Estate Planning & Probate
EVERYONE NEEDS AN ESTATE PLAN!
Just about everyone should have a basic estate plan, consisting of at least the following documents; a Last Will & Testament; a Living Will; a Health Care Surrogate Form; and a Power of Attorney.
These documents are described below. Some people, depending upon their health or financial circumstances, can benefit from having a Living Trust, or other applicable estate planning documents.
YOU DON'T NEED TO BE RICH TO PLAN!
We offer a basic estate planning package that is very reasonably priced. We can also assist in more complex estate planning. At David P. Folkenflik, P.A., we can assist you with all of these, and help you get your basic estate plan in order.
WE CAN HELP WITH PROBATE TOO!
In addition to helping with estate planning, our firm also handles the Probate and Administration of decedents’ estates. We can assist in probating a Will, or in administering a Trust. Our firm can help with both simple and more complex Will and Trust administrations.
WE ARE PROMPT, PROFESSIONAL AND OFFER FREE CONSULTATION!
As with all of our services, you can expect prompt and professional assistance, and your matter will be handled directly by the attorney. We always offer a free ½ hour office consultation on all estate planning and probate matters.
LAST WILL & TESTAMENT:
This is the document most people refer to as a “Will”. This essentially names your executor (in Florida we call this person the “Personal Representative), and typically directs the manner in which you want your property (your “estate”) to be distributed. Your Will can also provide additional directions such as, but not limited to; your desire to be buried or cremated; to name a person to be guardian of your minor children; or to set up a trust on your death (called a “testamentary trust”) to benefit your minor children.
LIVING WILL:
This is the document that allows you to direct in advance your desire to not be kept alive on life support equipment in the event that you are suffering from a terminal illness; in a coma; in a vegetative state; and in some other circumstances where it is unlikely you will recover.
HEALTH CARE SURROGATE FORM:
This document allows you to appoint a person to act as your surrogate to make health care and medical decisions on your behalf in the event you become incompetent to make those types of decisions.
POWER OF ATTORNEY:
This document allows you to appoint a person to act as your “attorney in fact” (essentially to act on your behalf) to make financial and other non-health care related decisions when you cannot do so. This document allows the person you appoint to take actions on your behalf which include, but are not necessarily limited to, making banking decisions; buying and selling stocks and bonds; buying and selling real estate; collecting rents and debts; and engaging in some legal proceedings.
LIVING TRUST (a/k/a REVOCABLE TRUST):
This document essentially allows you to “probate” your estate before you die, allowing you to “avoid probate”. This is done by transferring your estate property into the name of a trust while you are alive and directing the trustee to transfer it upon your death to your beneficiaries. As a practical matter, you retain the use and control of the property while you are alive, and can cancel or “revoke” the trust at any time during your life.
WHAT IS PROBATE?
Probate is the name for the Court proceeding where a deceased person’s property is transferred to those persons he or she has designated to receive it, and a deceased person’s bills are paid. Contrary to popular opinion, Probate is not necessarily a bad thing in that, at least in Florida, it requires Court supervision to assure that the deceased person’s property actually gets transferred to the individuals the deceased person designated in his or her Will.
WHAT DOES “TESTATE” MEAN?
Testate means a deceased person who had a “Last Will & Testament”.
WHAT DOES “INTESTATE” MEAN?
Intestate means a person who dies without a “Last Will & Testament”. In Florida, if you die intestate, the State of Florida has a plan for the distribution of your property. This is called the Law of Intestate Succession, and it may not be the way in which your want your property to be distributed after you die.
CONFIDENTIALITY NOTE: Throughout this website are invitations for readers to get more information by calling, emailing or otherwise contacting this firm. Please understand that all information sent to us PRIOR to any personal contact with an attorney of the firm will NOT be treated as confidential. Until an attorney/client relationship has been formed, any information sent to us could be subjected to use by our firm and clients and against the sender. If you have any question about this important subject, please call or email BEFORE sending any confidential information.