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Have You Established Plans for Your Estate

Have You Established Plans for Your Estate

Estate planning attorney in Sarasota, FL

Without comprehensive estate planning, your medical care, distribution of assets and other crucial decisions, such as the guardianship of your children, are left up to the laws of the State of Florida.

Accordance with such laws may result in higher tax penalties and actions that negate your intentions. To establish clear and concise plans for your estate, regardless of size or complexity, call Douglas M. Sieb, P.A., estate planning attorney today.

ESTATE PLANNING DOCUMENTS – DEFINITIONS

LIVING WILL DECLARATION (ADVANCE DIRECTIVE)
This is a written document that sets forth an individual’s direction not to receive “life sustaining” treatment in the event of: a) a terminal condition from which there can be no recovery and death is imminent, or b) a coma or persistent vegetative sate which is medically determined to be irreversible, or c) an “end-stage condition” defined by Florida Statute as an irreversible condition that is caused by injury, disease, or illness which has resulted in progressively severe and permanent deterioration, and which, to a reasonable degree of medical probability, treatment of the condition would be ineffective.

POWER OF ATTORNEY FOR HEALTH CARE SURROGATE
A written document in which an individual names another person to make health care decisions on their behalf during any period of incapacity.

DURABLE POWER OF ATTORNEY
This is a written document in which an individual appoints another person to execute document on their behalf such as checks, contracts, leases, etc. The power is not affected by the latter disability of the individual and can be as broad or as limited as the individual wishes.

LAST WILL AND TESTAMENT
This is a written document in which an individual directs the disposition of assets titled at death in their individual name to other persons or entities. The will also appoints who will be the Personal Representative (formerly known as Executor) of the Will. A will may also direct disposition of the person’s bodily remains and may also include trusts directing delayed or periodic distribution of assets to minors or adults.

REVOCABLE TRUST
Sometimes also referred to as a “Living Trust” this is a document in which a person, typically referred to as the “Grantor”, transfers all or some of his/her assets to a trust to be managed by person or entity appointed as trustee to manage the assets and distribute them at the death of the individual. The Grantor usually serves as initial trustee and appoints another as successor trustee to serve in the event of the Grantor’s later disability or death.

PRENEED APPOINTMENT OF GUARDIAN
This is a written instrument in which a person appoints another person or entity to be the Guardian of his/her person and/or property during any period of time that person is adjudicated to be incapacitated by a Court. This document can be filed with the Clerk of Court and retrieved any time a Petition is filed seeking to have the person determined to be incapacitated.

Call today to schedule your free consultation with an estate planning attorney

No matter what assets or special directives are included in your intended estate plans, trust Douglas M. Sieb, P.A. to help you determine and establish the best legal course of action. Schedule your free consultation today to learn more about estate planning in Sarasota, FL, and how it can benefit you and your family.