Estate Planning
We provide a full range of estate planning services for our clients, drafting all of the documents needed to properly pass assets along to their heirs in accord with their wishes. Below is an explanation of the documents we customarily draft for such planning:
Power of Attorney
A power of attorney is a document that appoints a person who will act on your behalf to handle your financial affairs. While this document may become effective immediately, it may also be "springing," meaning that it is not effective unless you are declared to be incapable of handling your affairs on your own. The powers may be limited in time and/or scope, or they may be sweeping and durable, meaning they will remain effective even if you later become incapacitated physically or mentally. Your attorney in fact is a very powerful person, usually with complete authority over all of your finances, including bank accounts, insurance proceeds and policies, taxes, paychecks, and real property. For this reason, we counsel our clients to think very carefully about whom they choose to serve this function.
The Florida Bar has published a pamphlet that explains the Power of Attorney in more detail.
Healthcare Surrogate
In some jurisdictions, this is known as a Health Care Power of Attorney. It acts as a specific directive to your healthcare providers, giving permission to them to take direction from your surrogate on issues related to your healthcare needs and desires. It is used in conjunction with a living will and HIPAA directive, so that your surrogate can be fully informed as to your healthcare status and then make decisions on your behalf. Most importantly, however, the surrogate is permitted to admit you to healthcare facilities, including nursing homes, and not be held personally liable for payment of the expenses associated with the admission and care.
Living Will
This is also known as a Declaration of a Desire for a Natural Death in other jurisdictions, and gives your healthcare providers notice of your desires related to your end-of-life care. It directs the provider as to when it will be effective, and how far you desire the provider to go to extend your life, whether that includes artificial nutrition, hydration, and/or respiration. This document was made famous by the Terry Shiavo case in the early 2000's , and is often required to be completed prior to or at admission to any hospital in the State of Florida. We advise our clients to complete this document while they are well and not under the stress related to admission to a hospital. For this reason, it is a standard document provided in every estate plan that we prepare.
Last Will and Testament
This document "speaks" at your death. For that reason, it can be revoked and replaced as many times as you desire prior to your death. It is used to distribute your property to your heirs at your death. We spend a significant amount of the initial consultation with our estate planning clients in preparing to draft this document. We attempt to draft it in such a way that it will not require future amendments except in the case of extreme life changing events. To that end, we include provisions in the will that call for a written memorandum that can be used to leave personal property items to heirs. This greatly reduces the need for costly amendments to account for new personal property assets that are acquired after the main will is completed.
For further information on Wills in Florida, the Florida Bar has published helpful information on the topic.
Trust Agreements
Trusts, including revocable living trusts, irrevocable trusts, and even land trusts, are often used to maintain privacy of property ownership, reduce estate taxes, and avoid probate time and expense. We are versed in these trusts and will meet with you personally to discuss your needs and desires to help you determine which trust, if any, is most appropriate for your situation.
For further information on revocable living trusts, the Florida Bar has published helpful information on the topic.
