Elements Of Estate Planning
Estate planning is spoken of as one unit, but is composed of separate elements. When combined, these units comprise a full estate plan that will serve you and your beneficiaries well. The lawyers at the Riddell Law Group have over two decades of experience representing estate planning clients and know the importance of estate planning for both individuals and families.
In a comprehensive estate plan, financial, health and inheritance specifics get documented following Florida state law. Here are some elements of a thorough estate plan.
Wills
You want to make sure that your wishes get carried out after your passing, so having a valid will is essential. If you die without a will or your will is not valid, your property will be distributed by a court according to inheritance laws.
Trusts
With trusts, the legal designation of property and funds combine with tax benefits and the avoidance of probate. That is why, in addition to a will, trusts are an estate planning mainstay. Property is easily transferred to beneficiaries through a variety of trust types.
Advance Directives
Planning out your health care wishes in advance of your incapacitation or death is a prudent idea that can also bring peace of mind. A durable power of attorney is a legally binding directive that enables you to designate an individual who will make medical decisions for you if you are unable to do so. A living will is a legal document that allows you to state your life support preference.
Frequently Asked Questions About Estate Planning
Our seasoned legal team addresses common inquiries regarding the preparation and maintenance of a sound estate plan under Florida law.
What core documents should my estate plan include?
While a last will and testament and various trust instruments manage asset distribution, a comprehensive estate plan also requires specific directives for incapacity. This includes a durable power of attorney for the management of your financial affairs and an advance health care directive, such as the designation of a health care surrogate and a living will. Together, these documents can ensure both your personal care and your assets are managed according to your specific instructions during life and after death.
Do I need a living trust if I already have a will, and how does probate work?
A living trust and a will serve distinct, yet complementary roles; a will directs asset distribution and names guardians, while a living trust allows assets to bypass probate, offering immediate distribution and privacy.
Probate is the court-supervised legal process of validating a will, paying debts and formally transferring title of assets to beneficiaries, which can be time-consuming and public. Utilizing a living trust is a primary method to potentially expedite and simplify the transfer of wealth upon death.
How often should I update my estate plan, and what life events should trigger changes?
While there is no fixed timeline, a prudent review of your estate plan every three to five years is highly recommended to accommodate changes in law and personal circumstances. Significant life events necessitate immediate revisions, such as marriage, divorce, the birth or adoption of a child, the acquisition of substantial new assets or changes in the health or financial status of a key beneficiary or designated representative. Maintaining a current estate plan ensures your wishes remain accurately reflected.
Give Us A Call
Work with an attentive and knowledgeable attorney to ensure your estate plans are valid and reflect what you want. Contact the Riddell Law Group today at 941-366-1300 to schedule an appointment, or use this convenient online form to send us a message. With offices in Sarasota, Venice and Lakewood Ranch in Florida, we have a location to suit your needs.