Planning for the Future of Your Estate
Most people believe estate planning is one of two things: a will or a way to get around taxes. In reality, an estate plan (even a simple one) is much more than that. It is your opportunity to express what you wish to have done with both your person and your property if you are sick, unavailable, or have passed away. For some individuals, a deed may accomplish their goal; for others, extensive trust agreements may be in order. Speaking with an attorney allows you to discuss all your options.
Often, people will put off planning their estate because of the amount of “legal talk” that they must endure. However, when one meets with an attorney, they are hiring someone to deal with the legal phases for them. Further, the attorney should be able to explain the documents in plain English. A basic understanding of what some documents are helps people. Therefore, here is a list of documents you will likely talk to the attorney about in your meeting:
Wills
A will is a statement directing who will receive your property upon your death and appointing a legal representative to carry out your wishes, take care of your minor children, etc. This document tells the Probate Judge what you want done with your property.
Trusts
A trust is a legal arrangement in which one person, called a “trustee,” holds legal title to property for another person, called a “beneficiary.” The rules or instructions under which the trustee operates are set out in the trust document. Trusts can list different beneficiaries at different points in time. For example, during your lifetime, you can be listed as a beneficiary, and then upon your passing, the trust can be distributed to another list of beneficiaries, such as your children. It is important to note many families do not benefit from a trust. Specifically, when it comes to a revocable living trust, make sure you clearly understand the benefits and requirements before agreeing to such a Trust. For more information on Living Trust and avoiding probate, contact our office for a consultation 850-434-8500.
Advanced Directives
- Health Care Surrogate — allows a person you appoint to make medical decisions when you are incapacitated.
- Durable Power of Attorney — allows a person you appoint -- your "attorney-in-fact" -- to act in your place for financial purposes.
- HIPPA Release — allows medical information to be released to people you list (i.e., friends and family).
- Living Will — instructs your health care provider regarding your wishes if you are terminally ill or in a vegetative state.
Contact Our Law Office Today!
To help plan for your future, contact our law office and speak with our attorneys at 850-434-8500 in Pensacola, FL.