Sarasota EstATE PLANNING ATTORNEY

  Last Will & Testament: 

A Florida Last Will & Testament ("Will") is a writing, signed by a Florida resident ("Testator"), before two attesting witness and a Notary Public, which meets the formal requirements set forth by Florida law (Chapter 732, Florida Statutes). A Florida Will designates the individual(s) or entity that will serve as Personal Representative (executor) to administer the decedent's estate and make distribution to the beneficiaries of the Florida probate assets. A Florida Will can establish a trust and designate who will serve as its trustee. A properly drafted and attested Florida Will controls over the automatic inheritance provisions set forth under Florida probate law. In the absence of a valid Florida Will, or if the Florida Will fails in any respect, Florida probate law will designate the beneficiaries and the method for selection of the Florida personal representative (Chapter 732, Florida Statutes).

  Revocable Trust: 

A written declaration into which an individual(s) (the "Grantor") transfer their property (real estate, brokerage and bank accounts, art, etc.) into a Revocable Trust. During the Grantor's lifetime, the document will reserve unto them complete control over the Revocable Trust assets, including the right to amend or revoke the trust at any time.  No income taxes are due on the transfer of assets into the trust.

A "Trustee" will hold legal title to the trust property for the benefit of the Grantor, during their lifetime, and the ultimate recipients of the assets (the "beneficiary"). The terms and conditions under which the Trustee operates are defined in the Florida Trust instrument.  The role of a Florida Revocable Living Trust is to (i) avoid probate when you die (especially if you own real property in multiple states), and (ii) avoid a guardianship if you become incapacitated.  A Florida Revocable Trust does not provide (i) creditor protection to the grantor, or (ii) income tax savings benefits. 

  Power of Attorney: 

Written instructions which designate an individual (the "attorney-in-fact") to make financial decisions on a your behalf. The document is typically utilized in the event that you: (i) are rendered incapable of making your own financial decisions; (ii) are unavailable; or (iii) require assistance. The powers granted may be limited to a particular activity (real estate transaction) or be overly broad (cover everything). The purpose of a durable power of attorney is to provide a means by which  an individual can assist a person in handling their legal, business and property affairs and to avoid the time, expense and a guardianship proceeding. 

Health Care Surrogate  Written instructions that set forth what actions should be taken for your health in the event you are unable to make health care decisions on your own behalf (due to illness or incapacity). The document appoints the individual ("health care surrogate") to act on your behalf. 

Living Will: 

Written instructions which allow you to determine how you want to be treated under end of life medical conditions (receive life-sustaining treatments or provided food and water via intravenous devices). The document may appoint an individual to make decisions on your behalf. "Life-sustaining treatment" means the use of available medical machinery and techniques, such as heart-lung machines, ventilators, and other medical equipment and techniques that will sustain and possibly extend your life, but which will not by themselves cure your condition. 

  Our client's are encouraged to create an informal document to provide their family and beneficiaries with (i) information concerning important financial and personal matters and (ii) clarify any special requests to be carried out upon death.

The list should include: 

(i)  Location of important papers (copies of your Will, Revocable Trust, Power of Attorney and Health Care Surrogate Designation);

(ii) Investment accounts and insurance policies;

(iii) Location of documents relating to your personal residence (household contents, receipts for valuable items and warranties); (iv) Safe deposit box (name of institution) and key; (v) Prior year income tax returns (name of CPA).

(vi) Funeral and burial preferences; (vii) Name and address of all friends and professionals that should be notified of your death (neighbors, lawyer, financial advisor, physician, etc.); and

(viii) Computer and website passwords