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ESTATE PLANNING

Secure Your Legacy In Okaloosa and Walton County

What is an estate?

Your “estate” is everything you own: accounts, real estate, vehicles, investments, jewelry, furniture, retirement plans, and life insurance. An “estate plan” is the course you set to protect your estate during life and distribute your estate at death. Because people have different life circumstances, family dynamics, and goals for their estate, the terms of estate plans can vary widely. Some people have a family to protect, and so they focus on preserving assets and funds for spouses and children. Others do not have family, but are concerned about preserving funds to pay for long-term care in a nursing home if it were needed. Whatever your goals, you need a plan!

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Why should you create an estate plan?

A strong estate plan will give you security in life and at death. Being well-informed about estate planning issues is essential in today’s society. The failure to plan for illness, and ultimately death, can lead to uncertainty in life. It can also lead to costly probate litigation, an unnecessary expense for your family at death. Through a comprehensive estate plan, these problems can be avoided, and you can age with confidence that you and your family will be safe and secure.

Death is a certainty for all living beings. No one wants to dwell on the prospect of his or her own demise, but if you postpone planning until it is too late, you could be setting the stage for a disaster. A failure to plan will result in risk – risk that your wishes will not be carried out, risk that your intended beneficiaries will not receive what you had hoped, and risk that your estate will be diminished by costly probate litigation. We help our clients avoid these risks and secure their health and their estate.

STARTING YOUR ESTATE PLAN

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Plan for Living - Capacity Planning

The first step in any estate plan is to plan for life, not death. People are living longer than ever today as the average life span increases with advances in medical care and healthier lifestyles. However, living longer means a higher likelihood of severe illness due to advanced age, such as Alzheimer’s, stroke, dementia and other age-based conditions. In other words, the odds are higher than ever that, at some point, you will not have the capacity to take care of yourself.

Because of this reality of modern life, capacity planning is crucial for living. A series of legal documents can protect you, your family and your estate when you need help the most. The tools to accomplish this task include:

  • Durable Power of Attorney. The purpose of a durable power of attorney (DPOA) is to designate someone to act on your behalf to make property and financial decisions for you. A regular power of attorney expires when the signor becomes incapacitated. A durable power of attorney continues to be effective evan if you become incapacitated. So, if you become too ill to manage property, funds or assets, your DPOA will empower your attorney-in-fact to manage your financial and other interests for you.
  • Living Will. A Living Will is designed to your wishes in the event of a health crisis or life ending situation. Living wills should be specific, as Florida statutes provide very few definitions. We customize the language in our Living Wills to define our client’s wishes concerning nutrition, religious restrictions, instructions on the use of pain management and any other care you desire or wish to decline. The goal is to give you as much control as possible and to be able to communicate your wishes when needed most. Then, when you are no longer able to directly communicate your wishes due to a debilitating condition, the Living Will provides instructions to others as an expression of your wishes. The Living Will should name a trusted individual to express your wishes. As a tip, include a “self-proving affidavit” to make the Living Will look more official. A self-proving affidavit is a statement made by a witness that the rules of executing the document have been followed. If the document ever needs to be proven at court, this affidavit may be helpful
  • Health Care Powers of Attorney and Health Care Surrogate Designations. By designating a health care power of attorney or surrogate, you will name one or more individuals who can make important health-related decisions in the event of your incapacity. The distinction between a Living Will and a Health Care Surrogate Designation is that, in a Living Will, you are expressing your intentions concerned certain, defined events. In a Health Care Surrogate Designation, you are deferring a health-related decision to someone you trust. By having both documents, you will be able to ensure that decisions concerning your health are being made as consistently as possible with your predetermined wishes.

By utilizing these basic capacity planning documents, you will protect yourself, your family and your estate from any number of predictable AND unforeseen circumstances during your life.

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Protect your Estate at Death

When we die, we need to have a plan in place to pass our estate to specified individuals. Estates come in all shapes and sizes, so no one plan will fit every need. Some estate plans focus on protecting minor children, others direct estate funds to charitable organizations. Whatever your circumstances, key Florida estate planning documents often include a Last Will and Testament and a Revocable Living Trust.

  • Last Will and Testament. A will, also called a "last will and testament," can help you protect your family and your property. You can use a Will to leave your property to specific people or charitable organizations, to name a guardian for your minor children, to establish a testamentary trust manage property or funds for the benefit of minor children. In the Will, you will name a personal representative who will be responsible for carrying out your wishes as set out in the Will. At death, the Will should be admitted to a Florida probate court, which will oversee the administration of the Will.
  • Revocable Living Trust. A trust is somewhat like company in that it can hold and protect property for the benefit of others, called beneficiaries. A trust agreement outlines how property is managed during our lives. Then, the agreement will require the property to be distributed to beneficiaries when we die, much like a Florida Last Will and Testament. The trust agreement provides the settlor flexibility to manage the property for their individual benefit during life, without losing any control over the property, but with the added benefit of bypassing probate proceedings at death. The main purpose of this type of trust is to protect your assets as you age and the trust remains private throughout your life until, upon your death, it becomes irrevocable and then transfers to the beneficiaries in your will.
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Choose Your Fiduciaries to Administer your Estate

As you set up your estate plan, you will need to designate someone as your fiduciary. This person will ensure that your wishes are carried out after you’ve passed, and during your life if you have a trust. Specifically, your fiduciary will serve as your Personal Representative, also called an Executor, of your Will. The fiduciary can also serve as the Trustee of any trusts that you establish. Given the importance of this role, you will want to designate a person you trust as your fiduciary. If you are unable to identify such a person, you can use a hired professional to oversee the administration of your estate and/or to serve as trustee of your trust.

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Establish a Comprehensive Estate Plan Today

At The Wheeler Firm, we sympathize with the confusion and stress that estate planning can cause. We’re here to help you understand your options and choose the correct path for you and your family. We will help you identify needed estate planning documents, draft all of the documents with your input and goals in mind, and give you confidence and security knowing that your estate will be protected. Reach out to us today to get started!

STARTING YOUR ESTATE PLAN

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WHY CHOOSE US?

Led by experienced family law attorney, Andrew D. Wheeler, The Wheeler Firm is committed to the protection and security of every client. We work to ease the stress of family law litigation, protect our client’s interests, and focus on proven results. With more than 20 years of experience litigating every form of family law case, and representing thousands of individuals and their families, we promise exceptional representation and advocacy.