When you think about estate planning, you might think it is only for the wealthy or people in later stages of life. But if you have a car, home, or bank account, you have property and assets that will eventually be passed to others. You will also want to support and protect children, grandchildren, and aging parents. Estate plans start out simple while you are young, but as your family grows, it becomes more complex. Planning for minor children is critical. Failing to have the proper documents in place can lead to children being placed in protective services. And I think most of us consider our pets as family. However, the law treats our pets as property. Failing to provide for your pets can lead to them being placed in a shelter.

Estate planning is a process that uses a variety of documents to design a comprehensive plan that meets specific goals. It helps you and your family members make critical decisions and manage expenses if you become disabled or when you die. A proper strategy considers your family’s priorities to develop the best options while minimizing legal fees and tax consequences. The foundation of your Florida estate plan starts with:

• Wills
• Trusts
• Financial Powers of Attorney
• Advance Health Care Directives

Wills

A will is created to distribute your property after death and must go through Florida probate. You choose a personal representative, or executor, to handle the probate court requirements. Your will is only valid if it signed in strict conformity with Florida law.

Trusts

Trusts can be established to manage your assets while you are still alive and after your death. As the grantor, you are in control of how the assets are used and transferred. After you die, your named successor trustee steps in and follows the terms of your trust to administer the assets of the trust in accordance with your directions. This is done outside of probate, which is generally more efficient and more private than a court proceeding.

Trusts can be revocable or irrevocable. The biggest difference between the two is the ability to make changes to them. You can change a revocable trust at any time. An irrevocable trust is not easily changed. Strict guidelines are added in exchange for protection from creditors and legal claims and the ability to reduce tax liability.

Financial Powers of Attorney

A durable power of attorney designates a trusted individual to manage your financial and business affairs. If you are incapable of making critical decisions due to an accident or illness, your designated agent will carry out your wishes to the best of their ability.

Advance Health Care Directives

In Florida, advance health care directives can include a living will and health care surrogate designation. If you are incapacitated and unable to speak for yourself, you can describe treatments and medical decisions you prefer in a living will to be carried out by your chosen health care surrogate. Having someone who knows you well and that you trust, like a spouse, child, or close friend, avoids the potential need for a court-appointed guardian who may be a stranger to the family.

A thorough estate plan combines these estate planning documents and more to mitigate confusion in a health crisis, protect assets, and avoid unnecessary legal fees, taxes, and delays in asset distribution.

I begin by getting to know you and your unique family dynamics during an initial consultation. You may be worried about the costs of health care as you age, preserving assets for beneficiaries, or choosing the right individuals to make medical and financial decisions should you become disabled or incapacitated. We will talk about how to secure your home and valuables and communicate your wishes to the next generation.

I have practiced law in Stuart, Florida, since 2009. I have helped Florida clients effectively manage and protect a lifetime of assets through estate planning, elder law and long-term care planning, and probate and trust administration.

To learn more, contact me for a consultation, email me at [email protected], or call (772) 212-4876.