TRUSTS, wills, estate planning, and probate avoidance
Estate planning should be structured according to an individual's objectives and needs or, in the case of a married couple, to the couple's objectives and needs, which often includes avoiding probate and a minimization of costs and expenses after one's death. It is essential for one to to discuss his or her specific situation, goals, and desires with an experienced estate planning attorney in order to formulate an estate plan which protects his or her spouse, family, and other intended beneficiaries. A living, revocable trust is one of a number of different tools to avoid probate, but it requires careful planning, drafting, and the legal guidance and advice of an experienced estate planning attorney if probate avoidance is to be achieved. A living trust does not automatically avoid probate; if a living trust is not properly structured and funded, probate may still be required. With proper estate planning, however, it is often or usually possible to avoid probate and the significant attorney's fees and expenses typically associated therewith altogether.
It is important to note that probate avoidance and the proper protection of one's family and other beneficiaries are not achieved solely by the signing of a trust agreement; post-signing planning, guidance, and legal advice are critical. One's family and beneficiaries cannot be truly and fully protected after one's death without the needed planning, guidance, and legal advice. Since probate can be both expensive and time-consuming and expensive, the importance of proper estate planning cannot be overstated. Proper estate planning is essential for the protection of one's family or other beneficiaries after one's death.
Living Trusts may be especially important where one owns real estate in more than one state. Even if all of one's Florida property is in a trust, a Florida probate proceeding is likely to be required if one owns real estate in another state.
Durable Powers of Attorney, sometimes with "super" powers, are important to discuss with your estate planning attorney, because these can work in conjunction with an estate plan, particularly where one might need to apply for Medicaid at some later date.
Ladybird deeds, also know as Enhanced Life Estate Deeds, are sometimes employed as a means of avoiding probate with respect to real estate. One must be careful what type of deed is utilized when adding another party to title, because it is possible that creditors of the added party might make a claim against the property or attempt to attach the property.
OTHER RELATED PLANNING TOOLS:
It is important to note that probate avoidance and the proper protection of one's family and other beneficiaries are not achieved solely by the signing of a trust agreement; post-signing planning, guidance, and legal advice are critical. One's family and beneficiaries cannot be truly and fully protected after one's death without the needed planning, guidance, and legal advice. Since probate can be both expensive and time-consuming and expensive, the importance of proper estate planning cannot be overstated. Proper estate planning is essential for the protection of one's family or other beneficiaries after one's death.
Living Trusts may be especially important where one owns real estate in more than one state. Even if all of one's Florida property is in a trust, a Florida probate proceeding is likely to be required if one owns real estate in another state.
Durable Powers of Attorney, sometimes with "super" powers, are important to discuss with your estate planning attorney, because these can work in conjunction with an estate plan, particularly where one might need to apply for Medicaid at some later date.
Ladybird deeds, also know as Enhanced Life Estate Deeds, are sometimes employed as a means of avoiding probate with respect to real estate. One must be careful what type of deed is utilized when adding another party to title, because it is possible that creditors of the added party might make a claim against the property or attempt to attach the property.
OTHER RELATED PLANNING TOOLS:
DESIGNATION OF HEALTH CARE SURROGATE - The applicable statutes were revised effective in October 2015 to allow designations which are effective immediately.
PRE-NEED DECLARATIONS OF GUARDIAN
PRE-NEED DECLARATIONS OF GUARDIAN