![]() ![]() If you’ve designated beneficiaries for your retirement accounts, you’ve started the estate-planning process. The good news is that you’ve probably already done a little bit of estate planning you just may not be aware of it. Is it any wonder that so many people put off estate planning, and less than half of the U.S. So, that’s a potentially costly exercise that involves contemplating your demise and may be mainly for rich people anyway. Then there are the costs: Properly drafted estate plans usually involve attorneys, and they like to get paid for their services. (Do I even have an estate, you wonder?) And once you delve deeper and find out that estate planning revolves around organizing your affairs in case of your death or incapacity, the project sounds even less compelling than cleaning the gutters or shredding those giant piles of paperwork that have been accumulating in your office. “Estate” conjures up images of the uber-wealthy setting aside giant tracts of land for the next generation. Signing Requirements – It is best for the principal to sign the document in the presence of a notary public and two (2) witnesses.“ Estate planning” is off-putting on so many levels.The primary difference between the two documents is that a living trust will not be reviewed by the probate court resulting in the potential immediate distribution of assets following the principal’s death. ![]() Like a last will and testament, the principal can designate assets to the trust and identify their beneficiaries. Living Trust (Revocable) – Allows the principal to transfer ownership of their assets to an entity that they can control themselves or have managed by another individual. Signing Requirements – Required to be signed by the principal and two (2) witnesses.However, when the principal dies, the document must be reviewed by the probate court which may result in a lengthy court proceeding and can require additional costs to cover attorney and other court fees. Creating a last will and testament is relatively simple and can be done without expense. Last Will and Testament (‘Will’) – A standard document that explains the principal’s choices regarding the disposition of property. The following documents can be used for this function: This paperwork will serve as legal evidence of the principal’s end-of-life preferences. Next, the principal will need to draft a document that outlines the manner in which the estate will be administered following their death. Signing Requirements – Must be signed by the principal, two (2) subscribing witnesses, and acknowledged by the principal in the presence of a notary public. ![]() Florida residents can legally appoint their health care surrogate by completing the document below.ĭurable (Financial) Power of Attorney Form – Grants an individual the legal capacity to manage the principal’s finances until they regain the ability to handle their affairs. ![]() While the powers given to the financial surrogate will vary, the individual can be expected to manage the principal’s real estate, bank accounts, bills, business transactions, and debt collection. The authority granted to the financial surrogate allows the individual to handle the principal’s finances until their capacity is restored. Like the health care surrogate, a financial surrogate will execute the principal’s wishes while they are disabled or lack the capacity to express themselves. All individuals are encouraged to consult an attorney before executing the documents available below.
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