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!

Does a Durable Power of Attorney Last Forever?

Does a Durable Power of Attorney Last Forever?

Simply stated: Nothing Lasts Forever

What is a Durable Power of Attorney?

A Durable Power of Attorney is a document that grants a designated person to manage your financial affairs either immediately or in the future should you become unable to do so yourself. The designated person will have the power to buy and sell real estate, open and close bank accounts, file tax returns, etc. The word 'durable' allows the power to continue even after you become incapacitated.

Beware: A durable power of attorney is only effective while the principal is alive. Once that person dies, the durable power of attorney dies with them.  Therefore, you will not be able to use a Durable Power of Attorney to sell the home of a deceased person nor are you able to close financial accounts owned by the decedent.

What document is used once you die?

Once someone dies, it is important to have a Last Will & Testament. The Will names someone who can act as the personal representative/executor of the decedent's estate who will be responsible for administering the estate. After debts are paid, the personal representative is also responsible for distributing assets to the beneficiaries listed in the will.

“Therefore, you will not be able to use a Durable Power of Attorney to sell the home of a deceased person nor are you able to close financial accounts owned by the decedent.”

So if you are thinking of planning ahead and preparing your estate planning portfolio, make sure it includes documents that will be used while you are alive as well as when you are gone. Everyone should have a Durable Power of Attorney as well as a Last Will & Testament.

If you live in Miami-Dade, Broward, or Palm Beach 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.