Estate Planning

An estate plan helps protect your family and assets when you die or become incapacitated. Planning your estate generally includes the following:
  • deciding who will get your assets and rights when you die
  • naming an executor to wrap up your affairs
  • naming guardians for your children and assets
  • avoiding probate, or
  • preparing for a time when you may not be able to make your own financial or medical decisions
To accomplish these goals, you may need a will, living trust, a living will, and powers of attorney. You probably won’t need all of these documents, depending on a number of factors, such the quality and quantity of assets, familiar circumstances, jurisdiction and others.

modified section licensed under CC BY 3.0 from "Living Will" lawi.us. lawi.us, 04 2016. Web. 04 2020. https://lawi.us/living-will/

To learn more about Estate Planning, read more below then give us a call at 772-489-9096.

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Estate Planning

An estate plan helps protect your family and assets when you die or become incapacitated. Planning your estate generally includes the following:
  • deciding who will get your assets and rights when you die
  • naming an executor to wrap up your affairs
  • naming guardians for your children and assets
  • avoiding probate, or
  • preparing for a time when you may not be able to make your own financial or medical decisions
To accomplish these goals, you may need a will, living trust, a living will, and powers of attorney. You probably won’t need all of these documents, depending on a number of factors, such the quality and quantity of assets, familiar circumstances, jurisdiction and others.

modified section licensed under CC BY 3.0 from "Living Will" lawi.us. lawi.us, 04 2016. Web. 04 2020. https://lawi.us/living-will/

To learn more about Estate Planning, read more below then give us a call at 772-489-9096.

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Wills

A "will" is usually a written document outlining your instructions regarding how you want your affairs and assets handled after your death. A "will" usually names a person or people who are to receive your estate and property called "beneficiaries".
Several different types of written wills exist that serve different circumstances. Some of the more common are:

Simple Will

A "Statutory Will" is the most basic type of will. Just like with other wills, you can state who your assets are passed to and even choose the person who carries out your will (usually called an "executor").

"Partner" Will

Couples, Partners, or people that want to create a will together have different options such as Joint, Mutual and Reciprocal (Mirror) Wills.


PARTNER WILL TYPE PURPOSE
Joint Will A "Joint Will" is a single document that allows partners to combine their wills.
Mutual Will "Mutual Wills" are similar, but there are actually three total documents. Each partner normally has the same will (but it can be different). However, there's a third document that contractually binds both partners to follow the instructions of the other's will.
Reciprocal Will A "Reciprocal Will" or "Mirror Will" is where each partner creates their own will and names their partner as the primary beneficiary. Children and/or others are named as contingent beneficiaries. When the second partner dies, everything then passes to the other beneficiaries.

Pour-Over Will

A "Pour-Over Will" is used in conjunction with a "Living Trust". A "Living Trust" is a document that is created while a person is still living that transfers ownership of your assets to the "trustee" to manage for a third party like your children. This type of will is created while you the "trustor" is alive and transfers any missed property in the trust directly into an existing Living Trust without creating an entirely new one.


To learn more about which will is right for you, give us a call at 772-489-9096.
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Living Wills

A "Living Will" allows people to document their wishes concerning medical treatments at the end of life. It is, therefore, a legal document that some people use to make known their wishes regarding life prolonging medical care. To create a living will, one must be a legally "competent" adult that can instruct their physician to provide, withhold, or withdraw life-prolonging treatments.

A "Living Will" despite its name, is different than a "Last Will and Testament" that many people use to leave assets at their death. A living will is also called a "directive to physicians" or "advance directive".

When dealing with estate planning, it is recommended not to overlook a living will. This document can give invaluable guidance to family members and healthcare professionals, because without a such document, family members and physicians are left to guess what a seriously ill person would prefer (wish) in terms of medical treatment. Family members may end up in painful disputes, which occasionally may finish in legal disputes.

modified section licensed under CC BY 3.0 from "Living Will" lawi.us. lawi.us, 04 2016. Web. 04 2020. https://lawi.us/living-will/


To learn more about Living Wills, give us a call at 772-489-9096.
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Trusts

A "trust" is an agreement that gives a person the legal authority to manage your assets for another person or group, called "beneficiaries".

Two basic types of trusts exists. A "Living Trust" is a trust setup while you are still living. A "Testamentary Trust" is setup after your death usually according to your will.

"Living Trusts" fall into two basic categories, "revocable" and "irrevocable". A "Revocable Trust" can be changed and/or dissolved at any time up until your time of death. An "Irrevocable Trust" is just the opposite and cannot usually be altered after creation. This "unchangeable" trust is usually chosen to avoid probate, and other reasons such as taxes, privacy, creditors and judgments against your assets.

In plain English, a "Living Trust" is a trust created during your life to avoid probate after death. Property transferred into the trust during life passes directly to the trust beneficiaries after death, without probate.

modified paragraph licensed under CC BY 3.0 from "Living Trust" lawi.us. lawi.us, 08 2013. Web. 04 2020. https://lawi.us/living-trust/


To learn more about Trusts, give us a call at 772-489-9096.
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Powers of Attorney

A "Power of Attorney" is a legal document authorizing a person, the agent, to act on behalf of you, called the "principal", usually to manage your affairs and finances. A "special power" is one limited to particular acts.

Many different types of powers of attorney exist. A "Springing Power of Attorney" only becomes effective once a certain event occurs like you becoming incapacitated.

"Powers of Attorney" are also used to allow others to make healthcare decisions if you become incapacitated. A "Durable Powers of Attorney" or DPOA are often included in a "Living Will" (also called "healthcare directive" and "advance directive"). In some states the "Living Will" and DPOA are combined into one. The person named in the DPOA for healthcare is usually called the "agent", "healthcare proxy", or "attorney-in-fact" of the person who signs the DPOA.

modified section licensed under CC BY 3.0 from:

  • "Power Of Attorney" lawi.us. lawi.us, 06 2017. Web. 04 2020. https://lawi.us/power-of-attorney/
  • "Living Will" lawi.us. lawi.us, 04 2016. Web. 04 2020. https://lawi.us/living-will/
  • "Springing Power of Attorney" lawi.us. lawi.us, 07 2016. Web. 04 2020. https://lawi.us/springing-power-of-attorney/

To learn more about Powers of Attorney and which ones are right for you, give us a call at 772-489-9096
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