Estate Planning is for everybody. Your estate plan is made up of a set of documents that direct what you want to happen when you are no longer able to manage your assets. Estate Planning in Florida is simply about taking care of yourself and your loved ones. Estate plans are very customizable, depending on your wishes and assets. An Estate Planning attorney can collaborate with you or a loved one to ensure your assets are secure and your instructions are fulfilled after you pass.
The Importance of Estate Planning in Florida
Estate Planning encompasses asset protection planning which enables you to leave a legacy for your family or community. Your estate plan allows you to protect your legacy instead of losing your assets to the government, potential creditors, lawsuits, divorce, bankruptcy, business failure, malpractice and many other situations.
There are many legal options available to protect your assets, and the methods used will depend upon your unique situation, goals, asset values and family makeup. Asset protection planning in Florida is a crucial step in the Estate Planning process.
Understanding Florida Estate Planning
The Estate Planning process starts by understanding your long-term goals for your legacy. Our attorneys will meet with you to discuss which assets you wish to protect in your later years and which you wish to pass along to loved ones. Every estate plan is strategically designed to meet your individual planning needs. Life Law Planning Group can help you prepare the best legal documents needed to achieve your Estate Planning goals.
What Documents Are Part of an Estate Plan?
Each estate plan is unique and requires its own set of documents depending on your wishes and what you want to protect and pass to your loved ones after death. Some essential legal documents commonly used in a Florida estate plan are a will, trust, powers of attorney and a health care directive.
A Last Will and Testament addresses how your assets will be distributed after you pass away. This document appoints a Personal Representative of your estate, who will take care of managing the estate, paying debts and distributing the property as directed in the document. If a person dies and leaves a will, then probate is required to implement the provisions of that will.
The benefit of a trust is that trust assets can pass outside of probate. Property is still distributed at death, but it is done without the need of a court proceeding. A trust can hold your assets and provide you with income from your assets during your lifetime.
Powers of Attorney
Powers of Attorney are critical documents in any estate plan, and include a medical/healthcare power of attorney(also called a health care proxy document) and financial power of attorney, which designate an individual to act as your agent. A financial power of attorney makes decisions related to financial matters, and a healthcare power of attorney can make healthcare decisions on your behalf Your Powers of Attorney should be durable and include provisions for aging and long-term care issues.
Advance Healthcare Directive or Living Will
An Advance Healthcare Directive, also called a Living Will, documents your wishes for end-of-life care. This document can include what medical treatments you would or would not like to have if incapacitated. A Living Will can take the stress of making those difficult decisions from family members and helps keep peace in your family during emotional and challenging times.
Your Florida Estate Planning Attorney
Your Estate Planning attorney should help you safeguard your estate for every shift in life. As your children grow up, marry or divorce, you sell or purchase property or you discover that you or your spouse need care, your asset protection needs will change as well.
Our team ensures that each estate plan is created and reviewed through the lens of the aging process and your long-term care needs. This includes planning for future healthcare needs and ensures that you are leveraging all available public benefits such as Medicaid and Veterans benefits, or long-term care insurance.
We work to provide carefully designed Estate Planning documents that also include language for health care decision making and end of life decisions. Our Florida law firm can help to update your estate plan to account for aging and long-term care needs, secure your assets and correctly pass on your legacy to your loved ones.
The Life Law Planning Group can steer you or a loved one on the path of asset protection. Our law firm is built upon strong client relationships and we work hard to meet our clients’ Estate Planning goals.
Our team is here to help you and your loved ones understand Crisis Medicaid Planning, Proactive Medicaid and Elder Law Planning, Estate Planning, Veterans Planning and Special Needs Planning. Our Florida law firm welcomes the opportunity to consult with new clients in Broward County, Palm Beach County and surrounding South Florida areas to learn more about how we can help meet your Estate Planning needs.
Let us help secure your family’s future.