Wills, Trusts, Probate, Guardianship

Wills

A Legal Will, or your last will & testament as some like to call it, provides for the distribution of your assets after your death as directed in the Will. Without a Florida Will your assets will be distributed in accordance with the Florida Statutes (Intestate). These statutes could distribute your assets to individuals unknown to you.

In the event of the death of both parents, a will can state your preference for the appointment of the guardian for your minor children. A will is inexpensive and will ensure that your assets will be distributed to the people or organizations designated by you.

Trusts

INTER VIVOS and TESTAMENTARY - Trusts are generally divided into two distinct classes: Inter Vivos ( living trust ), which can be a revocable trust or an irrevocable trust; and Testamentary trusts ( By Will ). The type of Trust created depends on the individual needs of the client.

I ensure that the procedures and cost of a trust are explained in detail so that you may choose the type of trust that will best accomplish your needs. There is no TAX ADVANTAGE (State or Federal) for a properly drawn Trust over a properly drawn Will.

Trusts are generally for individuals who do not or cannot administer their financial affairs in later life, or do not have children or friends who can help them. Testamentary Trusts are set up within a will and generally provide for family members in case of the unexpected death of both parents. A Living Trust may accomplish the same result as a Testamentary Trust.

* Get the facts about the differences between a Will and a Revocable Living Trust!

Probate

Probate is the process by which a decedent's Will is administered through the Florida Probate Court. The Personal Representative appointed by the court, usually designated under the Will, distributes the decedent's property as the Will specifies, after the payment of creditors claims, fees and expenses of probate, debts, and taxes if any to the beneficiaries named in the Will.

The Probate Court can also make a Determination of Homestead. This can result in the Distribution of assets to the decedents spouse and children free from creditor's claims.

Guardianships

Guardianships are either for the PERSON or PROPERTY. They can be Plenary or Limited. These court proceedings are totally created and regulated by the Florida Statutes. Guardianships are used when individuals are incapable of managing their affairs

The necessity for a guardianship may be due to advanced age, an accident, or other causes, but the final result is that an individual's assets are protected under court supervision. These assets may then only be used for the benefit of the incapacitated person. Guardianships can sometimes be AVOIDED by a properly executed STATUTORY POWER OF ATTORNEY.