Estate Planning Documents
Last Will and Testament
- States how your assets will be distributed upon your death.
- Designates who will administer your estate (subject to residency restrictions under Florida law).
- Is executed in accordance with the laws of the State where you reside.
- Is subject to Probate under Florida law, which can cost your estate 5% – 6% or more of its value of the assets in the estate for fees and costs.
Probate
- Is the process where the court validates your will, gives notice of your death to creditors and other interested parties, and ultimately oversees the distribution of your assets.
- Can cost your estate 5%-6% or more of the value of the assets in the estate.
- Can last many months or longer.
Revocable Living Trust
- Can avoid Probate under Florida law.
- Can avoid probate in other states where you own property.
- States how your assets will be distributed upon your death.
- Designates who will administer your estate (no residency restrictions).
- Allows you to retain full ownership and control over your assets.
- Avoids guardianship by providing for the management of your assets should you become incapacitated or incompetent.
- Can protect a child’s inheritance from his or her creditors, or a soon-to-be ex-spouse.
- Can allow a beneficiary with special needs to have the benefit of an inheritance while continuing to qualify for needs-based government assistance.
Durable Power of Attorney
- Appoints a person to handle your business and financial affairs for you in the event you become incapacitated and unable to act for yourself.
- If created properly, can avoid guardianship proceedings.
- Can be created, but not given to the person chosen, until needed in the future.
- Is a very powerful document. Choose your attorney-in-fact carefully.
- Ends upon your death.
- Should be updated if you have an out-of-state document.
Designation of Healthcare Surrogate
- Appoints a person to make medical decisions for you, such as whether you should receive a certain type of treatment, or undergo an operation, in the event you are unable to make such decisions for yourself.
- Should be updated to include HIPAA language, if existing document pre-dates 2003.
Living Will - An expression of your wishes that states if you have a terminal condition or end stage condition, with no hope of recovery and if death is imminent, then life-prolonging procedures may be withheld or withdrawn.
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