Estate Planning/ Wills and Trusts

The firm provides estate-planning services including the preparation of Wills and Trusts, Health Care Surrogates, Durable Power of Attorneys, Living Wills, and various other estate planning documents.

Frequently Asked Questions and Common Terms

· Do You Need an Estate Plan?
· How We Can Help You
· Business Owners
· Wills
· Personal Representative
· Appointing a Guardian for Children
· Restrictions on Wills
· Revoking or Changing a Will

Do You Need an Estate Plan?

Estate Planning is the process whereby a person develops a plan and prepares documents to conserve, protect, and distribute estate assets before and after death for the benefit of loved ones and/or charities. It can also involve planning for the use of your assets for your care if you become unable to manage your affairs during your lifetime.

Many people wrongly believe that only the very wealthy need an Estate Plan. However, anyone who owns any property - a home, a car, bank accounts, stocks and bonds, jewelry, clothing, furniture, etc., or has minor children needs an estate plan. Neither your age, race, marital status, or wealth matters when considering whether or not you need to plan your estate. If you don't plan for what happens to your estate upon your death, the government will make those decisions for you.

Whatever the size of your estate, you should designate a person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf.

If there is no planning, then the court will appoint who is to take responsibility for your personal care and assets. The law provides for how your assets will be distribute to your heirs by following a list of rules to be followed if you die without a will. If you die without a will, everything does not automatically go to the state. If you have any relatives (whether your own family or of your spouse), regardless of how remote, they will be your heirs ahead of the state. Consequently, the ultimate recipient of your assets may not be the people you would want.

You should have an estate plan if

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How We Can Help You

We know that your estate is the result of years of hard work. That's why we dedicate considerable time to design plans that are tailored to meet your unique needs and help ensure a secure future for those closest to you. We provide practical solutions to estate planning and asset protection concerns to accomplish our clients' wishes, including maintaining management and control of their estate, while at the same time avoiding probate, protecting family members, ensuring their financial privacy, obtaining peace of mind, and avoiding unnecessary taxes. We understand that every estate, regardless of size, is an important and unique one.

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Business Owners

You spent a lifetime building up your estate and establishing a thriving business. Perhaps you are in, or are contemplating, a second marriage. You'd like to see your spouse, your children, and your grandchildren share in the benefit of your life's work after your death. You are concerned that a qualified successor, may be a key employee, be in a position to carry on the tradition and business when you are gone. You want to make sure your family is treated fairly by your partner(s) after your death. We can help you plan for that time, and make sure your estate goes where you want it to with the use of various documents such as:

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Wills

A will is a written document specifying how and in what manner a person's estate is to be distributed after his or her death.

A will can be simple or elaborate, depending on the size of the estate and the wishes of the person making the will. A will can designate who receives artwork, jewelry, cars, real estate or any other property.

A will can name a guardian to take care of minor children if there is no surviving parent and can disinherit a child if the testator does not want the child to receive any part of the estate.

A will can also create a trust, make gifts to charity or authorize the selling of real estate without court proceedings.

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Personal Representative

A will typically appoints someone called a personal representative or executor to carry out the wishes of the testator as stated in the will.

The personal representative should be a trusted friend or family member and should be made aware of his or duties before the testator dies.

Under Florida law, a personal representative must be at least 18 years old and a resident of Florida. Convicted felons or persons incompetent to fulfill the duties of a personal representative are ineligible for the position.

The duties of a personal representative are many. Depending on the nature of the estate, he or she may have to identify, gather and safeguard the testator's assets, provide notice of the estate's administration to all interested persons, contact creditors, settle valid claims, pay state and federal taxes on the estate and pay administrative expenses.

Florida law provides that a personal representative can be compensated out of the estate for his or her efforts. If a testator does not name a personal representative in his or her will, the probate court may appoint a professional administrator to perform the requisite duties.

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Appointing a Guardian for Children

A person with minor or dependent children can designate in a will a guardian for the children should there be no surviving parent. If a person fails to name someone to the role of guardian, the probate court appoints someone. As with the selection of a personal representative, it is important that the potential guardian understand the provisions of the will and agree to accept the responsibilities of being a guardian. It is also wise to name an alternate guardian should the primary guardian be unable to accept the responsibility. Additionally, you could name a guardian for the children and a separate guardian for the children’s finances to further control/ protect the minor’s inheritance.

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Restrictions on Wills

In the interest of protecting the family, particularly the surviving spouse, Florida law places some restrictions on what a testator can do under the terms of his or her will.

For example, a testator cannot disinherit his or her spouse without a properly executed prenuptial or postnuptial agreement. The state gives the surviving spouse a choice of either his or her share under the terms of the will or a percentage of the decedent's estate, less any valid claims against the estate, real property located outside of Florida, state and federal taxes and administration expenses. The testator is free, however, to disinherit his or her adult children.

Any real or personal property jointly owned with another person (with a right of survivorship) cannot be given away by the testator since ownership of the property goes to the other person upon the testator's death. Similarly, a testator cannot specify that someone other than the beneficiary of the testator's life insurance policy receive the benefits of the policy. Upon the testator death, the benefits of the life insurance policy immediately become the property of the beneficiary.

Finally, the Cuban Assets Control Regulations, promulgated by the U.S. Treasury Department, prohibit distributions by will or inheritance from any state to a Cuban national or resident of Cuba.

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Revoking or Changing a Will

A will can be revoked or changed up until the death of the testator. To revoke a will, a person can simply tear it up, burn it or otherwise destroy the document. A person may also execute a new will, which automatically revokes an earlier will. If a person wishes to make a few changes to a will, he or she can have a codicil drawn up. A codicil is an addition or amendment to an existing will and must be signed and witnessed in the same manner as a will. Anyone wanting to change his or her will should never attempt to cross something out or otherwise write on the will. Writing on a will may invalidate it.

A person should review his or her will approximately every two - three years; a person's financial or personal status may have changed, beneficiaries may have died, divorce, marriage, birth of a new family member or a favorite charity may no longer exist.

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Se Habla Español

If you wish to arrange an initial consultation please call us at (772) 403-8130. If you would prefer to contact us via email please contact our Managing Attorney, Hayley B. Colina, LL.M.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.