Meeting with an estate planning attorney in Florida to help you arrange for your final wishes is something that most people have on their ‘must-do‘ list. It’s one of those things that isn’t very pleasant to discuss or consider. Some even wonder if they need to go through the process.

However, the idea of someone else making decisions based upon their best interests without your input is even more uncomfortable than inaction.

That thought could become a reality without careful planning beforehand. When you have children, property, assets, and financial dealings, the need becomes even more significant. Commit to documenting how you want your affairs handled while you still can.

Think of it this way: an estate plan is yours to make, but the peace of mind is actually for your family. Locating accounts, gathering documents, and carrying out your last wishes is too much for your loved ones.

Having the documentation in place means that all they have to do is execute your requests and celebrate the life you lived.

Major Components of an Estate Plan

Most people think of an estate plan as a will or trust. While these documents are fundamental components of a rock-solid estate plan, there are other directives you can put into place to manage your end-of-life affairs and beyond. A basic understanding of the options available can make your efforts more productive when meeting with a probate attorney in Florida.

Last Will and Testament

1. Last Will and Testament: A last will and testament is the document in place for carrying out estate administration requests. While it isn’t as comprehensive as a trust, it still holds value from a legal standpoint.

You can designate how you want the following to be treated in your will:

· burial or cremation

· guardianship for children

· naming the personal representative

· division of assets among heirs

Upon death, your estate goes through a Florida probate court to finalize the estate.

A judge will review your will, hear contested claims, and administer all transfer of property. It is a process that families dread which makes utilizing a living trust an attractive option.

Revocable Living Trust

2. Revocable Living Trust: The easiest way to understand how a revocable living trust works is to think of it as a corporation for your entire estate. This analogy may seem intimidating at first; however, it’s not as complicated or expensive as it sounds.

In fact, it’s a great way to direct assets and execute final wishes down to the last detail.

A revocable living trust is a separate entity established that ‘owns’ your property when you transfer real and personal property into it over the course of your lifetime.

You are still in complete control of the assets you transferred into it as you are the named as the trustee. The document can be revoked at any time if the need arises. You are in the driver’s seat.

A trust does not need to go through probate as long as the trust owns all of your assets. This strategy requires a level of diligence and organization that a probate lawyer in Florida can accomplish. Assets you can place into a trust include vehicles, real estate, money, and investment accounts.

Aside from avoiding probate, a living trust keeps your estate details private since it does not become part of public record.

Durable Power of Attorney

3. Durable Power of Attorney: A Durable Power of Attorney gives another party, such as your spouse, the ability to act on your behalf in making medical decisions, working with banks and government agencies, or even discussing contracts you hold.

The main idea is that if something should happen to you, whether through disability, someone else will be able to manage your personal effects. The absence of a power of attorney means that your loved ones may have to go to court to receive guardianship authority.

Advanced Healthcare Directives

4. Advanced Healthcare Directives

An advanced healthcare directive is the ‘holy grail’ of documents that pertain to making major medical decisions when you are unable to do so. Outside of the scope of a power of attorney, the advanced healthcare directive allows you to specifically direct how you want to certain aspects of your physical body such as:

· resuscitation directives pertaining to life support

· specific requests for burial or cremation

· organ donation in whole or in part

An advanced healthcare directive gives you the power to name the person who can make these decisions for you, if you can’t. It’s comforting to know that medical decisions will be made by someone you trust and in a way you would have wanted.

Bonus Document:

Business Buy/Sell Agreements

For Small Business Owners: While available in custom formats, the Buy/Sell agreement provides a means for your heirs, loved ones, business partners, and other vested persons to purchase your business in the event of your death. It often contains specific instructions, amounts, and funding sources, such as insurance, from where the purchase originated.

This document can be part of your business’ succession planning effort and may already be in place according to your operating agreement.

You may need all of these documents or some combination of them. Discussing your needs with an estate planning attorney in Florida can help you sort through some tough decisions while putting together a plan that meets your every need.

Our team at Lynchard & Seely, PLLC has been serving families in Santa Rosa County, FL and surrounding areas with all of their estate planning needs. You can request a free consultation by calling 850-936-9385 or completing our online contact form.