St. Petersburg Estate Planning Attorney
One of the biggest misconceptions about estate planning is that it is only necessary for individuals with large estates or for the elderly. This is not true. All adults should have a proper estate plan to make sure their family is provided for in the event that they pass away. Our St. Petersburg estate planning attorney can help you devise a thorough and comprehensive plan that will not only ensure your loved ones are cared for after you pass, but that will also help you during your lifetime. Below are just a few ways we can help.
- Asset Protection
- Business Succession Planning
- Business Transaction & Formation
- Charitable Remainder Trust
- Defective Grantor Trust
- Dynasty Trust
- Elder Law & Medicaid
- Family Limited Partnership
- Grantor Retained Annuity Trust
- Grantor Retained Income Trust
- Health Care Surrogate
- International Estate Planning
- Irrevocable Life Insurance/Crummey Trust
- Living Wills
- Medicaid Planning
- Power of Attorney
- Probate
- Qualified Terminable Interest Property Trust
- Revocable Living Trust
- Trusts
- Wills
The Last Will and Testament
With a last will and testament, you can outline which of your heirs will receive property in the event that you pass away. A will can also outline other provisions, such as who you would like to become guardian of your children if there comes a time when you cannot care for them. The estate of anyone who passes away without a will has died intestate, and their property is divided according to state law. Without a will, there is a risk that your beneficiaries will not receive the property you intended to leave for them.
Advance Directives
It is impossible to predict the future and no one knows what could happen. There may come a time when you cannot make important legal, medical, and financial decisions for yourself. Creating an advance directive can allow you to determine which medical procedures you want to receive in the future, and which ones you do not. The most important thing when creating an advance directive is that you name someone who you trust completely.
Trusts
Similarly to wills, creating a trust can also allow certain property to pass to your heirs if you pass away. One of the biggest differences between wills and trusts is that property set aside in a trust does not have to pass through probate. This can help your beneficiaries receive the property sooner and can limit the amount of challenges to your estate plan.
Formal Administration vs. Summary Administration
Florida law allows for two types of probate. The most common type is formal administration. During formal administration, creditors can make a claim against an estate and family members can challenge wills. The other type of probate in Florida is summary administration. Summary administration probate is much simpler and more efficient, but it only applies to small estates. Summary administration is also only available when the deceased has been dead for two years or longer. After this time, creditors are barred from making a claim against an estate.
Call Our Estate Planning Lawyer in St. Petersburg Today
Estate planning can be very comfortable and it is not something anyone looks forward to. Still, it is one of the most important things you can do for you and your family. David Toback is a St. Petersburg estate planning lawyer that has the necessary experience to make it as easy as possible for you while also ensuring your plan has the important documents you need. Call us now at 813-252-7529 or chat with us online to schedule a consultation and to learn more.
