ESTABLISHING YOUR ESTATE PLANNING DOCUMENTS IN FLORIDA
A standard will must be presented to the Court in Florida for the appointment of a personal representative. The Florida Statute 733.6171 provides for an attorney fee of three (3%) percent for a probate estate with assets in excess of $100,000 on the next $900,000 of estate assets.
To avoid the probate expenses, many Florida residents utilize a Revocable Trust to designate how his or her or their assets will be divided and who will be his, her or their successor trustee. The Trust does not have to be presented to the probate court upon the person’s death. A joint trust may be used for a married couple.
Real estate is made a trust asset by recording a deed. Bank, investment accounts are registered at the bank or investment firm so that they are in the trust.
A pour-over will is utilized with trust to put any assets which are not in the trust at death into the trust.
A Durable Power of Attorney is usually prepared.
A Durable Medical Power of Attorney is prepared to name a person to address medical care and procedures if the person making the Medical Power of Attorney is unable to do so.
A Living Will addresses your wishes regarding life-sustaining efforts such as intravenous and stomach tubes for food and water should be utilized.
Speak by phone with George Browning III for a more complete description of these documents or schedule a free initial meeting.