Civilized Will Preparation in South Florida

In South Florida, something as personal a preparing a will often turns into a battle of wills for too many couples and families.  The creation or updating of an estate plan necessitates the contemplation of money, death and extended family.  These are topics that can cause fighting in even the strongest of families. To avoid any conflict with your partner or spouse over the planning of your estate, here are a few tips to following when discussing the subject.

Try not to be too critical of your partner’s family members. Many fights that arise over the drafting of a will arise out of perceived attacks on relatives rather than which relative will receive what after the testator dies.  If you have strong feelings that one particular relative should be left out of your will or you disagree with your partner’s choice of South Florida executor, you need to be very diplomatic and describe your position without speaking negatively about the specific relative.  For example, you may explain that you wish to give a particular relative less than an equal share of your estate because other descendants need the money more or will put it to better use.  Be sure not to tell your partner that you believe this person does not deserve the money, even if they really don’t.  You should explain that you are not disagreeing with your partner’s choice of executor or trustee because there is something wrong with this person (even if there is), but because you think that there is someone else even better equipped to handle the task.

Propose compromises rather than arguing for one side or the other. There is a greater likelihood of fights occurring when one partner or spouse feels like his or her voice is not being heard by the other.  One preemptive solution to this problem is to listen to your partner’s positions and look for some kind of middle ground, even if you completely disagree with their decision.  For instance, if you disagree about how to break up the estate among relatives due to some of the relatives being less deserving than others, you may leave this less-than-worthy descendant a family heirloom of sentimental value, even if it has very little financial value.  Another solution could be to establish a South Florida charitable trust that provides for the family as one partner wishes but later donates whatever remains to charity, as the other wishes.

Another possible compromise with re-married couples might involve giving a small percentage of the estate to a partner’s children from a former marriage rather than shut these descendants out entirely.  It might also be a good idea to include a statement in your will explaining that the descendants who received less are no less loved.  If you and your partner or spouse cannot agree on a South Florida executor for your will, you might each name your ideal candidate for executor and make them co-executors rather than selecting one over the other or even name a mutual friend or a South Florida bank as executor rather than argue over which family member to select.

Discuss any issues that are potential landmines with your partner or spouse before meeting with your estate planning attorney. Visiting your South Florida estate planning attorney just so you and your partner can argue in front of him will increase everyone’s tension level and waste your time and the attorney’s time.  Instead of waiting to discuss these situations at the attorney’s office, you should set up a time to sit down with your spouse or partner before the meeting and discuss who should be executor, who should be responsible for any minor children, and who should receive what from each of your estates.  Even if you cannot compromise on every issue, this pre-meeting discussion will allow you to clearly and calmly discuss any disagreements with your attorney at the free consultation.  At that time, he may be able to offer some acceptable solutions.

Discuss each of your goals and come up with one primary objective. What do you and your partner most want your will to accomplish?  If you can agree on one primary objective, you will be less likely to bicker over the smaller details.  If you have minor children, you and your spouse can likely agree that the primary goal of your will is to ensure that the children are taken care of.  Both spouses will be mainly concerned that the children are raised properly.  If your partner protests that giving one of your family members custody of the children will anger or disappoint members of their family, simply remind your partner of the primary goal and explain why living with your choice of guardian would be in the best interests of the children.

Remember to continuously use the term “for now.” You and your partner should have your estate plans revised every time there is a change in your family or in the estate tax law.  Your will can and will be amended in the future.  Reminding your spouse or partner that the decisions made today are not necessarily permanent can remove some of the emotion from the discussion.  For example, if your partner wishes to make her sister the guardian of the children but you would prefer them being raised by your brother because he is married and she is single, you can assure your spouse that the topic can be revisited should her sister get married.

For more information on successfully discussing your estate plan with your partner or spouse, please contact the South Florida estate planning attorneys of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com.  Let us protect what you value most.

Estate Planning Information for Cohabitating Unmarried Couples

Living together while remaining unmarried has never been more popular. Over 6.4 million opposite-sex unmarried couples currently live together.  This translates into 12.8 million people. There are an additional 750,000 same-sex unmarried couples in the United States which translates to an additional 1.5 million people. This is a whopping 92% increase since 1990. Over half of all unmarried households have children. If you are part of a cohabitating unmarried couple, it may be comforting to know that you have plenty of company. However, this doesn’t mean that you can ignore how the law affects your relationship. Here are some tools that unmarried and same-sex couples can use to avoid the “grave” danger of intestacy.

Domestic Partnership Agreements: Domestic partnership agreements set out the parameters of a relationship and specify the rights and responsibilities of each partner. They are similar to prenuptial agreements and are well-advised for unmarried couples who live together, be they same-sex or opposite sex.

Last Will and Testament: When you die without a formal will, the state of Florida will provide a will for you and distribute your assets as they see fit. This is known as “intestate succession” and it provides the least amount of protection to your family. Same-sex or unmarried couples are not recognized by Florida intestacy statutes. Thus, upon your death, your partner will have no rights to your estate. The chance for a will contest may be greater in same sex and unmarried relationships, as family members may not understand the choices you have made.

Revocable Living Trust: A living trust may be a good option for same-sex or unmarried couples, due to its private and expeditious nature. A living trust also helps to avoid probate in multiple venues if you own property in more than one state. A living trust can hold both individual and shared property and goes into effect as soon it is funded. In a revocable trust, you (as the “grantor”) retain control over the trust and its assets while you are alive. If you do not wish for creditors to access the trust assets, an irrevocable trust is a better option. A pour over can supplement a living trust and should be used to distribute any property not previously placed into the trust.

Durable Power of Attorney: A power of attorney for legal or financial matters allows you to appoint your partner to manage your affairs, should you become unable to do so. It is also helpful as evidence of your testamentary intentions and the nature of the relationship, in the event of a will contest.

Living Will and Health Care Surrogate: A living will specifies your wishes for medical care and artificial life support. Without specifically declining artificial life support through a properly executed living will, the hospital must keep you alive by any means necessary, no matter how much it costs or what your true desire is. A health care surrogate designation should accompany the living will because it appoints someone to make medical decisions on your behalf in the event that you are unable to communicate your wishes and specifies your wishes regarding artificial nourishment. It is crucial to have the health care surrogate in place because your partner will have no legal rights regarding your care without one.

Joint Tenancy: Same sex and unmarried couples can benefit from owning real estate together as joint tenants with rights of survivorship, which means that when one partner dies the other can take sole ownership of the property even without a will. This designation can avoid estate taxes, capital gains taxes, gift taxes, and probate.

For more information about the legal rights and protections of unmarried couples, please contact the estate planning attorneys of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com.  Let us protect what you value most.

Since it is important for children to remain close with extended family, both parents should be flexible enough with the schedule as to accommodate visiting out-of-town family. If one parent’s extended family has flown in for the holidays, the other parent can agree to relax time-sharing. While grandparents have no inherent rights regarding time-sharing, if they are in town, families can coordinate with one another regarding holiday time-sharing.

It’s also important to discuss any travel plans each parent might want to set during the children’s Winter break.  It’s also alright for one parent to make travel plans without the children providing that the other parent understands that they will be caring for the children during that time, or other arrangements are made and agreed upon.

If the relationship between you and your ex-spouse is strong enough, you can even choose to celebrate the holidays with one another and the children.  This would be ideal for the children as they will be able to observe or maintain traditions important to them.  Try not to ruin the holidays for them with unnecessary shuffling back and forth or tension between parties. Be flexible and try to have fun.  Keep the F’s to food, football, fun, and family and save the other F’s for another time and place.

As with any other transaction of importance, it is always recommended that you seek the advice and care of an attorney when creating and implementing your estate plan but either out of laziness or financial inability, many Floridians are still failing to plan for the protection of their assets.  If you should fail to retain an estate planning attorney to work with you on your asset protection plan, at least follow the eight steps below and assure that your family isn’t left with nothing but a large pile of debt.  As the old adage goes, if you fail to plan, you are in actuality planning to fail.

Step 1 – Sign a financial power of attorney.

Step 2 – Designate a health care surrogate.

Step 3 – Calculate your net worth.

Step 4 – Review your beneficiaries.

Step 5 – Write a will, or update the one you have.

Step 6 – Plan for state estate taxes.

Step 7 – Title your assets correctly.

Step 8 – Donate, donate, donate.

While these eight steps will provide you with basic protection, for a true and complete asset protection plan, please contact your estate planning attorney and work together to create a plan for your future and the financial future of your family for generations to come.

Until January 1, 2010, our law firm will provide a complimentary will to any person who schedules a free consultation to discuss their asset protection plan.  Contact Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com.