Many people do not realize the importance of proper estate planning until someone they know dies without a will or any estate plan. In such a scenario, the decedent’s estate is a mess because there is no way to determine the person’s actual wishes as to how his or her assets or property were to be distributed upon his or her death.
The decedent may have had completely different wishes than most other people when it comes what he or she wanted done, but without a will or other estate planning, that intention could not become a reality upon the decedent’s passing.
Instead, the decedent’s assets are instead distributed according to a statutory scheme that was devised and passed by the Florida Legislature. This makes it all the more important that you have a proper estate plan in place should something untoward occur to you.
Experienced Boca Raton attorney Max Paul of the Law Offices of Max J. Paul is well-versed in taking your estate planning goals and turning them into a reality that will accomplish your objectives.
Max will meet with you to discuss what your objectives are and then create an estate plan customized around those goals. This likely will involve some combination of the use of trusts, your will, and/or a power of attorney to ensure that all of your wants and needs are appropriately accomplished.
It is important to review your estate plan frequently with an attorney because it’s necessary to keep up-to-date on the latest developments to ensure your current estate plan satisfies your needs and goals. Whether you are considering an estate plan for the first time or revisiting estate planning documents, do not hesitate to get in touch with us.
Contact or call us at 561-807-1977 for a free consultation.
Trusts
A trust is a legal arrangement pursuant to which ownership of a particular asset or piece of property is transferred from its owner to a separate legal entity.
It is a very efficient means of estate planning for (i) avoid having to go through the probate process and ensuring a smooth transition to whomever will have or hold the asset upon the grantor’s (the property owner’s) death and (ii) avoid estate taxes.
There are multiple kinds of trusts available under Florida law, all with different features and different purposes. Experienced estate planning attorney Max J. Paul can discuss with you whether a trust is right for you in your particular situation and then take the necessary steps to create a legally enforceable trust.
Wills
It is simply essential that every person have a will. Otherwise, if you die intestate (i.e. without a will), then your assets will be distributed according to a statutory scheme that the State of Florida has set up and decided will govern in Florida for state residents that die without a will.
However, you may not have wanted all of your assets to go to a certain family member or you may simply want a different distribution of your assets.
Having a properly prepared, valid will ensures that, even when you have passed away, your wishes regarding the disposition of your property or assets, the custody of your children, and your final wishes will be respected.
A will is also the opportunity to provide for what you want to occur if you have pets or if you have particular wishes related to who will care for your children or your pets. A will is also the place where you can provide for particular charitable bequests or donations.
Attorney Max J. Paul has prepared dozens of wills and works with his clients to thoroughly understand their wishes upon their death and to ensure that they have a will that reflects exactly what that client’s wishes are.
Power of Attorney
A power of attorney is a legal document that allows someone else to act on your behalf. Powers of attorney are an important estate planning tool because they allow a trusted family member or friend to act for you in whatever capacity you choose, whether it be to manage your finances, to make your important medical decisions if for some reason you are unable to do so, or otherwise to act for you.
Powers of attorney are particularly important for ensuring that, if you are incapacitated by illness or otherwise not able to make decisions for yourself, then there is someone empowered to make decisions on your behalf.
Powers of attorney have their place in everyone’s estate plan and experienced Boca Raton estate planning attorney Max Paul can explain to you if a power of attorney is appropriate in your situation, why, and then prepare the appropriate document.
