You may have heard the term “basic.” What does it mean to be basic? If you like your pumpkin spice latte in a holiday cup or really anything mainstream or popular then you may be considered basic. Being basic isn’t always a bad thing and having an estate plan in place may mean your basic too – well, not really but it should because being prepared should be more popular. Unfortunately, the idea of estate planning doesn’t create the urgency to grab your phone for a quick selfie with your attorney and post to social media – but it should! Instead of feeling all doom and gloom about the topic try to imagine the peace of mind both you and your family will feel from this positive experience. Creating an estate plan should be at the top of everyone’s priority list because what can possibly be more important than planning for the future of yourself and your loved ones?
Whether your estate is large or modest, protecting it for future generations should be a priority. Estate Planning is the process of deciding during your life how your property will be handled should you become incapacitated or how the assets will be distributed after you pass away. The most popular estate planning tool for accomplishing this the Revocable Living Trust. By creating a revocable living trust to hold your assets you are preventing your family from being subjected to the stressful and lengthy process of Probate Administration. Instead, the assets will be distributed directly to the beneficiaries that you designate and according the terms of the trust that you created. You can choose a different individual to manage your child’s assets until they have reached an age of majority, or any age that you deem appropriate. The revocable living trust will also provide the beneficiaries with asset protection against any unsecured creditors they may encounter such as divorce, bankruptcy or litigation.
For full protection of our clients, we also included the following documents with your Trust based plan:
Last Will and Testament: Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.
Living Will: Advanced directive or “pull the plug” document. Allows your healthcare surrogate to give the doctor the “ok” to pull the plug if you are being kept alive by artificial means.
Durable Power of Attorney: Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be able to do so yourself.
Healthcare Surrogate & HIPAA Release: Nominate an individual to access your medical records and make informed decisions on your behalf, should you not be able to do so yourself.
Being “basic” is more than ok when the popular thing to do is plan for your future. Call the South Florida Law Firm of Wild, Felice & Partners today for your free consultation at (954) 944-2855. For more information on Estate Planning or Revocable Living Trusts, visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM