Estate Planning

Every family should have an estate plan of their own. This is because without your own plan, the state of Florida will simply create one for you. And you, your loved ones and heirs will likely suffer some painful financial consequences. It is equally important to have your plan prepared by a law firm that focuses on estate planning, such as Allender & Allender. We will take the time to really get to know what matters to you the most: your greatest concerns, your short-term goals and your hopes for the future. Only when we fully understand your particular situation and aspirations will we design a plan that helps you reach your goals. And we’ll explain your options in clear, easy to understand language rather than confusing legal jargon. All of which helps explain why we have earned the trust of so many families throughout the state of Florida, and why many of our clients have become close personal friends.

The estate planning services provided by Allender & Allender include:

• Revocable Living Trusts
• Wills
• Powers of Attorney
• Health Care Directives
• HIPAA Authorizations
• Irrevocable Trusts
• Life Insurance Trusts
• Qualified Personal Residence Trusts
• Gift Programs
• Minors’ Trusts
• Limited Tax Planning

The Living Will

The state of Florida recognizes that every competent adult has the fundamental right to choose or refuse medical treatment or procedures that would only prolong life when a terminal illness or condition exists. A Living Will is the legal document that allows a competent adult to set forth a personal, written declaration providing for the withholding or withdrawal of life prolonging procedures in the event of a terminal condition. A Living Will also allows the maker to specifically designate the individual or individuals who have the authority to carry out the maker’s desires regarding the withholding or withdrawal of life prolonging procedures. The definition of “life prolonging procedures” includes the provision of food and water to terminally ill patients.

Under Florida law, a Living Will must be signed in the presence of two witnesses, at least one of whom is neither the spouse nor a blood relative of the maker. At Allender & Allender, we recommend that the Living Will also be signed in the presence of a Notary Public. If the maker is physically unable to sign the Living Will, however, one of the witnesses can sign in the presence and at the direction of the maker.

Durable Power of Attorney

A Durable Power of Attorney (POA) is a legal document that allows the maker to designate an “attorney-in-fact” to make personal, medical or financial decisions for the maker in the event he or she becomes physically or mentally incapacitated. It is important that the POA exists prior to any incapacity because the maker of the POA must, at the time of signing, understand what he or she is signing, its consequences, who is being appointed attorney-in-fact, and what property may be affected. In Florida, a POA remains effective even if the maker becomes incapacitated (assuming the POA contains the necessary statutory language).

You should know that if a spouse or adult child becomes physically or mentally incapacitated, the well-spouse or parent does not have the legal authority to make personal, medical or financial decisions for the incapacitated person. Without a POA, the well-spouse or parent would have to attempt to become the legal Guardian of the incapacitated person, an expensive, time-consuming and difficult process. This is why at Allender & Allender, we believe that a POA is the most important legal document any adult can have.

Revocable Living Trusts

A revocable living trust is a document designed to manage your assets during your lifetime and, like a Last Will and Testament, distribute the remaining assets after your death. The person who creates a trust is called the “grantor.” The person responsible for the management of the trust assets is known as the “trustee.” Often times, the grantor and trustee is one and the same person—that is, you yourself. Moreover, because the trust is revocable, you, as the grantor, can make amendments or revoke the trust at any time.

After you create a trust, your assets, such as bank accounts, real estate (including your homestead) and investments should be transferred to the trust before your death to get the maximum benefit from the trust. This easy process is referred to as “funding” the trust. This process requires actually changing the ownership of most of your assets to the trust. Although the trust “owns” the assets, you, as the trustee of the trust, continue to manage the assets owned by the trust in much the same way you did before the trust was created.

At Allender & Allender, we recommend assets be transferred as soon as possible after the creation of the trust. Failing to do so may result in the expensive and time-consuming process known as Probate. However, certain assets, such as retirement accounts and automobiles, should not be transferred to a trust.

A revocable trust is a powerful estate planning tool. It allows you to give what you want, to whom you want, when you want, while still maintaining complete control over your assets while you are alive and well. At Allender & Allender, we have designed revocable living trusts, and a wide range of other trusts as well, for hundreds of clients over the years. And in the process, protected our clients’ assets for their enjoyment while they are alive and that of their loved ones after they are gone. All, while avoiding the stress, needless expense and frustration of probate. We welcome the opportunity to do the same for you and your loved ones.