WILLS, TRUSTS & ESTATE PLANNING

Let’s be honest.  In the grand scheme of things, most people have no desire to think about estate planning.  And, if they’ve thought about it, they’re either very apprehensive about talking about estate planning or don’t think they need any kind of estate planning at all. This is very understandable…and more common than you’d think.

What is Florida estate planning anyway? Do you really need an estate plan? Do you even have (gulp) an “estate”?

In a nutshell, estate planning is a process where a person specifies his or her wishes on what happens to his or her “stuff” when they die, who is to manage, administer, or transfer their “stuff” when they die, and who they want to handle their personal and business matters if they are no longer able to handle themselves.  Estate planning is about control – giving you the power to direct the who, what, where, when, why, and how.

Unfortunately, most people don’t realize is that if they don’t have a Florida estate plan (no matter the size of one’s estate), Florida law says where their assets go on death and who is in charge of handling this. This is known as “intestate succession”. Even more worrisome to many clients is who would be able to take care of them in the event of incapacity (for whatever reason), including their health care matters.

So many people are under the impression that they “don’t really have a lot of stuff” or “I don’t have an estate”.  It doesn’t matter what or how much you have; everyone, on death, has an “estate”.  Whether it’s a multimillion-dollar estate consisting of a wide variety of assets or a smaller estate consisting of a primary residence and personal property, it’s important to discuss and consider where you want these to go and who you want to make sure it happens.  And, don’t forget, estate planning also involves planning for incapacity during lifetime.

By having an experienced Florida estate planning attorney prepare a comprehensive estate plan (regardless of the size of the client’s estate) along with a team of professionals (including CPAs and financial advisors), the client can be comfortable knowing that he or she has put their wishes in writing as to what they want to happen at death or want to happen in the event they become incapacitated.

If you already have a Florida estate plan in place, it is still advisable to have a Florida estate planning attorney routinely review your estate plan, especially if there have been any major changes since your last estate plan was implemented (i.e., birth of children and grandchildren, and marriage). At The Silverman Law Firm, we strive to make the entire estate planning experience as comfortable as possible by providing timely and compassionate service and advice.