Receive Our Newsletter

NOTE - Please contact webmaster if you there is no image here.
Enter the characters shown in image

Email Address:
Law Offices of Laurie E. Ohall © 2007
Site Map




     ESTATE PLANNING FAQ's

The purpose of this section is to provide you with general information.  You should consult with an attorney for further explanation of these issues.

Why do I need an estate plan - I'm not worth that much?

Even if you do not have millions of dollars, you do have an estate. Estate Planning is a way for you to protect your family and loved ones. Proper Estate Planning gives you the ability to leave your loved ones the items you wish them to receive after you are gone, in the way you want them given, at the time you want them given. A large part of Estate Planning is the ability to save every single tax dollar, legal fee, and / or court fee possible. Estate Planning also helps to keep you in control of your own affairs. This is why an Estate Planning Attorney is extremely helpful.

Why do I need a Will? 

A will is a necessary part of estate planning.  Although wills are easy to create, about half of all Americans die without one (i.e., intestate).  A will indicates your wishes and, without a will, the court can distribute your property according to the laws of Florida.  As indicated above, the amount of property you have is irrelevant.  A will ensures that the assets you have will be given to the family members or other beneficiaries which you designate.  Additionally, a will is important if you have young children because it gives you the opportunity to designate a guardian in the event of your death.  Without a will, the court will appoint a guardian.

If I have a Will, does that mean my family can avoid probating my estate? 

First, lets define what a "probate" is: it is a court administered process in which the decedent's assets are accounted for and used to pay the decedent's debts; the remaining assets are distributed to the person(s) designated in your will, or if you die intestate (without a will), to the persons designated by Florida law.  Therefore, as you can see from the definition of "probate", you cannot avoid it simply by having a will.  However, there are various methods of avoiding probate, such as ownership in joint tenancy with right of survivorship, life insurance with a named beneficiary, and accounts payable on death to another person.

Doesn't a Living Trust avoid probate? 

Yes, a revocable living trust is another method of avoiding the probate process.  With a living trust, the assets are owned by the trust, and therefore, no court is involved in the transfer of assets upon death.  Instead of an individual owning the assets, the trustees of the trust own the assets.  For example, instead of John and Mary Smith owning property, the asset would be changed to "John Smith or Mary Smith, as trustees of the John and Mary Smith Trust dated _______."  As trustees of the trust, John and Mary have complete control over all the property just as they did before they executed the trust.  Since the trust owns the property and it is physically impossible for the trust to die, the owner of the assets never dies and probate is never required.

What are "advanced directives"? 

Think of an "advanced directive" as how you tell the world who you want to make decisions on your behalf in the event you are unable to do so.  While our own incapacity is never a pleasant thought, ignoring the possibility may have far reaching consequences.  Advanced directives are legal documents which are executed prior to the event of physical and/or mental incapacity, and which can often eliminate the need for expensive guardianship proceedings.  Examples are the Durable Power of Attorney, a Designation of Health Care Surrogate, and a Living Will.

What is "Elder Law"? 

Elder law relates to providing legal services to older persons whose needs and priorities are different from the needs of the general public - this includes planning for incapacity, planning for nursing home care, estate planning and reaching available public benefits.  Many families consult an Elder law attorney when they realize their family member may need long-term nursing home care, assistance with Medicaid issues, or just some advice on how to plan for their family members' well-being in the event of death or disability.
 
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.