Estate Planning 101
Estate Planning 101
Simply stated, Estate planning is for you AND your loved ones. Although estate planning is commonly associated with wealthy people, everyone benefits from an estate plan. When it comes to creating an effective estate plan, the attorneys at Kendrick Law Group are with you at each stage of the process.
Your Estate Plan can include any combination of the following:
Advanced Directive/Living Will and Healthcare Surrogacy
Durable Power of Attorney for Financial Matters
Last Will and Testament
Revocable “Living” Trust
Living Wills and Health Surrogates
Your living will is a document that authorizes your designee to terminate life support systems, or to refrain from certain types of medical treatments in end of life situations. A health care surrogate allows someone to make healthcare decisions for you in case you are incapable of making them on your own due to incapacity. These documents are often combined into one comprehensive incapacity document.
Power of Attorney
Your durable power of attorney is a document in which you appoint an agent and empower him or her to act on your behalf in financial matters. In Florida, it enumerates and restricts powers as you deem appropriate. A power of attorney expires when you die.
Last Will and Testament
Your last will and testament guides the probate court in distributing your assets after you die. Your will should appoint a personal representative(also known as an executor) who will be responsible for distributing its assets to beneficiaries as well as appointing a guardian for any minor children. You can distribute assets outright via will or create trusts within your will. An experienced attorney can discuss the best strategy for your specific goals.
Revocable Trusts
Probate can be costly and time consuming. Beneficiaries must typically wait for the probate process to conclude prior to receiving a share of probate assets. A properly drafted and funded revocable trust can avoid the probate process completely. Properly structured trusts also reduce the cost of estate administration and offer a mechanism for the trust creator to plan for their own incapacity.
Why You Need an Estate Lawyer
Creating an effective estate plan is complex and time-consuming. Estate law is full of nuances, and simple oversights can have far reaching and unintended consequences for you and your heirs. An effective strategy planned with attorney guidance is the best way to ensure your wishes are carried out and protects your assets and legacy for your heirs.
Our Practice Areas
Our firm handles cases in the following practice areas, among others:
Incapacity document review and drafting
Simple and Complex Wills
Revocable and Irrevocable Trusts
Charitable and Special needs Trusts
Probate Administration
