Quinn & Associates, P.A.

Call For A Free Consultation

(941) 706-0632

Quinn & Associates, P.A.

The necessary parties involved in an estate plan are the persons doing the planning, their spouse, and the beneficiaries. You need your attorney to help you with the estate plan, so that they can get all the proper documents in order. Sometimes, it’s helpful to have your accountant or financial planner involved as well. We’re looking to have these people work as a team, so that we know where we’re going, we have a comprehensive plan in place, and we’re certain that our assets and our wishes are being honored in the estate planning process.

What Are The Basic Items In An Estate Plan And What Does Each Item Do?

There are two essential planning tools that are the foundation of estate planning. The first one would be a trust-based plan and the second would be a will-based plan. If you have a will-based plan, probate will be involved you would have your power of attorney for financial affairs, your medical power of attorney, your will, HIPAA waivers, and property transfer forms.

Trust-based planning has all the same documents as will based planning except the umbrella document that’s over all of those is a trust. What a trust does is hold our assets while we’re alive and continues to hold them after our death. The reason trust-based planning works is because it doesn’t go through probate. Ownership remains the same, regardless of whether the person who has set up the trust is living or dead because the trust is an independent entity that can continue living forever. We create a plan so that we keep you out of probate and all of the people you want to be in charge are in charge of the assets that you have.

What Exactly Is A Will In Florida?

A will is a document that instructs the probate court who you want to serve as your personal representative, how you want your estate divided, and to what extent you may or may not want other documents created by the probate court. The one thing that’s important to stress is that a will does go through probate court because it is not something that allows your assets to pass outside of probate. The other important thing about the will is that it’s only valid after your death. The court will interpret the will, so you have a third party interpreting your meaning and also, wills lack privacy. They are filed with the probate court. The probate court will follow your instructions where they’re applicable, but the court does control the process, not the person of your choosing.

If I Have A Will Do I Still Need A Trust?

A will places you in the probate court’s jurisdiction and puts the court in charge of everything. Probate is more costly than administering the will and it lacks the privacy that most people want for their estates. You don’t need a trust but having one could save your family a lot of time and grief after you have passed.

What Is A Trust? How Are They Going To Benefit My Estate?

A trust is essentially an arrangement between you and the trustee, which can be you, especially in terms of a revocable trust wherein you place your assets. A trust is like a backpack that you put your assets in and you have a set of instructions that are pinned to your backpack. When you take the backpack off, another person picks it up and follows your instructions on how you want your assets to be dealt with. Should you be unable to carry the backpack, either in life or after you’ve passed, the benefit is you’re able to dictate who you want to be in charge of your trust, how you want them to handle your trust, how you want them to treat specific individuals, and at what times and upon what certain events money should be distributed to the beneficiaries of your trust.

For more information on Necessary Parties Involved In An Estate Plan, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (941) 706-0632 today.

Jerome Quinn, Esq.

Call For A Free Consultation
(941) 706-0632