Probate & Estate Administration

Proper estate planning can bring peace of mind, since it ensures that your loved ones will be taken care of after you die. It also lets you live with dignity if you become incapacitated during your lifetime. With help from a law firm that specializes in estate planning and elder law, you can make sure that your assets are properly distributed to your heirs, protect your assets from future creditors, and more.

Ginsberg Shulman is a Fort Lauderdale, FL (with a satellite office in Boca Raton by appointment only) law firm that helps you prepare for the future and the unexpected. Our Florida estate administration lawyers believe that planning for the future should not be left until the future. To get started with your estate plan, please get in touch with us.

Estate Planning Matters That You Need to Know About

The estate planning process can be complicated, particularly for those who try to navigate on their own. If you make a single mistake along the way, there is a risk that your assets will not be distributed correctly following your death. Even worse, family conflicts can come up, as your loved ones may argue with one another about who should get your assets.

An estate administration lawyer in Florida takes the guesswork out of estate matters. They provide help in many areas, including:

Wills

A will refers to a written statement that defines how your assets will be distributed after your death. The laws surrounding wills vary from state to state. There are several requirements for create a will in Florida, such as:

• You must be at least 18 years old.
• You must be of “sound mind” when you create your will.
• You must have a written copy of your will.
• There must be someone to witness and notarize your will.

Along with these things, a probate court must approve your will before it goes into effect. If your will does not meet any of the previously mentioned requirements, a probate court can reject it. This can put the distribution of your assets in danger.

Estate administration lawyers in Florida know the ins and outs of wills. They can teach you about the importance of preparing a last will and testament that aligns with the state’s requirements. Plus, an estate administration attorney in Florida will help you craft a will that ensures that your assets are distributed the way you want.

Revocable Living Trusts

A trust is an agreement in which you give someone else the ability to hold your assets on your behalf. You can create a revocable living trust that gives someone the authority to make decisions about assets held in a trust. This type of trust allows whomever you choose (the trustee) to manage your assets based on various conditions.

An estate administration attorney in Florida can help you set up a revocable living trust. Or, if you have a trust in place and want to change it, your attorney can help you do just that. If you are considering setting up an irrevocable trust, your lawyer can discuss this option with you, explain how it works, and help you decide if it is in your best interests to move forward with it.

Asset Protection and Management

You want your assets to go to the people you choose upon your death. Meanwhile, you want these assets to be managed well both now and in the future. With assistance from estate administration attorneys in Florida, you can get exactly what you want.

Your lawyer can work with you to develop an asset protection and management plan. They can learn about you and your assets. From here, they can craft a plan designed to help you secure and maintain your assets.

Durable Power of Attorney

With a power of attorney, you give someone the right to handle certain legal matters on your behalf. Durable power attorney applies to instances in which you become incapacitated. At these times, whomever holds durable power of attorney can make financial decisions and many others for you.

A durable power of attorney is often included in an estate strategy. Your lawyer can explain how durable power of attorney works in detail. They can answer frequently asked questions about this topic and many others to help you create an estate plan that meets your expectations.

Guardianships

A guardianship can be put into place if a person can no longer make safe and sound decisions on their own and becomes susceptible to undue influence or fraud. When a guardianship is put into place, it can take away many legal rights from an individual. As such, a guardianship may be a last-resort option if others have been ineffective or are no longer available.

Estate plans can help you protect against guardianships. Your lawyer can develop an estate strategy with you, giving you the ability to decide who will handle your affairs if you become incapacitated. For instance, you can name an agent or attorney-in-fact under a durable power of attorney to handle your finances and other personal matters and a health care surrogate to take care of your medical decisions.

Avoiding Probate

In Florida, the probate process involves identifying and collecting the assets of a deceased person (decedent), paying off this individual’s debts, and distributing their assets to any beneficiaries. Financial and logistical issues can arise during this process, which lead to costly and time-intensive delays. Fortunately, you can hire a probate lawyer to guide you through this process from start to finish.

A probate attorney can help you map out your estate plan. That way, you can prevent your loved ones from losing time and money during the probate process. Instead, you can review your estate strategy options and put together a strategy that is both simple and effective.

Estate Litigation

If you die and have a will in place, your assets should be distributed to your beneficiaries. However, there is no guarantee that this will happen. Many problems can slow down or stop the distribution of your assets following your death, including:

• Mismanagement of your assets by an executor or trustee
• Disputes regarding your mental state when you wrote your will
• Issues with creditors, lawsuits, and other claims against your estate

Probate lawyers know how to handle estate litigation. You can partner with probate attorneys who commit the time, energy, and resources required to understand your estate planning needs. Next, you can get the help you need to minimize the risk of estate litigation down the line.

Advance Directives

You can set up advance directives that define the medical care that you will receive in myriad circumstances. These directives can include a living will and durable power of attorney. They are living documents that you should review periodically and update as needed based on major life events or health changes.

A Florida estate administration lawyer can help you develop advance directives and keep them up to date. Your attorney can explain do not resuscitate (DNR), do not intubate (DNI), and other medical orders. They can provide advance care planning tips and recommendations, so you can choose the right person to serve as your health care proxy.

Tax Considerations

You do not have to worry about an estate tax in Florida. Conversely, the federal government taxes estates that meet certain requirements. There can be instances in which beneficiaries may need to pay taxes on inheritances.

A Florida estate administration attorney can examine your assets and help you get the most value out of your estate plan. For example, you may be able to reduce or eliminate estate taxes by gifting your assets into an irrevocable trust. Your lawyer can teach you about irrevocable trusts and help you put one into place.

Will Contests

You or other beneficiaries can contest a will in the hopes of getting the agreement to be voided. To dispute a will, a petition must be filed in the probate court where the agreement is being probated. At this point, there may be a settlement between the will’s beneficiaries, or a judge will have to decide if the agreement is valid.

An estate administration lawyer in Florida can discuss what it means when someone contests a will. They can help you craft a will that limits the possibility of disputes after you die. You can also work with a lawyer to contest a will or dispute a beneficiary’s argument that an agreement should be overturned.

Why Estate Planning Is Important

It is a common misconception that estate planning is only for the wealthy — this is not even remotely true. People with modest incomes and assets can benefit from developing an estate plan. In addition to preserving and protecting your assets for loved ones, your estate plan ensures that your wishes are carried out during your lifetime.

With an estate plan, you can name one person or several people to make financial and healthcare decisions on your behalf if you become incapacitated and cannot do so on your own. You can designate a guardian for minor children and create trusts for adults with special needs. Also, you can reduce the risk that your assets are mismanaged by your beneficiaries.

If you want to create or update an estate plan or have questions about managing a loved one’s estate, the legal team at Ginsberg Shulman can help. Our board-certified specialists offer assistance with estate planning, probate, guardianship, and elder law issues. For more information, please reach out to us.

Who Can Benefit from an Estate Plan

If you have assets, you can benefit from an estate plan. You can craft a plan that explains how you want your assets to be managed and distributed in a variety of circumstances. On top of that, your plan can help your beneficiaries avoid difficult decisions regarding your assets and wellbeing.

Of course, there are several legal documents that should be included in your estate plan, such as:

• Living Will: This defines the medical care, services, and support that you want if you can no longer make medical decisions for yourself.
• Last Will and Testament: You can use a last will and testament to explain how you want your assets to be distributed once you die.
• Financial Power of Attorney: You can put someone else in charge of your finances if you reach a point where you can no longer manage them on your own.
• Medical Power of Attorney: You can give someone the ability to make medical decisions for you if you can no longer do so on your own.
• Trust: With a trust, you can let a trustee manage your assets and make sure that they are given to your beneficiaries as planned.

There is no such thing as a one-size-fits-all estate plan. Fortunately, an estate administration attorney can help you develop your estate strategy and make sure it is managed however you choose. Your lawyer will work with you to tailor your plan to you and your beneficiaries and make sure you make informed decisions about your strategy.

When to Start Estate Planning

Estate planning forces you to think about the future, and it can be uncomfortable to consider what will happen to your assets after your death. If you prepare an estate plan now, you can guard against legal issues that can otherwise disrupt your family in the future. You can develop an estate plan with an attorney who keeps your best interests top of mind, too.

If you have not created an estate plan, now is an excellent time to start. You can meet with a probate and estate administration lawyer. This gives you the opportunity to explore a wide range of estate planning options.

For those who already have an estate plan, it is a good idea to review it at least once a year. You can consult with a probate and estate administration attorney to verify that your estate plan is up to date. If any changes are needed, your attorney can revise your estate plan at this time.

Partner with Best-in-Class Florida Probate and Estate Administration Lawyers

The Florida probate and estate administration lawyers at Ginsberg Shulman have plenty of experience with estate planning, guardianship, elder law, trust administration, and probate services. We probate and estate administration services to clients across Florida. To learn more or schedule a consultation, please contact us today.