Vero Beach Wills, Trusts & Estates Attorney

Estate planning is a complex process involving planning for all your assets, business concerns, and loved ones. Here is how hiring a Vero Beach wills, trusts & estates attorney can help you.

Often people think that “estate planning” just means making a will. That is one part of the process, but estate planning is a complex process that involves planning for all your assets, business concerns, and loved ones. In addition to the creation of a will, estate planning may also include a living will, a durable power of attorney for finances, a living will or health care advance directive, and sometimes the establishment of a trust. Your Florida estate lawyer can answer specific questions you have about your needs.

As most people know, a will allows you to decide how your assets will be distributed after you have passed on. In this document, you Florida estate lawyer can help you specify a guardian for minor children, as well as someone to manage any assets you plan to leave your minor children. You can also decide what happens to your business interests, such as ownership of a company, or shares of stock.

Living Wills

A living will allows you to decide who will make health care decisions in the event that you are unable to do so for yourself. This person will be authorized to speak with your physicians and make decisions about your care. Your living will may also include names and contact information for your doctors, your wishes regarding organ donation, and definitions of a terminal condition, end-stage condition, and persistent vegetative state. Additionally, you can include instructions about giving or withholding nutrition and hydration.

Types of Powers of Attorney

There are different kinds of powers of attorney. For instance, a durable power of attorney may be used to give another person the authority to act on your behalf. The authority given depends on the specifics of the document, and may be very limited or very broad. For example, you might give someone authority to vote your shares at a stockholders’ meeting, permission to manage all your business interests, or the right to manage your personal finances. You may designate different people to manage business and personal interests. The person granting authority is called the “principal,” and the person granted rights is called the “agent.”

A limited power of attorney grants the agent the right to conduct a specific act. For example, you could use a limited power of attorney to allow someone to sell property you own in another state. A general power of attorney usually gives the agent broad rights to make a wide variety of decisions on the principal’s behalf. However, a list of activities the agent is authorized to conduct must be included in the document.

Both limited and general powers of attorney are terminated if the principal becomes incapacitated unless they include special language to make them durable. Your Florida estate attorney can help you discern whether you are making a durable power of attorney.

Estate planning may also include setting up a trust and placing some assets in it—for example, bank accounts; valuables like jewelry, antiques, and paintings; and some business interests. In some circumstances, you may be able to place your home in a trust, but not always. Your estate lawyer can help you understand your options.

Trusts can be helpful for those with large estates, people who wish to help their beneficiaries avoid the probate process, or those who want their business interests to pass quickly into a successor’s hands.

Help with Estate Planning

If you have questions or concerns about estate planning or other Florida legal services, please contact Apfelbaum Law for a consultation.