Make Your
Estate Planning Hurricane Kit Now
Summer is when Floridians plan their hurricane kits. Why not take this time to put together an estate planning kit? It should include a Living Will, Designation of Health Care Surrogate, General Durable Power of Attorney, Last Will and Testament, and Revocable Trust Agreement. The Living Will regards end-of-life decisions if you are incapacitated.
The Designation of Health Care Surrogate designates individuals to make your medical decisions, which do not have to be end-of-life decisions. Often, the designated agents in both documents are the same person. The Last Will and Testament provides for the disposition of your assets
upon death. It names beneficiaries to receive property, a personal representative to administer your estate, and a guardian to care for minor children. The Revocable Trust would be created, primarily, to avoid probate. You
will be the trustee and beneficiary during your lifetime. You will reserve the power to amend, alter, or revoke the trust. At death, the trust acts in the same fashion as a will. It names beneficiaries to receive property, a successor trustee to administer the trust, and directs the disposition of your assets. The General Durable Power of Attorney provides for the appointment of
a designated person to be responsible for your assets upon a designated event, such as incapacity. It allows your agent to deal with your assets as if they were you, gain access to information, and respond to inquiries. If you become incapacitated and don't have a Power of Attorney, a guardian will need to be appointed. It's never the wrong season to create or review an estate plan. Make
sure your estate planning kit has all the necessary documents and that your estate plan is up to date.
Disclaimer: The contents of this article do not create an attorney-client relationship. Should you have any legal questions you should consult with your attorney. The hiring of a lawyer is an important decision that should not be based solely on advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.
By: Eric Gurgold, Shareholder at Henderson, Franklin, Starnes & Holt, P.A.
Eric is a Florida Bar Board Certified Wills, Trusts & Estate Attorney. He assists clients in the preparation of wills, trusts, family-limited partnerships, inventories, inheritance, and estate tax returns, as well as providing counsel to minimize income and estate taxes. Eric can be reached at
eric.gurgold@
henlaw.com or by phone at 239.344.1100.
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