It is important to plan for the future, especially when it comes to managing your assets during your lifetime and distributing them after your death. Our firm handles all sorts of legal document drafting, including wills, powers of attorney, trusts, and healthcare directives.
The estate planning process in Coral Gables can be tricky, so it is important to have a skilled attorney by your side to guide you through all the hurdles. Our estate planning lawyers can help develop a strategy, draft documents, and keep your family from going through the probate process.
Every estate plan must include a Last Will and Testament. This is a legal document directing how a person’s possessions will be distributed upon their death. However, when the estate plan includes a trust, all of the instructions for distribution of assets is in the trust. The will would then name the trust as the beneficiary of the probate assets. In Florida, for it to be considered valid, the will has to be in writing signed by the testator, and witnessed by at least two people. A Coral Gables legal team can help individuals create a full estate plan which would include a will, so that the plan is an accurate reflection of what you want while still following all appropriate state laws.
A will can name beneficiaries, determine guardianship over minor children, and appoint someone as an executor to manage affairs after the testator (the creator of the will) passes away. If someone passes away without a will, then assets are divided based on the intestacy statutes of the state.
Trusts are another important aspect of the estate planning process in Coral Gables. They can be used to avoid probate, reduce taxes, and protect assets from claims by creditors. There are different types of trusts under Florida law. The revocable living trust allows the grantor (creator of the trust) to control the trust assets during their lifetime, while also being able to amend or revoke the trust.
Irrevocable trusts are another instrument, but once created, they cannot be changed or revoked. Irrevocable trusts can be beneficial because they can offer asset protection and an estate tax reduction.
A special needs trust is created to support beneficiaries with disabilities without taking away their eligibility for government benefits. These various kinds of trusts serve specific purposes, but most importantly, they enable individuals to realize their unique objectives for the trust creation.
During estate planning, Coral Gables residents should not neglect any part of the process. A person needs to consider who will manage their affairs if they become incapacitated. A Power of Attorney (POA) is a document that gives another party the authority to make legal and financial decisions for an individual. In Florida, different kinds of POAs can be used depending on what suits the situation best.
It is important to note that a POA may end as soon as an individual becomes incapacitated, while a durable power of attorney remains in effect even after incapacitation.
Healthcare directives are important tools for documenting medical treatment preferences. They include living wills and healthcare surrogate designations. A living will contains directions concerning end-of-life care, such as the use of life support machines. A healthcare surrogate is a written document indicating who among your family or close friends should make decisions about your health if at any time you become unable to do so. In Florida, these documents must meet certain statutory criteria.
Through our firm’s assistance with estate planning procedures, clients in Coral Gables can have their wishes for medical matters respected and reduce the burden on loved ones to make a decision during such stressful situations.
Probate refers to the legal process through which a will is proven valid or invalid by the court. Probate also oversees the debts owed by the deceased person and what is distributed among beneficiaries. Estates must go through the probate process if the decedent passes away owning assets in their individual name and without beneficiary designations.
Planning for your future is time-consuming and expensive, especially for those living in Florida. Our firm offers guidance on all aspects of the estate planning process in Coral Gables. We provide asset protection and customized tax planning, honor your healthcare wishes, help avoid family conflicts, and offer peace of mind for the future. Contact us today.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917