Developing a comprehensive estate plan requires knowledge and know-how. Fortunately for you, The Rentz Law Firm specializes in estate planning. Let us help you plan ahead.
A will, or a "last will and testament," is a document where you can state your final wishes. Your last will and testament will direct what happens to your property after your death. It also allows you to nominate a personal representative, i.e., the person who will see to it that your assets are distributed according to your wishes. Moreover, drafting a valid Florida will allows you to name a guardian for your minor children and their property, provide for the care of your pets, and much more.
There are strict requirements for a will to be valid in Florida.
A power of attorney is a legal document where a person (the "principal") grants authority to another person (the "agent" or "attorney in fact") to act on their behalf. The principal may grant very broad authority or very limited authority. For example, the principal may grant the agent broad authority to carry out any legal act on the principal’s behalf or may only grant specific authority to sell the principal’s house or car. A power of attorney is useful tool for estate planning purposes and/or for helping you conduct business.
One important fact about power of attorney law is that a power of attorney becomes null and void when the principal dies, which is why you need to plan ahead.
Let us advise you on the laws and help you create a valid power of attorney.
Every competent adult has the right to make health care decisions concerning his or her own health and medical treatment. A competent adult even has the right to refuse medical treatment. But what happens if you are unable to make health care decisions due to physical or mental changes? If you are incapacitated your designated health care surrogate has the right receive your medical information and to make medical decisions for you in the event that you are incapacitated. Your health care surrogate follows your advance decisions and ensures that your medical wishes are followed out.
Have you designated a health care surrogate? Florida law places requirements on health care advance directives and your designation must adhere to Florida law in order to be valid. Let us help you plan for the unknown. Contact us today to schedule a free consultation.
Most people have some idea of what a trust is and what it does. However, most people assume that trusts are setup by the very wealthy and used to avoid taxes. While trusts can help avoid some taxes, there are plenty of other reasons why someone would want to setup a trust, including avoiding probate or for the benefit of minor children.
At the base level, a trust agreement is a document where the person creating the trust, the “settlor” or “grantor,” outlines the rules to follow with property held in the trust. Most trusts are set up for the benefit of a specific person, or group of people, i.e., the “beneficiaries.” The settlor also designates a person, the “trustee,” to manage the trust and follow the rules of the trust.
There are many different types of trusts, including inter vivos trust, testamentary trusts, and special needs trusts. Trusts are very important tools in the estate planner’s toolkit. If you have questions regarding your need for a trust, or concerns about an existing trust, contact The Rentz Law Firm and let us utilize our skills in helping you.