The University of Miami took planning ahead to an entirely new level this weekend by beginning the recruiting process of a 9-year-old point guard. While a lot can happen in the nine years before the Downey Christian School star makes her college decision (who knows if she will even want to play basketball by then?), Miami is showing foresight in looking forward to the future. Just as the school will be benefit from its forethought, so will you by having a proper estate plan in place. Currently, less than half of all Florida residents have an estate plan, yet the death rate in Florida has held steady at 100%. Regardless of age or health, it is never too early to start planning ahead because you never know what the future will bring.

A proper estate plan will answer three key questions: what are your assets? Where are they going? How will they get there? These questions are simple but the answer can be quite complicated. While a will is effective in transferring property at death, your estate would then have to be probated, a long process that delays your loved ones receiving their property. A devise from a will also removes any control you would have beyond the initial bequest. For example, once you give an asset to your child, you would not be able to determine if it goes to your grandchildren or to someone else; your child would have complete discretion. However, if you were to use a trust based estate plan, you would both retain control and avoid probate. Trusts also have the added benefit of asset protection from creditors. A trust based plan can be used to satisfy your estate planning goals, making sure that your loved ones are taken care of in all situations.

Whether you choose a will based plan or a trust based plan, your planning should also include a power of attorney, health care surrogates, and HIPAA releases. These planning tools may be overlooked, but their importance can not be overstated. The power of attorney and designation of a healthcare surrogate will allow important healthcare and financial decisions to be made for you in the event of incapacity or death, while the HIPAA release will make sure your healthcare surrogate will have access to whatever he or she needs to make informed decisions. By planning for the future and using these various techniques, your family will hopefully be protected creditors and other hassles when the time comes. Get ahead of the other 50% of Florida resident and get an estate plan now. It’s never too early to plan ahead.

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?SM