Interchange


ESTATE PLANS, INCLUDING WILLS AND TRUSTS,


Protect Assets and People


BY ROBIN F. DEMATTIA


first part of the plan.” A revocable trust is commonly created


and can be amended or terminated during the person’s lifetime. A trust allows assets to pass outside of probate court, allowing quick access for the beneficiaries. It’s espe- cially helpful if someone owns property in more than one state or has minor children and wants to set an age when assets are distributed, such as aſter their college grad- uation or later. Adult children with aging parents can


E


nd of life issues. It’s a subject that makes many people uncomfortable, but it’s one of the most im- portant plans you can make, especially if you have


assets or family members to protect. “People put this off because they don’t like talking about passing


away, fear something might happen if they do or want to avoid fam- ily conflicts,” says Mary Beth Crawford, a principal in Cummings & Lockwood’s Private Clients Group and board certified by the Florida Bar in wills, trusts and estates. “But doing an estate plan can avoid unintended conse- quences.” Regardless of someone’s home value or bank account balance, an estate plan is impor-


Mary Beth Crawford


tant because it also covers incapacity issues. “The components of an estate plan typically include a will, revocable trust, durable power


of atorney, HIPAA release so family members can obtain healthcare information and an advance directive which includes the designation of a health care surrogate and living will –stating whether or not you want your life prolonged by artificial means if you are in a ter- minal condition,” says Crawford. Without a plan, Florida law and statues apply, which means someone you wouldn’t have


chosen might get access to your assets or make decisions for you. “When I sit down with a new client, we plan who is to receive their property at their pass-


ing and how to avoid probate. But we also have to discuss incapacity planning — who will make medical decisions for them or handle their financial affairs. Those are the keys to the


help guide these conversations by telling parents they aren’t concerned about where the money is going but that they want to be able to help their parents with healthcare and financial issues should the need arise. “I remind people that nothing can hap-


pen if it’s not writen in legal documents. And I encourage parents to communicate their plan to their family members,” Craw- ford says. Crawford cautions that legal documents


can be confusing to read and are too impor- tant to try to prepare on your own. To find an atorney, she suggests asking friends for re- ferrals to a board-certified atorney or an at- torney that specializes in estates and trusts or elder law. The Florida Bar and Cummings & Lockwood LLC websites also list resources regarding estate planning.


FOR MORE INFORMATION contact Cummings & Lockwood LLC, 239-947-8811, or www.cl-law.com.


March - JULY 2017 29


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48