NFL star Jason Pierre-Paul of the New York Giants made headlines this year when he blew off part of his hand during a firework accident. Pierre-Paul went from celebrating a Super Bowl win to wondering if he will remain unsigned and without a career. While he may have lost some fingers and quite possibly his career, at least he didn’t lose his life.
This incident is a reminder of just how unpredictable life can be. Just like Pierre- Paul, you too have worked hard to accumulate your wealth. Now is the time to put in the extra work to protect all that you have worked for. A South Florida Estate Plan is the best way to ensure that you are prepared and your loved ones are protected.
What you need to be protected:
A Living Trust- A trust based plan is the most favorable estate planning option. Unlike a will, a living trust is not subject to probate and remains private upon death. Probate, the process of proving a will, is required by law and is a costly process that can take anywhere from 6 months to over a year. By creating a trust, your assets will be distributed timely and in the manner that you choose. By choosing the trust you are also choosing to provide maximum protection for both you and your family. Your assets will be protected from possible creditors, litigation and divorce. Other important documents that will be included in your trust based plan include the following:
Last Will & Testament– Here is where you can specify any last wishes, direct any specific assets to beneficiaries and name the individual you want to be the legal guardian for any minor children.
Assignment of Property- By including this document, you can rest assured that all of your property is properly transferred to your trust and that nothing is left behind or subject to probate.
Durable Power of Attorney- Should you ever become hospitalized, disabled or otherwise incapacitated, this written authorization will allow the individual of your choosing to make financial and legal decisions on your behalf.
Living Will &Healthcare Surrogate- With these documents you are able to outline important healthcare decisions in advance. For example, deciding which individual will be appointed to make healthcare decisions on your behalf should you be unable to make them for yourself.
Don’t risk losing the wealth you’ve accumulated, protect it. With a living trust you can worry less because your wealth is safe! To learn more about estate planning, probate and asset protection, visit our website at www.wfplaw.com or call 954-944-2855 to schedule your free consultation.