Estate Planning
WHAT IS “ESTATE PLANNING”?
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After the death of a loved one, many questions arise. How do I put the house in my name to sell it? How do I access to the checking account if I’m not the beneficiary? Do I continue to pay the mortgage? We re to help you navigate the probate process.
We’ve been here before, and we know the road ahead.
ESTATE PLANNING BASICS
Which legal documents must be prepared to best serve an individual’s unique estate planning objectives is largely dependent on the individual’s circumstances. Notwithstanding, the following are common estate planning tools utilized by WaveCrest Legal and its clients.
ADVANCE DIRECTIVES
LAST WILL AND TESTAMENT
REVOCABLE
“LIVING” TRUST
ENHANCED LIFE-ESTATE DEED (“LADY BIRD” DEED)
WHAT IS PROBATE AND HOW DO I AVOID PROBATE?
Probate (or probate administration) occurs when a petition is filed within the circuit court seeking to administer the “probate assets” of a deceased individual (a “decedent”). Although there are several forms of probate in Florida (e.g., Formal Administration, Summary Administration, Ancillary Administration, etc.), all probate administrations involve attorneys and court-oversight, which often results in otherwise avoidable fees and costs. These fees and costs can be substantial, resulting in less benefit to our intended beneficiaries. Furthermore, probate administrations are typically time-consuming and result in significant delays in the distribution of assets after death.
For these reasons, clients often seek to avoid probate.
Probate Avoidance. With careful planning, probate is almost always avoidable. Generally, probate avoidance may be accomplished by incorporating a Revocable “Living” Trust into the estate plan and/or designating beneficiaries to one’s accounts held with financial institutions. Sometimes, an Enhanced “Lady-Bird” Deed is also used to achieve probate avoidance.
Because probate avoidance is only one of many factors to consider in forming an estate plan – and because the methods and tools used differ tremendously among individuals due to their unique circumstances, it is important to speak with an experienced estate planning attorney when considering probate avoidance.
WHAT IS GUARDIANSHIP AND HOW DO I AVOID GUARDIANSHIP?
Guardianship (or guardianship administration) occurs when a petition seeking to appoint a guardian over an alleged-incapacitated person, the person’s property, or both. “Incapacity” may result from the development of dementia, a physical injury sustained in a car accident, a disability at birth, or any number of circumstances resulting in physical or mental disability.
A guardianship also occurs when a minor (in Florida, someone under the age of 18) receives assets totalling $15,000 or more. Once the court has determined the necessity of the guardianship, a guardian is appointed. Generally speaking, a guardian must be represented by an attorney and must report and account to the court regularly. As with probate, the continual involvement of both attorneys and the courts often results in substantial fees and costs. In the case of guardianships over the property of a minor, all assets in the guardianship must be turned over to minor once the minor obtains age 18.
For these reasons, guardianship avoidance is an important part of the estate planning process.
Guardianship Avoidance. Although not all forms of guardianships are avoidable, it is often possible to avoid guardianship by empowering trusted individuals under a Durable Power of Attorney [link to “Advance Directives” page] and Designation of Healthcare Surrogate, and/or incorporating a Revocable “Living” Trust [link to “Revocable ‘Living’ Trust” page] into the estate plan.
Once again, the intricacies of estate planning and the methods of approach are highly dependent on an individual’s circumstances. Therefore, it is important to speak with an experienced estate planning attorney when considering probate avoidance.
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