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    • Coral Gables Florida Estate Planning Attorneys

    Protecting your assets, your loved ones, and even yourself requires a well-thought out and comprehensive estate plan. A Last Will and Testament may initially serve as the foundation of that estate plan. At some point, however, you may choose to add a trust as your primary method of distributing estate assets or to accomplish additional estate planning goals. The Wills and trusts attorneys at Stivers Law are committed to help you create an estate plan that is tailored to your unique goals and objectives.

        • A Last Will and Testament is a legal document that is used to express an individual’s wishes regarding his/her estate assets and what should be done with them upon the Testator’s (creator of the Will) death. Gifts made in a Will may be general (such as “half my estate”) or specific (such as “my art collection”) and may be made to an unlimited number of beneficiaries. A Will also offers the parents of minor children the only official opportunity to nominate a Guardian for the minor children should one ever be needed.

        • Despite what many people believe, you cannot be too young (as long as you are an adult) or too poor to benefit from a Will. Every adult can benefit from creating a Will regardless of age, marital status, or net worth. At a bare minimum, executing a Will ensures that the State of Florida will not determine what happens to your estate assets if something happens to you. It can also help avoid disputes among your family after you are gone.

        • When a decedent dies without a valid Will (or trust) in place the estate is referred to as an “intestate” estate. If you are a resident of Florida and you die intestate, the State of Florida decides how your estate assets are distributed using the Florida intestate succession laws. Usually, this means that only close relatives will inherit from the estate. Dying without a Will also means you give up the ability to decide who administers your estate.

        • The person you appointed as Executor of your Will submits the original Will to the appropriate court for probate shortly after your death. The Executor also notifies beneficiaries and heirs as well as creditors that probate is underway. Creditor claims are reviewed and paid if approved. Any federal (and/or state if applicable) gift and estate taxes due must also be paid. At the end of the probate process, the terms of your Will are used to determine how the assets remaining in your estate are distributed.

        • At its most basic, trust is a relationship whereby property is held by one party for the benefit of another (or others). Trusts are broadly divided into living trusts and testamentary trusts with the former activating during the lifetime of the Settlor (the creator of the trust) and the latter typically being activated at the time of the Settlor’s death by a provision in the Settlor’s Will. Living trusts can be revocable or irrevocable.

        • Although your Last Will and Testament may always be the foundation of your estate plan, you may eventually choose to use a trust as your primary asset distribution method. Whether you want to use a Will or a trust to distribute your estate is something that can truly only be decided after consulting with an experienced estate planning attorney; however, there are some common considerations when deciding whether a Will or a trust should be used. If your estate is small enough to qualify for small estate administration, and you do not have minor children (nor plan to have any), a simple Will may suffice for distributing your assets. If, however, your estate is large enough that you need to plan for avoiding probate and/or you have minor children who will inherit from your estate, a trust may be a better choice for distributing your estate assets.

        • Trusts can help further a wide range of estate planning goals which is why trusts are so often found in an estate plan. Among the numerous and varied estate planning goals that can be furthered using a trust are:

          • Incapacity avoidance
          • Medicaid planning
          • Probate avoidance
          • Tax planning
          • Protecting the inheritance of a minor child
          • Asset protection
          • Pet planning
          • Special needs planning
          • Charitable gifting
          • Funeral planning
          • Blended family planning

        • People often make the mistake of thinking they can save time and money by using a “DIY” Will or trust agreement form found on the internet. Unfortunately, you are more likely to cost your beneficiaries and heirs time and money during probate if you go the DIY route. DIY forms are notorious for having errors and omissions that lead to litigation during the probate of an estate. Given the importance of your estate plan, working with an experienced attorney is advisable.

        • One of the most common misperceptions people have about estate planning in general is that it is not necessary unless you own substantial assets. Every adult, however, should have at least a basic estate plan consisting of a Will or trust in place. There are several important reasons to have an estate plan that are unrelated to the monetary value of your assets. The assets you do own likely mean something to you. Some may even be family heirlooms that you want passed down to specific people. Without an estate plan in place, the state intestate succession laws will decide how your assets are distributed if you die unexpectedly. Not only does that mean you will not get to decide who receives which assets, but it typically means that only a spouse and/or close relatives will inherit from your estate. More distant family members, such as nieces and nephews, lifelong friends, and charities that are close to your heart will receive nothing from your estate. Dying intestate (without a Will or trust) also means you miss out on the opportunity to decide who oversees the probate of your estate and nominate a guardian for your minor children if you have any. These are just a few of the reasons why every adult should have at least a Will or trust in place.

        • A Last Will and Testament is a legal document that allows the Testator (the person creating the document) to direct the distribution of his/her assets after death. You can make specific or general bequests in your Will. For example, you make a specific bequest of your coin collection to your favorite niece or make a general bequest of half your estate assets to your best friend.

          In addition, a Will allows the Testator to appoint an Executor to oversee the administration of his/her estate after death. Your Executor is responsible for administering your estate during the legal process known as “probate.” If you fail to appoint an Executor, a judge may be forced to appoint someone not of your choosing.

          Finally, your Will provides the only official opportunity you have to nominate a legal guardian for your minor children in case one is ever needed.

        • A trust is a legal arrangement that allows you to appoint someone (the “Trustee”) to manage and protect assets intended to benefit beneficiaries. A trust is created using a trust agreement and the terms of that agreement govern how the trust is administered, including the distribution of rust assets to beneficiaries. At some point, you may decide to use a trust as the primary method by which your estate assets are distributed after your death. While a trust can offer numerous additional benefits, the most common reasons for using a trust to distribute your assets include:

          • Probate avoidance.  Unlike the assets distributed via your Will, trust assets are not required to go through probate. As such, trust assets can usually be distributed much faster and at less cost than those distributed in a Will.
          • Protecting assets intended for minor children. If you have minor children, you undoubtedly want to provide for them in your estate plan. Your minor children, however, cannot inherit directly from your estate. A trust provides the legal framework needed to protect your children’s inheritance until they reach adulthood and allows you to decide who will manage the assets intended for your children.
          • Incapacity planning. The terms of your Will only become relevant after your death. A trust, however, can protect you and your assets if you ever become incapacitated. In fact, a properly drafted trust can automatically and seamlessly transfer control of important assets to a spouse, parent, or someone else of your choosing should you suffer a period of incapacity.
          • Staggering an inheritance. If you are hesitant to hand a lump sum inheritance to a beneficiary for any reason, a trust offers an excellent solution. Using the trust terms, you can stagger the distribution of the assets to the beneficiary over a span of months or years.

    Contact Us

    The Wills and trusts attorneys at Stivers Law can help you get started with your Last Will and Testament or trust agreement to ensure that you, your loved ones, and your assets are protected.  Contact our office today by calling (305) 456-3255 or fill out our online contact form.

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