WILLS & TRUSTS
Wills and Trusts are different documents utilized in an Estate Plan that can complement each other.
A Will distributes your assets outright upon your passing to whom you decide and will go through a judicial process called probate to become effective. This document and process are public and can take months. In Florida, a will has certain particularities that need to be observed to become effective.
On the other hand, a trust is a document that establishes an entity that will not only help avoid the probate process, but plan ahead the terms of how and when your assets will be distributed upon your passing and how they will be managed.
Talk to us to see which or if a combination of these strategies is best for your situation.
This is what we call the judicial process which our loved ones go through upon our passing.
In Florida, there are Formal Administrations, where a Personal Representative is appointed to step-into the shoes of the deceased, to allow this person to wrap up the deceased’s affairs with an attorney and the supervision of a judge. Additionally, we have Summary Administrations, where a judge supervises the distributions as well, but to qualify the total value of all the assets of the deceased must have been less than $75,000.00 in addition to your home (one’s home is not included in the calculation of the $75k), or (2) years must have passed since your date of death. Ancillary Administrations are for property that is located locally, but another administration is taking full effect somewhere else.
Having to go through this process can be lot of work, make sure that you hire an attorney who you are comfortable with, as they will be your guide. We will be happy to guide you through this intricate process with kindness and compassion.
Many times, life catches up to us too fast. When this happens before we have had the chance to sign advanced directives and explain our expectations to our loved ones, a judge will supervise our care. Without the ability to handle their own affairs another person is designated by the judge to serve as their guardian. This can be the case for minors as well in some rare instances, such as when they inherit more than $15,000, for example; yes, you as the parent will have to be appointed as a guardian of that money.
A Guardian can be limited or plenary (full), depending on the needs of the person. The law divides the issues related to the assets and finances of the person, and the issues related to the personal and medical care: the guardian of the property and the guardian of the person, many times the same person for both.
If you have a family member or loved one that you believe may be in need of a guardian be sure to hire an attorney who will answer all your questions competently, as a guardianship is a long-term commitment. Schedule your free consultation and let us guide you through these difficult times.
POWER OF ATTORNEY
A durable power of attorney (unlike a traditional POA) continues upon a patient being deemed incapacitated and is one of several essential incapacity planning documents.
This document allows for another person to make certain decisions for you while you are alive.
This is one of the tools we use to facilitate the transactions you outlined in the document for someone you trust.
PROTECTING YOUR CHILDREN
It is always important for young families to plan ahead for their children and therefore insure who will care for your child in the worst-case scenario. The most important thing in such an instance is that your child will be with someone they trust and love who will help them through those difficult times.
While the court will require a guardian to be appointed, you can, and should, have a say in who it is. We will work around the clock to ensure that if the worst came to happen that your child will be with your designated person as quickly as possible.
These are difficult decisions to make, and you should be guided by an attorney who understands your needs and can guide you in the choosing of the right person. We are not here for a one-time transaction, we take this personally.
These are difficult decisions to make, and you should be guided by an attorney who understands your needs and can guide you in the choosing of the right person. We are not here for a one time transaction, we take this personally.
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