WILLS, TRUSTS, AND estate planning
Estate planning can be structured for probate or to avoid probate. It is important to discuss your specific situation and goals with an attorney so that a plan can be made which best suits your needs and desires. A living, revocable trust is one means of keeping assets out of probate, but proper planning is required to ensure that the objective is accomplished. Probate can be time-consuming and expensive, so even though a living trust is likely to cost more up front, the ultimate time savings in time and expense may be worth considering.
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:
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