Comprehensive Estate Planning Services to Suit Your Needs

Last updated on October 15, 2024

No matter your age, the size of your estate or where you are in life, you need an estate plan. An estate plan is a blueprint for managing your personal affairs if you become incapacitated and addressing the needs of others after your death. From providing financial security for a special needs child to setting aside money for long-term care, crafting a sound estate plan can save you and your family stress and heartache in the future.

However, a one-size-fits-all estate plan will not provide you with the security you need, or the peace of mind you deserve. A good estate plan should specifically address your needs, goals and family. At Marshall Law, I assist clients with every step of the estate planning process, from discussing their goals all the way through administering their estates after death. I believe in approaching estate planning from a client-centered perspective, taking into consideration each client’s unique needs and goals.

Estate Planning to Address Your Lifetime Concerns

When people think about estate planning, they often assume it only addresses what happens to their assets after death. However, estate planning is also a way for addressing a client’s needs should they become incapacitated and unable to manage their own affairs.

To avoid the court deciding who will manage your finances and make your health care decisions, you should have the following:

• (1) a durable power of attorney and possibly (each client is unique) a Revocable Living Trust identifying who will manage your assets; and (2) advanced health care directives (HIPAA Waiver, designation of health care surrogate, and living will) addressing who can make your health care decisions if you are unable to make such on your own.

Using Estate Planning to Take Care of Your Family After You Pass

After you pass away, you leave your assets, property and debts behind. Estate planning is a way to determine the distribution of your assets to particular beneficiaries. While it may seem like an easy decision, you need to consider numerous factors before making an informed decision.

For example, you should consider the potential beneficiaries’ financial stability, whether they have children with special needs or they themselves are receiving government benefits or have disabilities. After having a conversation about each beneficiary, I can help you set up a sound Will or Trust to ensure the proper distribution of your assets.

Frequently Asked Questions About Estate Planning In Florida

I always try to help my clients understand as much as possible about estate planning and their options. Here are some of the most common concerns my clients express:

At what age should I start thinking about estate planning?

Estate plans are important to every legal adult. Anyone who is 18 years of age or older should have an estate plan. Even if you do not have a car, savings or a home, you still need to consider things like who you want in charge of your financial and medical affairs if you are incapacitated and unable to make decisions for yourself. You may also want to direct how sentimental personal items are distributed in the event of your death.

What are the key components of a comprehensive estate plan?

A comprehensive estate plan typically begins with a will – but it does not stop there. You should consider a will, a durable power of attorney, health care directives, beneficiary designations for insurance and other payable-on-death accounts and a designated executor. In many cases, a complete estate planning strategy also needs to explore trusts and tax planning strategies.

What factors should I consider when choosing beneficiaries?

Your beneficiaries can be virtually anybody you choose, but it’s important to keep in mind several things:

• The ages of your beneficiaries, since you may need to establish a trust for any minors
• Each beneficiary’s money management skills, since there are ways to protect them from their own worst instincts or habits
• Your contingency plans, in case your first-named beneficiary for something precedes you in death or declines the inheritance

Finally, you want to look closely at your own feelings. You can and should choose your beneficiaries based on your personal values and beliefs.

What life events might prompt me to update my estate plan?

Life is always full of change, and many of those changes should prompt you to review your beneficiary designations over the years. Life events like marriage, divorce, the birth of a child or grandchild, and changes in your personal relationships should all trigger a thorough review of your current estate plan to see what should be updated.

Estate Planning Is a Process. I Can Help You Through It.

Estate planning is not a one-and-done process. As you move through life, events such as a marriage, divorce, birth of a child, etc. – may require you to update your estate plan. By staying on top of your plan, you can have peace of mind knowing that you and your family are taken care of.

Estate planning goes far beyond a collection of legal documents. It is a process that requires clearly defined objectives coupled with a custom-tailored plan that utilizes different strategies and documents to ensure your medical and financial needs are met. To learn more about how an estate plan can benefit you, contact me at Marshall Law to schedule a consultation. Call 352-619-0744 or reach out to me online to get in touch.