Estate Planning FAQs

A well-considered estate plan can establish a long-lasting legacy. For many Floridians, this means bequeathing gifts to children, friends, and family. However, estate assets can also be leveraged for the greater good, used to uplift communities and fund preferred charities.

The Advantages of Charitable Giving

Philanthropists are often motivated by a strong sense of personal responsibility, whether to a particular church, community, or social cause. A charitable estate plan can, in a great many ways, fulfill a deep-seated desire to leave the world a better place.

However, the benefits of charitable giving extend far beyond a grantor’s personal sentiments. The federal government, in fact, actively encourages philanthropy by providing critical tax breaks to Floridians willing to share their life’s work with individuals and organizations in need of assistance. A charitable gift could:

• Provide an opportunity to establish a generous legacy
• Alleviate your personal tax burden
• Reduce federal estate taxes for designated beneficiaries

Including a charity, or charities, in your estate plan does not have to be difficult. However, simply listing a preferred organization in your will may not be the best way to establish a legacy.

How Estate Planning Can Help Establish a Generous Legacy

Florida law affords Sunshine State residents the right to make informed decisions about the distribution of their estate assets. You could include a charity in your estate plan by:

Bequeathing Lifetime Gifts

If you choose to donate to charity while you are still alive, you may be able to avail significant income tax deductions.

However, deductions are limited and require careful planning, and you may need to contact an attorney and tax professional to ensure that you are making the best use of your assets.

Leaving Money to a Charity in Your Florida Will

A last will and testament is a legal document that specifies how you would like your estate assets to be distributed upon your death. Simply designating a charity as a beneficiary to your will is among the easiest ways to establish a charitable legacy.

While writing a will is less time-consuming than establishing a charitable lead or remainder trust, any assets bequeathed through a Florida will are subject to probate. During probate, any interested parties—including disinherited beneficiaries, and even creditors—could contest the terms of your will. Even if a will contest is unsuccessful, it could deplete your estate’s resources, leaving little for your intended heirs. Working with a good attorney will help reduce or eliminate the possibility of litigation, and you may want to consider creating a revocable living trust to avoid probate.

Contributing a Charitable Rollover in Your Individual Retirement Account

A charitable IRA rollover, or qualified charitable distribution, allows certain donors to exclude retirement investment assets from their taxable income. These rollovers can also help retirees reach their required minimum distribution amount. 

Establishing a Charitable Trust

A charity can be the beneficiary of a revocable living trust or an irrevocable trust. Trusts offer several critical advantages, as they can benefit heirs and charities alike. The two most common types of charity-specific trusts include:

• Charitable remainder trusts. A charitable remainder trust, or CRT, makes distributions to two sets of beneficiaries: a lifetime income beneficiary, which could be yourself or a family member, and the named charity, which receives the trust’s remaining principal upon the grantor’s death. Charitable remainder trusts are not subject to capital gains taxes or estate taxes, and can be used to claim income tax deductions while the settlor is still alive.
• Charitable lead trusts. Charitable lead trusts, or CLTs, provide similar tax benefits to CRTs. However, charitable lead trusts provide periodic income payments to the charity, with the remaining principal bequeathed to the grantor’s heirs after a set period of time or upon their death. A charitable lead trust can be used to support a philanthropic organization while ensuring that a surviving spouse, children, or other loved ones receive a significant inheritance.

Broadly speaking, asset protection using estate planning protect your assets from creditors, taxes or the cost of long-term care. Not every estate planning attorney is an asset protection attorney as there are a lite of different levels of expertise in this field of law.

Who Needs Asset Protection?

Anyone who has high-value assets or anyone who is considering protecting their assets from the nursing home should have some form of asset protection. Our estate planning attorneys create personalized asset protection measures based on your unique situation. We review your assets and income to discover what's currently protected (and what's not protected), as well as your debts and your likelihood of being named in a lawsuit. Then, we determine the best way to secure your unprotected assets, and make sure your plan will work as intended.

Without asset protection, your life savings and holdings could be lost to:

• Divorce. If you separate from your partner, the court may order you to give half of your property to your ex-spouse. Also, your estate plan could protect your children's inheritance from divorce, as well.
• Court judgments. If someone sues you or your business, you could be held personally liable for whatever amount the court awards. Asset protection can make some of your income and property exempt from collection.
• Nursing homes. It's possible to qualify for Medicaid to pay for long-term nursing care while keeping your assets safe to pass on to your children. However, you will have to create an irrevocable asset protection trust several years before entering a nursing home. Otherwise, you may have to pay for long-term care out of pocket.
• Taxes. There are a variety of tax planning strategies to avoid the federal "death tax," but which one will best achieve your goals? We can hel establish protection methods so that everything you worked hard for will go to your family, not to the government.

If you have questions about your Will, your estate plan, or your eligibility for Medicaid, the attorneys at DeLoach, Hofstra & Cavonis can explain your options. Simply fill out the quick contact form on this page to set up a consultation and get answers to your questions.

Related Links: Requirements for a Last Will and Testament to Be Legally Valid in Florida What Happens If You Die Without a Will in Florida? What Should I Do First Upon My Loved One's Death?

 

Most people who wish to establish guardianship have already taken on the duties of caring for an ailing loved one. You may be cooking their meals, running them to hospital visits, or picking up their mail and paying bills on their behalf. However, there is a limit to how much you can legally do for your parent without the proper authority—and it is generally best to get this authority sooner rather than later.

Warning Signs That You May Need Guardianship Over an Elderly Relative

The choice to get legal control of a parent’s affairs can be unsettling, and can lead to family disagreements that push the decision, and the elder's safety, down the road. Unfortunately, putting off guardianship proceedings may force emergency action when your parent hits a crisis point, adding to your stress and discomfort in an already difficult time.

There are a few ways to tell if it’s time to start the guardianship process. For example, you may need legal help if there is a threat to your parent’s:

• Safety. Guardianship can help if a parent is suffering from a medical condition that often results in long-term decline (such as dementia, cancer, or organ failure) and he or she does not realize that they are unable to make the correct health care decisions.
• Life savings. The elderly are often targeted by scammers, caretakers, and even relatives looking to profit from their vulnerability. If you have seen strange transactions in your parent’s accounts or fear that someone is trying to gain access to their money, you should speak to us about guardianship.
• Health and well-being. If your parent has not appointed someone to act as the health care surrogate and the family does not get along, you will need guardianship to make decisions about their healthcare, housing, and long-term care. Under Florida law, if the elder has not created a health care surrogate, then the family would generally make decisions as the elder's health care proxy. But if the family does not get along and they do not agree on the health care decisions to be made, it is likely that a guardianship attorney would be necessary.
• Lack of Pre-Planning. Guardianships can often, but not always, be avoided through the proper estate planning. If your loved one has not created a durable power of attorney, for instance, and then loses capacity, then a guardianship will be needed to handle his or her affairs.

Lack of Capacity Standards for Guardianships

When a guardianship is sought, the court generally needs to find that the alleged incapacitated person lacks capacity. Here, an “incapacitated person” means a person who has been judicially determined to lack the capacity to manage at least some of the property or to meet at least some of the essential health and safety requirements of the person. Further,

• To “manage property” means to take those actions necessary to obtain, administer, and dispose of real and personal property, intangible property, business property, benefits, and income.
• To “meet essential requirements for health or safety” means to take those actions necessary to provide the health care, food, shelter, clothing, personal hygiene, or other care without which serious and imminent physical injury or illness is more likely than not to occur.

Related Links: Steps for an Emergency Temporary Guardianship Big Trouble Awaits With Bad Incapacity Planning How to Prevent Elder Exploitation in Florida When powers of attorney cannot prevent a guardianship

 

Most people who wish to establish guardianship are relatives of a loved one who is incapacitated. However, some family members realize that they're incapable of handling certain financial matters on their own, and wish to surrender control of their affairs willingly. If you're unable to manage your finances, Florida law allows you to seek voluntary guardianship over property and assets.

Benefits of Voluntary Guardianship in Florida

The greatest benefit of guardianship is that it helps to protect your assets from those who would take advantage of you if you suffer an illness, are diagnosed with dementia, or have a progressive health condition that prevents you from making your own financial decisions.

There are other advantages to voluntary guardianship of property, including:

• Choosing your guardian. People suffering from illness may not recognize their inability to handle their affairs until it’s too late, forcing their families to step in and begin guardianship proceedings. A voluntary guardianship gives you the ability to choose who will serve as your guardian now, instead of taking a chance that a relative you might not trust will seek guardianship later.
• Setting your own limits. Taking action now allows you to control how much of your property is handled by your guardian. You may give your guardian authority to manage specific assets, such as stocks, or the entirety of an estate, and can choose how long the voluntary guardianship remains in effect.
• Protection of the courts. If you simply hand over control of your finances to a family member, there are no restrictions in place to prevent them from using your assets for their own gain. Voluntary guardianship is supervised by the courts, so your chosen guardian will be legally required to manage your affairs in a way that benefits you and your estate.

You should know that the state of Florida only recognizes voluntary guardianship over property. A voluntary guardian won't be able to make medical decisions on your behalf nor choose where you'll live. If you wish to give your guardian medical authority, you should consider including a durable power of attorney as part of your estate plan.

When would you want a Voluntary Guardianship?

Most estate planning is done to avoid any type of guardianships, but there are times when estate planning alone cannot stop people from hurting themselves. Here is an example of when we would think a voluntary guardianship would be helpful:

Mom, age 84, is getting forgetful but is still legally competent. She has a trustworthy daughter who lives locally but she also has a difficult son with "spending problems" who shows up to beg his mother for money. Mom is just not able to say "no" to lending (or giving!) her son money. The son has even taken mom to see an attorney to try and become her power of attorney.  While mom is competent, placing her assets under a voluntary guardianship may be the best way to make sure mom cannot take her own money and just give it to her son.

Alternatives to a Voluntary Guardianship

While every situation is different, it is possible that a good estate plan can prevent a guardianship, such as through creating a revocable living trust and naming a trusted person as the trustee. But this has limitations if, for instance, the elder is subject to bad influences from close family members, as an example.

The attorneys at DeLoach, Hofstra & Cavonis, P.A. can meet with you, listen to your concerns and help discuss options to make sure you or your loved one is protected. 

Related Links: Steps for an Emergency Temporary Guardianship Big Trouble Awaits with Bad Incapacity Planning How to Prevent Elder Exploitation in Florida The Florida Elder Exploitation Injunction

 

For the most part, yes. But as is always the case, the answer is “it depends.” As in cases where an estate plan is not updated to adjust to changing life circumstances. An estate plan is never a “set it and forget it” type of thing. Here is one example:

A married couple in their sixties, nearing retirement, with one adult daughter makes an estate plan. As part of the estate plan, the couple appoint each other the agent on their respective Powers of Attorney, and their adult daughter as the only successor agent.

In the ensuing years, their daughter predeceases each of them. Many years later, now in their 80s, the husband becomes incapacitated, and while serving as the husband’s agent under the Power of Attorney, the wife (the “caretaker spouse”) dies. In this tragic, but not uncommon example, the last to survive is incapacitated, with nobody authorized to manage his affairs through the Power of Attorney. A guardianship will need to be created to manage the health and finances of the surviving husband.

Importantly, it should be noted that even this example could have been avoided if the couple simply updated their Power of Attorney at the death of their daughter by adding one (or two) successors (i.e. grandchildren, nieces, nephews, etc.). The takeaway being that an estate plan needs to be revisited by everyone in order to account for the various changes in circumstances life brings.

Further, one of the key ways to avoid a guardianship is by creating a durable power of attorney.  This document allows the person of your choice the ability to make your legal and financial decisisons. Here, you can read about how a good durable power of attorney has its own limitations in preventing a guardianship.  

Another key aspect of estate planning involves elder exploitation. Here, you can learn about how a good estate plan can help prevent elder exploitation.

If you need help updating your estate plan or avoiding elder exploitation for your loved one, please do not hesitate to contact us.

Why Is It Important to Fill out the Questionnaire Prior to Your Meeting? (Transcript)

D. "Rep" DeLoach III, Estate Planning and Board Certified Elder Law Attorney

 

Thank you for choosing our law firm to help with your estate planning. As part of your initial consultation, we're going to send you a questionnaire for completion for you to bring in with you to your initial appointment. This questionnaire is very important to us and it's very important that you take your time to fill out completely and accurately.

 

The questionnaire will set out your age, address, occupation, but also gives the names of potential beneficiaries. So it'll spell out things (or names) that we may need, or other important aspects to your estate plan. We'll also need a list of your assets in the questionnaire and those assets will provide us a basic understanding of your estate plan. And this is a very, very important piece of the plan.

 

We need to know your assets because we need to know how to best plan your estate based upon where your assets are, what are the potential values of the assets, how these assets should be distributed. And it's important that you do this and take your time. It's going to help make sure we have a great first meeting, and we don't have to go back and get basic information. We can jump right in and start helping you out.

 

Again, we look forward to meeting you and thank you so much.

 

When you are planning for your death and incapacity, one of the first questions is who would be your fiduciary? Your fiduciary is one of the key decision-makers in any estate plan, and the potential roles include your successor trustee, personal representative (i.e. your executor), your attorney-in-fact (your power of attorney), and your designation of health care surrogate. 

What is a Fiduciary?

A fiduciary is a trusted person or institution that can act for you upon your death or incapacity. A fiduciary is held to the highest standard of trust in the legal world.  For estate planning purposes, your fiduciary roles can be separated out in different ways:

• Successor Trustee: While not everyone needs a living trust, your successor successor trustee can manage your financial affairs during your lifetime and also upon your death.
• Personal Representative: Also known as your "executor," your Personal Representative is appointed to handle your probate estate upon your death as part of the Florida probate process.
• Attorney-in-Fact: The person named in your durable power of attorney, this person handles your financial and legal affairs. If you become incapacitated and you have not created a durable power of attorney in advance, you may need a guardianship for someone to manage your legal and financial decisions.
• Health Care Surrogate: You should name a decision-maker if you are unable to handle your medical decisions. In Florida, you nominate this person in a designation of health care surrogate. If you become incapacitated without naming a health care surrogate, your family can become your health care proxy.

Often, the same person can serve in all of these fiduciary roles - your successor trustee, personal representative, attorney-in-fact and your health care surrogate.

Who should act as my Fiduciary?

First, you must trust the person you name in any role. There is no better way to create problems in your estate plan than to name an untrustworthy person. After that, the person you name should be able to act if needed. Someone who lives out of state, for instance, may not be a great choice if you have a trusted local person. Finally, you must trust this person’s ability to run your affairs. The person you name should have the financial and emotional ability to handle difficult situations in being your advocate. We have a list of ways to choose your health care surrogate, for instance.

What if I do not have any children or family?

While most people look to family fiduciaries, this is not possible for everyone for a variety of reasons. If you do not have a trusted family member who is able and willing to assist you, some estate planning attorneys serve as fiduciaries. If your estate planning attorney will not do this for you, he or she may know professional guardians and banks who could help you in the event of your death or incapacity. As an elder law attorney, our law firm serves in this role for some clients.

Yes. A married couple can typically create a joint trust agreement, naming themselves as co-trustees. Under this arrangement, the married couple will own the trust assets during their lifetimes.  Upon the death of the first spouse, the surviving spouse will retain control of all of the trust assets during his or her life and also have the ability to change the trust’s final distribution. A joint marital trust is not advisable for every situation, such as for those in second marriages and those with separate assets, but it can be useful for many estate plans.

As a follow up question - if my spouse and myself own all of our assets jointly, why should we create a living trust?

While jointly held assets avoid probate upon the first spouse’s death, a trust would still be advisable upon the death of the second spouse. Potential problems then arise if the surviving spouse is incapacitated and could not establish a trust. Additionally, a joint trust eliminates the possibility of a probate upon a simultaneous death. This means that a joint trust can help avoid probate if both spouses die at or near the same time.

We generally create joint living trusts for many situations. Exceptions to this could be second marriage type situations, for instance, where one spouse did not want to leave all of his or her assets to the surviving spouse.

If you want to learn more about creating your estate plan:

• Please download a copy of my free book, the Top 20 Ways to Protect Your Florida Estate

You should update your durable power of attorney at least every 10 years, if not sooner.  Why?

• The laws change over time;
• Banks and other financial institutions may decline an older document;
• The people you name may change, particularly with a couple that names each other;
• Legal trends change where you may want to have expanded powers to protect your assets; 
• and more!

What about a married couple getting older?

One matter to concern ourselves is with a husband and wife. A husband and wife typically name each other as their attorney-in-fact and/or health care surrogate with a child/children as alternate. As the spouses get older, they may diminish in their capacity. If this is the case, they should likely not be each other's agents as they likely cannot act to help each other. Here, the husband and wife would likely want to bypass each other as agent and go directly to a child as their helper.  As an example:

Mom and Dad are both 92 and are both failing mentally and physically. Their older estate planning documents only name each other as power of attorney. If Mom fell and went to the nursing home, who could act for Mom?  Only Dad!  But Dad has capacity issues himself and may not be able to take charge in this difficult situation. So it is likely Mom and Dad would have wanted to update their powers of attorney and advance directives at this time.

If you want to learn more about estate planning, please review the following:

• 5 Tips for your Durable Power of Attorney
• Updating Your Florida Designation of Healthcare Surrogate
• Frequently asked questions on living wills

You should use an attorney to change or amend your estate planning documents (last will and testament, power of attorney, revocable living trust) because you want to be able to rely upon these documents upon your death or incapacity.

First, you should go to an attorney to create your estate plan because only an experienced estate planning attorney can apply your specific situation to the facts. No on-line form can give you advice based upon your own situation. We generally think that estate planning is much more than just "document preparation." While some familial situations may be simple, we want to make sure the documentation, goals and assets all align, and an estate planning attorney is the best person to make this happen.

Next, changes to the documents must all be done with care and should be done with an attorney as well. Any changes to your documents must be made in the same way your original documents were created. This typically means witnessing and notarizing the changes, among other matters. You do not know what you do not know.

True Story: We created a last will and testament for a client who left money to his girlfriend. Before he died, he crossed his girlfriend off the will and initialed the change. When he died, the change he made had no legal effect - his ex-girlfriend inherited the money from the will.

Another True Story: I received a frantic phone call from a daughter. Her father just had a stroke. The father created a living trust through an on-line company only months before, but he did not even create a last will and testament, durable power of attorney or other incapacity documents. Dad died shortly after our conversation and we are probating his assets, among other matters, while dad could have just gone to see an attorney and saved his family a lot of grief, heartache and money with going to a good attorney for his estate plan.

This is the point - your life, your family, your wishes are all too important to leave to chance, so you should see an attorney to help make sure your wishes are followed. Estate planning is difficult enough as there are many things that can go wrong, but leaving things to chance and not seeking professional advice in order to save money just should not be a priority.  Your end-of-life wishes, and your family, are just too important to take the cheap way out to avoid attorneys.

Want to learn more about creating a good estate plan?

Come to one of my free monthly seminars to learn more!  Follow this link to learn more and register to attend our no-obligation seminar.

Download my Free Book!

Besides my free monthly seminar, I also wrote a book, the Top 20 Ways to Protect Your Florida Estate. Download your free copy today!

If you just moved to Florida and have estate planning documents done in another state, the documents themselves may be valid, but you would want to have a Florida attorney review the documents to make sure.

Florida law says that if your estate planning document was valid in your original state, it will be valid in Florida. This is due to the full faith and credit clause of the United States Constitution. So your existing document is "valid", but will it be as "good" as it should be?  Mileage will vary, but your out-of-state estate planning documents could likely be updated to make sure:

• Applicable Homestead laws are correct - these rules are very Florida specific
• Durable powers of attorney are very state specific, so it should likely be updated. If you became incapacitated, you would not want to rely upon an out-of-state power of attorney, under most circumstances
• Advance directives (your health care surrogate and living will) are fairly state specific, so they would likely need updating
• Revocable living trusts are generally interpreted according to their state of origin, so it would likely need to be changed to correspond with Florida law

One of the first things we think about is that most of the time, most of us procrastinate making changes to estate planning documents, so it is likely that your estate planning documents are old and need to be updated, regardless.

The point to all of this is that your documents are likely valid, but a good estate planning/elder law attorney should review them to make sure you and your family should rely upon them.

If you want to learn more about your Florida estate plan, you are welcome to download our free book on Florida estate planning.

If you live in the area, we invite you to attend one of our free monthly seminars on estate planning.

A health care proxy is used in Florida when someone is incapacitated and has not created a designation of health care surrogate or the designated surrogate is unable or unwilling to act. The health care proxy statute provides the legal ability for the family and others to take over someone's health decisions if the incapacitated person is unable to make health care decisions themselves. When an estate planning attorney (like us) helps with incapacity planning, we always do the appropriate advance directives, which includes the living will and health care surrogate designation. If someone fails to correctly plan ahead for their incapacity, the Florida proxy law provides an orderly determination for who will make the incapacitated person's health care decisions.

The Florida Health Care Proxy statute provides the order of people who can make decisions for the incapacitated person who does not have a capable health care surrogate as follows:

(a) The judicially appointed guardian of the patient or the guardian advocate of the person having a developmental disability as defined in s. 393.063, who has been authorized to consent to medical treatment, if such guardian has previously been appointed; however, this paragraph shall not be construed to require such appointment before a treatment decision can be made under this subsection;
(b) The patient’s spouse;
(c) An adult child of the patient, or if the patient has more than one adult child, a majority of the adult children who are reasonably available for consultation;
(d) A parent of the patient;
(e) The adult sibling of the patient or, if the patient has more than one sibling, a majority of the adult siblings who are reasonably available for consultation;
(f) An adult relative of the patient who has exhibited special care and concern for the patient and who has maintained regular contact with the patient and who is familiar with the patient’s activities, health, and religious or moral beliefs; or
(g) A close friend of the patient.

Example: Mom has not done correct planning with her advance directives and she has a stroke and cannot make her own healthcare decisions. She is not married and has 3 children.  Florida law provides that her three (3) children are her health care proxy, and that the majority decision on mom's health care will rule.

The Florida Department of Children and Families (DCF) has a health care proxy acceptance affidavit (download the form for free here - note that this is a direct download and your web browser may block it), which can be very helpful for those seeking to help take over the health decisions (defined below) of their incapacitated loved ones. Of course, good estate and incapacity planning tries to avoid the health care proxy but if your loved one becomes incapacitated and a health care surrogate was not created, you can follow this statute and download the DCF affidavit (above) to help your family member.

In the day and age of the coronavirus and COVID-19, many more people may become incapacitated without advance preparation, so this form may be useful.

How is it determined that someone is incapacitated?

You are incapacitated/incompetent to make your own health care decisions when you lack the ability to provide informed consent.  Informed consent means consent voluntarily given by a person after a sufficient explanation and disclosure of the subject matter involved to enable that person to have a general understanding of the treatment or procedure and the medically acceptable alternatives, including the substantial risks and hazards inherent in the proposed treatment or procedures, and to make a knowing health care decision without coercion or undue influence.

What powers does a health care proxy have?

Florida Statutes gives the proxy the power to make the incapacitated person's health care decisions, listed as follows, which includes the power to provide:

• Informed consent, refusal of consent, or withdrawal of consent to any and all health care, including life-prolonging procedures and mental health treatment, unless otherwise stated in the advance directives.
• The decision to apply for private, public, government, or veterans’ benefits to defray the cost of health care [such as Medicaid].
• The right of access to health information of the principal reasonably necessary for a health care surrogate or proxy to make decisions involving health care and to apply for benefits.
• The decision to make an anatomical gift pursuant to Florida Statutes.

Please note that while the proxy can apply for Medicaid benefits on the incapacitated person's behalf, the proxy does not give someone the ability to access someone's bank accounts or make other financial or legal decisions.

What about financial decisions?

A health care proxy (or designation of healthcare surrogate) does not give the ability for the family to make financial decisions, which includes banking, bill paying, legal matters and more. If the person needing help is competent, then he or she should do a durable power of attorney with a good elder law attorney. If the person is incapacitated and family member needs to assist them with bill paying, financial matters and other legal aspects, then someone may need to petition for a guardianship in order to help make the legal and financial decisions. The guardianship process can also take away the incapacitated person's rights, which may be necessary when someone has dementia and does not recognize their own incapacity.

What if someone is incapacitated but not accepting their incapacity?

In this event, it is possible that a guardianship will be necessary to help manage the incapacitated person's affairs. A Florida guardianship means that a court takes away the incapacitated person's right to make their own decisions.

If you want to learn more about estate planning in Florida, please feel freed to download a copy of my book, The Top 20 Ways to Protect Your Florida Estate.

Further, you may also want to read:

• How Estate Planning can Prevent a Guardianship
• The Florida Elder Exploitation Injunction
• When would I need a guardianship in Florida for my elder?

 

Florida law permits the use of a “separate writing” to dispose of certain items of personal property part of your last will and testament. Here are some common questions and answers that may assist your family from arguing over certain items upon your death, all in a simple and efficient manner.

Why use a Separate Writing in my Estate Plan?

A separate writing is best used to make sure certain tangible items go to certain people who may otherwise argue over who receives what. This allows you to make small changes to your estate without going to your attorney for items of personal property.

How do I use a Separate Writing?

If your will or trust authorizes a separate writing, you can create a list of certain property to be distributed to named beneficiaries. The writing must be signed and dated but it is not witnessed or notarized. You should describe the item with specific clarity.

What is covered with a separate writing?

Your separate writing covers antiques, furniture, jewelry and more, but specifically excludes gifts of cash, stocks, and bonds. If you think your heirs may argue over the property, or if you promised a specific item to that person, you would write it down on a separate sheet, which is then legally binding.

Where should I keep the separate writing?

Keep it attached to your will or in your estate binder so that your heirs could easily find it upon your death. 

Learn more about Florida Estate Planning

Good estate planning means more than just will, trusts and incapacity planning, but also trying to avoid arguments or hurt feelings with your loved ones. If you want to learn more about estate planning, join us for one of our free monthly seminars. 

 

In Florida, like in all states, the power of attorney ends when the principal/grantor dies.  A durable power of attorney is a useful document that gives your agent the power to help manage someone's legal and financial affairs during their lifetimes. When the principal/grantor dies, the power of attorney ends.  This may mean that the decedent's estate/probate takes over or a number of other possibilities. 

The next question: who is in charge upon death? This may mean that the decedent's personal representative/executor would then take over. This may mean that the probate process would then take over. If the decedent had a revocable living trust, the successor trustee takes over and manages the decedent's affairs.  You may need legal help with this part of the process, or at least a consultation with a good probate attorney.

You can learn more about the probate process with our free handout: Navigating the Florida Probate Process

If you are concerned about the effects of probate upon your death, you may want to establish a revocable living trust for you and your family's benefit.

The thought of losing control over a home or business can be a great worry to most people, especially after they've invested so much of their time and effort into building their legacy. While it's possible to pass everything on to your loved ones, there are several precautions you'll need to take along the way—especially if your estate plan has been left open to technicalities that can rob your heirs of their inheritances.

Provisions for the Future

In order to make sure the correct beneficiaries inherit and that your property is divided according to your wishes, your attorney should make the proper additions to your estate plan during your lifetime. Depending on your goals, these provisions may include:

Financial Matters

While most attorneys merely create the financial framework for their clients, the experts at DeLoach and Hofstra help clients fund their estate plans with IRAs, 401ks, and transferring assets into trusts. We also advise you on the best use of revocable and irrevocable trusts, IRA trusts and special needs trusts to make the transmission of your holdings as painless and accurate as possible.

Reviewing Beneficiaries

The beneficiaries you choose to inherit your property will vary over the course of your lifetime, and the provisions you make for your relatives may change as you get older. Children who have come of age may no longer need the trusts that you established for them, while former spouses may still collect on your life insurance policies if their names haven't been removed. We can help you select the beneficiaries who are most likely to adhere to your wishes.

Notating Gifts and Loans

If one of your children, dependents, or beneficiaries has taken a loan from you, it may be worth notating it in your estate plan. An unpaid loan at the time of death may affect the amount each person inherits; while classifying the loan as a gift may carry tax implications.

Avoiding Conflict

Anticipating and avoiding common sources of conflict during inheritance helps keep family members together as grief and tensions run high. Clearly outlining the manner of your funeral arrangements and interment in advance—and notifying affected parties while you are alive—can go a long way toward preventing disruptions later. We include funeral wishes as part of our estate planning binder.

Division of Personal Property

In addition to carefully choosing the people who will inherit your holdings, our estate planning binder contains separate lists to name who should inherit your cherished personal property. These items may be called into question if they're not signed and dated, or do not contain enough detail to fully describe each item.

Frequent Updates

Unlike other attorneys, the experts at DeLoach, Hofstra & Cavonis offer a review of your estate plan every five years to make sure your estate plan is current and your wishes will be followed. As part of this process, we can review the designations in your healthcare directives, decide who to designate as power of attorney, remove deceased inheritors, and add provisions for new inheritors, such as new spouses or children born after the previous estate plan was established.

The provisions enforced in an estate plan are final, and you won't be able to apologize or explain any of your choices to avoid hurt feelings after your passing. However, failing to make an estate plan in order to avoid potential negativity often creates more problems than it solves, and forces loved ones to deal with court battles and family arguments while they're trying to grieve. A thorough estate plan tells your loved ones they are special to you, and allows you to be remembered in the way that would please you most.

We Help You Maintain Control of Your Florida Estate Plan

The best way to avoid surprises and learn your best options is to prepare your plan with an experienced estate planning and elder law attorney. Use the convenient contact form on this page to schedule a consultation to speak to an attorney about the best way to protect your future wishes.

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