Estate planning can be a challenging topic. Sometimes people think that only the rich need an estate plan. Others may not know where to begin or do not like thinking about what happens after they die.
If you have a family or it’s just you, you should have an estate plan. An estate plan can ensure that your decisions about healthcare and treatment are honored and that your money and property go to the people and organizations you choose.
A Florida estate planning lawyer will tailor their efforts to meet your specific goals and needs. If your finances are simple, your estate plan is likely to be simple, too. If your finances, your family’s needs, or your relationships are more complex, our skilled attorneys can craft a plan appropriate for your circumstances.
Estate Planning Basics
Someone who is unfamiliar with estate planning might encounter many unfamiliar terms, which can make the process intimidating. A Florida attorney can explain the concepts, but it is helpful to have a basic understanding of some common estate planning terms.
A person who has died is called a decedent and the decedent’s family members are the heirs. A person who makes a last will and testament is a testator and a person who funds a trust is a grantor. The people who benefit from a will or trust are referred to as the beneficiaries.
A will names someone to be the executor and that person manages and distributes a decedent’s estate, which refers to all the property the decedent owned in their own name. A will must go through probate, which is a court-supervised process to collect the decedent’s property, pay their bills, and distribute what is left according to the directions in the will.
Make Things Simpler for Your Family at a Difficult Time
A last will and testament is an essential document that every adult should have. When a person has a will, they decide what happens to their property after they die. When a person dies without a will—this is called “dying intestate”—state law determines who gets their property.
However, even when a person dies with a will, it might take a long time for their family to have access to their property. According to Florida Statute § 732.402, the family has access to a limited amount of the decedent’s property until probate is complete. This could take a year or more.
Careful estate planning can ensure the family and other loved ones receive money and property immediately upon the decedent’s death. Putting assets in trusts, holding them jointly, purchasing life insurance, and other strategies can keep assets out of probate and reduce the possibility a decedent’s heirs will suffer hardship. A Florida attorney can advise on which estate planning methods make the most sense in a specific case.
Ensure Your Wishes Are Followed with an Estate Plan
Unexpected events happen every day. A stroke, car accident, or disease could leave a person unable to make or carry out decisions for themselves. Estate planning documents ensure a person’s wishes are followed if they become incapacitated and cannot make decisions or communicate them.
A durable power of attorney is a legal document that grants someone else the power to handle a person’s finances and property. Most people give their durable power of attorney to an adult child or spouse, but a trusted friend or business partner also could hold this authority. Naming someone to hold a durable power of attorney can also avoid the need for a guardian.
A healthcare surrogate is someone a person designates to make healthcare decisions on their behalf if they are not able to communicate their wishes. Similarly, a living will is a document that describes the end of life care a person consents to receive. An estate planning attorney can help someone in Florida put their wishes in writing and ensure they are accurately reflected in a living will.
Talk to a Florida Attorney About Your Estate Planning Needs Today
A carefully considered estate plan is a gift to your loved ones. It makes things simpler for them after you pass on and ensures your wishes are honored.
The attorneys at The Florida Probate & Family Law Firm will listen to your goals and suggest the best and most efficient ways to accomplish them. Reach out now to schedule a free case evaluation and discover how a Florida estate planning lawyer can assist you in looking to the future.