Let's Talk About Wills Baby

Let's Talk About Wills Baby. Let's Talk About Your Money. Let's Talk About All The Good Things and The Bad Things That Could Be. Let's Talk About Wills.

Ok, now stop singing and let's get serious.

What are the benefits of a will?

·      Easy to establish

·      Less expensive to establish

·      Governs the distribution of your assets upon your death

·      States who will be the guardian of your minor children or special needs children

·      States your wishes to be buried or cremated

·      Ability to be updated/amended at any time

“It does not govern assets held jointly or those that you designate a beneficiary”

What are things to consider with a will? 

·      Must go through probate

·      Does not address incapacity

A will is your strategy for distributing your assets upon your death. It applies only to assets that are held in your individual name. It does not govern assets held jointly or those that you designate a beneficiary. A will does not prevent probate. When you die,  the Judge reviews the will to determine if it is valid. Once the will is validated, the Judge will grant powers to the executor to collect and manage your assets and distribute your property to beneficiaries after creditors and taxes are paid. Make sure you pick someone you trust to carry out your final wishes.

One thing to keep in mind, a will is the only documents that can designate guardians whether it’s for a minor child or a special needs child.

A will does not address incapacity issues. In addition to having a will, everyone should have his or her advanced directives. That includes your Durable Power of Attorney, Healthcare Surrogate and Living Will. Those 3 documents specifically address incapacity.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. You can’t predict the future, but you can plan for it!

Why We Procrastinate About Estate Planning

A lot of people have not participated in any meaningful estate planning. Most people will admit that it is something they need to do, but keep putting it off. What is the reason?

Listed below are some common reasons why we procrastinate about estate planning:

 (1) It is expensive

The reality is, most people do not have extra money lying around these days. However, not doing anything can end up costing your loved ones much more than it would cost you to plan now.

If you own assets in your name and you become incapacitated due to illness or injury, you (your assets and your care) will likely be placed in a court guardianship. This is not free. All costs (attorney fees, accounting fees, court costs, etc) will be paid from your assets and your family will probably have to ask the court for an allowance if they need money for living expenses.

This process does not replace probate when you die; your family will have to go through the court system again, and that means more expenses and less for your family. Your assets will be distributed according to Florida law, which probably won't be what you would have wanted.

Estate planning does not have to be expensive. You can start off with a simple will and then later upgrade to a trust when you can afford it.

 (2) " I do not own enough"

Estate planning is not just for the wealthy. In fact, costs for a court guardianship and probate usually take a higher percentage from smaller estates (which can least afford it) than from larger ones.  Even if you own a small amount, you would prefer to see it go to your loved ones than to courts and attorneys.

 (3) " I am not old enough"

Estate planning is important for everyone (ages 18-100).  Young people seem to think they are going to live forever. The reality is, that any of us, at any age, can become incapacitated or die due to an illness, injury, accident, or random act of violence. (Just read the newspaper or watch the evening news, you will see random acts of violence on a daily basis)

“Estate planning does not have to be expensive. You can start off with a simple will and then later upgrade to a trust when you can afford it.”

 (4) It is too confusing. I do not know what to do:

Attorneys are called ' counselors at law' for a reason. An experienced estate planning attorney knows what other families have been through, knows what has worked well, and what has not. An experienced attorney can help you understand the process and make challenging decisions easier.

 So why do we need estate planning?

·       To make sure our assets will go the people we want to have them with the least amount of delay, hassle and expense

·       To keep our families from having to deal with the courts if we become incapacitated and when we die

·       Let our families know that we care about them, that we want to provide for them and protect them.

·       We do it for love--but the huge benefit of estate planning: PEACE OF MIND

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. 

YOU CAN'T PREDICT THE FUTURE, BUT YOU CAN PLAN FOR IT!

Pass the Turkey, Pass The Gravy, Pass the Durable Power of Attorney

It is that time of year again to sit down with your loved ones, over eat, and go around the table and say what you are thankful for. The reality of the situation is that you sit down to eat an overabundance of food with extended family members you sometimes wish were strangers. You hope you don’t come across as rude when you would rather pay attention to the football game on the television as opposed to listening their mundane stories. After all, if you really wanted to hear their stories throughout the year, you could have called them, texted or even sent a Facebook message.  

It is the start of the holiday season in South Florida and the last thing on your mind is planning your estate for when you pass away or preparing documents in case you become incapacitated. But in reality, this time of year makes you realize that if you do not properly plan your estate, family members that you are not too fond of might fight over your estate (and win). Is that really something you want to happen when you pass away?  I think not!

Start thinking about who you would like to make medical and financial decisions for you in case you are unable to make those decisions for yourself. Remember, if you are married, your spouse is not legally given the right to make medical and financial decisions for you.  That right must be placed in writing. Also, if you have “children” in college, you will need their written permission to make decisions for them. “Because I said so”, is no longer a valid answer as a parent once your child reaches the age of eighteen! 

“But in reality, this time of year makes you realize that if you do not properly plan your estate, family members that you are not too fond of might fight over your estate (and win)”

It is the perfect time for South Florida residents to think about building (or updating) their estate-planning portfolio:

Will: State your final wishes regarding who will receive or who will not receive from your estate, name guardians for your minor children, state directions regarding organ donation and burial

 Revocable Trust(living trust): In depth document that will state your final wishes. You are able to place stipulations and retain control of your assets during your lifetime. 

Supplemental Documents 

Durable Power of Attorney: Name someone to manage your financial affairs either immediately or in the future should you become unable to do so yourself. 

Living Will: Document that will state how and if you want to prolong your life if you fall into a vegetative state.

 Healthcare Surrogate: Name someone to act on your behalf if you become unable to make medical decisions for yourself.

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start discussing with loved ones their estate planning needs. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

Who Needs to Know About Your Living Will?

“What happens in Vegas, stays in Vegas.” Some things are better left unknown for those who were not involved.  That saying does not ring true for estate planning. In Florida, if you have decided to prepare for your passing and plan to have a living will drafted, who should know?

A living will is pointless if no one knows that it exists. You should be proud of yourself for not procrastinating and properly planning. However, if the appropriate parties are unaware of the existence of the living will, it’s just as good as never being drafted at all.

In order for loved ones and physicians to know your decisions concerning medical treatments in South Florida you will need to follow these 5 steps to create an effective living will.

“A living will is pointless if no one knows that it exists. ”

(1)Appoint a health care agent: Appoint someone as your healthcare agent with a durable power of attorney known as a Designation of Health Care Surrogate.  Your agent will have the legal authority to make health care decisions for you if you are no longer able to speak for yourself.

(2) Attach a signed HIPAA release form: You must provide your health care provider with a signed HIPAA release form so that he can discuss your medical information with your agent. It is suggested to provide a release form to all of your physicians and insurance carrier.

(3) Draft Instructions for health care:  Write instructions for your future health care outlining your wishes about life sustaining medical treatment in the event you can no longer speak for yourself. Your agent will be dictated to implement your written instructions.

(4) Revise: Written instructions must be absolutely clear to be enforceable.  Your written instructions must clearly answer the question about life-sustaining care.

(5) Notify your attending physician: Once your living will is drafted, it’s your responsibility to notify your physician that you have one. It is also important to discuss your health care desires with your physician. He or she is likely to honor requests that have been communicated to him or her directly.

Take charge of your last living decisions and plan ahead! An experienced South Florida estate-planning attorney will help ensure that the actual instructions for your wishes are stated accurately. For more information on successful Florida estate planning, please contact The Hershey Law Firm PA at (954) 303-9468 to schedule your free consultation.