Hiring An Estate Planning Attorney In Tallahassee, FL
You are not alone if you do not have a will. Staggeringly, 2 out of 3 Americans do not have a will or other important estate planning documents.
Many people hesitate to contact a lawyer to learn about estate planning for three main reasons:
1) We think it will cost too much;
2) We are too busy; and
3) We don’t like to think about our own mortality.
What are questions you should consider when trying to decide whether or not to create a will or trust?
Estate planning involves a lot of documents, which your attorney will be able to help you with. In fact, most of the process of estate planning is the finalizing of legal documentation to manage and pass on property for your major life matters and moments. Anyone considering a will or trust needs to consider the following questions when creating your estate plan:
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What are my assets and what is their approximate value?
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What people or organizations do I want to have these assets -- and do I wish to give them away during my lifetime or after my death?
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Who should manage these assets during my lifetime if I become unable to do so, or after my death if management is needed?
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Who should be responsible for taking care of any minor or dependent children if I become unable to do so?
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Who should make decisions about my medical care and finances if I cannot make them?
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After I die, do I want my remains to be donated, cremated, scattered or buried?
FAQ: What is an "estate" in the eyes of the law?
Estate is defined as any and all property an individual owns, both outright and jointly--including bank accounts, real estate, stocks, bonds, vehicles, jewelry, retirement accounts, pets, musical instruments, paintings, boats, etc.
FAQ: What happens if I don't have a beneficiary for my assets?
If you do not have property documentation for your estate and assets, you will have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post publication at the county courthouse, to allow anyone to make a claim on your property. This can be extremely taxing on your family members and those who have property tied up in your assets.
2 out of 3 Americans are not prepared for the inevitable..
Your next question might be then...
What will factor in to MY estate plan?
What is Estate Planning?
By definition, estate planning is the process of specifying how an individual's assets should be managed during life and after their death.... estate meaning: money, property, and medical decisions, etc.
To learn whether or not you have 'enough' to qualify for needing an "estate plan" just ask yourself if you have anything in your possession, like a special guitar, or a family heirloom, that you want to land in the right hands, then you qualify for an estate plan! Contact us today!
What is a Living Will?
A Living Will is also known as a Health Care Directive or 'advance directive' - this is a document presented to medical staff to indicate whom is your trusted representative, spokesperson, or decision maker where your health is concerned.
A living will can be revoked at any time.
To establish a directive , a living will, or power of attorney, or to set up a free consultation with Adam today, click here to tell us your story.
What is a Trust?
Trusts are differently from wills in that they are legal arrangements that give either a person or a group of people the right to hold and manage specific assets. This is a much better way of protecting your estate.
You can make sure your money, property, and other possessions go directly to those that you wish to inherit them.
Not sure what you need? Adam will give you a free consultation and let you know what your situation is best suited for.
What Is A Health Care Directives?
A Health Care Directive document allows you to instruct healthcare providers about what life-prolonging treatments you do and don't want if you're no longer able to express yourself -- and to name someone to oversee your care to be sure those wishes are enforced, sometimes in a separate document called a 'durable power of attorney for health care.'
To establish a directive or power of attorney, or to set up a free consultation with Adam today, click here to tell us your story.
How Do I Create A Power Of Attorney?
Powers of attorneys can serve many purposes, but for this discussion, we will separate any needs outside of medical.
This document enables you to name a trusted person, called an "attorney" in fact, to handle your financial matters if you become unable to handle them on your own.
For medical powers of attorney, we will refer to these matters for "health care directives." See "What Is A Health Care Directive?"
What Is Probate Law?
According to the American Bar Association, 'Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries.'
Hiring an attorney is what of the most thorough ways to cover all aspects of the probate process. Adam Hubbell, estate probate attorney in Tallahassee Florida, is ready to get your affairs in order, and makes the process one that you need not avoid or dread.
Estate Planning Terms & Definitions
Legal & Terminology To Know
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Last Will & Testament- What you want to have happen to any property you designate as important to your estate (like heirlooms or keepsakes) or that have any monetary value.
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Living Will- "A written statement detailing a person's desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent, especially an advance directive." (1)
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Powers Of Attorney Over Finances- This gives an individual power to make decisions over your finances in the event
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Healthcare Directive- An individual that you name responsible for making health decisions if you become unable to do so (i.e. life support decisions)
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Trust- "A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries." (2)
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Revocable Trust- Also known as a living trust, a revocable trust can help assets pass outside of probate, yet allows you to retain control of the assets during your (the grantor's) lifetime. It is flexible and can be dissolved at any time, should your circumstances or intentions change. A revocable trust typically becomes irrevocable upon the death of the grantor. (3)
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Estate- Any property you own that you wish to bequeath to another person or beneficiary.
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Beneficiary- The person who receives the property detailed in the trust by the Trust creator.