While a properly drafted and executed Last Will and Testament may work to transfer assets to your heirs or beneficiaries, it probably will not resolve problems with probate avoidance, estate taxes, or ensuring your choices are respected in the event of incapacity. To fully protect your lasting legacy, a good estate planning attorney can show you how to:
- Transfer assets from your estate while maintaining the control and benefit of the assets during your lifetime, and at the same time avoiding or minimizing the burden and expense of probate;
- Reduce exposure to estate taxes by means of a revocable living trust;
- Make sure all your assets are transferred into your revocable living trust in order to avoid probate;
- Make sure that any missed assets are transferred into the living trust by means of the pour-over will upon your death (this should only be used in case of a missed or unknown asset, this should not be relied upon as a means on transferring assets into your trust because the pour-over Will must be probated in order to transfer the assets);
- Provide for the guardianship of minor children to avoid the need for a formal guardianship proceeding;
- Prepare a life insurance trust that can either serve as a means of transferring assets estate tax free upon death, or as a fund from which estate taxes can be paid if they cannot be avoided altogether;
- Set up a durable powers of attorney to designate a trusted individual to make financial decisions on your behalf in the event of incapacity (the need for this can all but be eliminated with the use of a fully funded revocable living trust);
- Create advance health care directives to cover medical decisions (health care surrogate and living will), outlining your preferences for medical treatment and life support under extreme and terminal conditions and organ donation;
- Give your beneficiaries asset protection for the assets you leave to them upon death;
- Provide for special-needs beneficiaries who will receive assets upon your death (this will ensure they do not forfeit their government benefits they are currently receiving);
- Give you options on how to leave assets to a charity upon your death;
- Allow you to provide for the care of pets you own upon your death;
- Give you options on how to pass your business to others upon your death or to prevent a surviving business partner from having to work with an unwanted partner; and
- Possibly most importantly, to give you peace of mind now because you know that your wishes will be fulfilled upon your passing.
To learn more about what a good Florida estate planning attorney can do for you, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. located in Jacksonville and Ponte Vedra Beach, Florida.
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