attorney allows you to designate someone to legally “stand in your shoes” if you become unable to make your own decisions. Depending on how you prepare the document, you can direct that person to manage your finances, your property, and just about any other legal decision. You can prepare a durable power of attorney that allows you to rescind it if you become able to make your own decisions again.

While none of these documents need to be legally complex, it is very important to prepare them correctly. As attorneys, we have seen the severe emotional and financial impact that a failure to prepare an estate plan has brought to survivors. Please call us so we can help you prepare your estate plan.

Call or email us today. 407-822-4222.

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