ESTATE PLANNING
What is Estate Planning?
Estate planning is the process of arranging for the management and disposal of a person's estate during their life and after death. It involves making decisions about how assets will be distributed, who will manage the estate, and how to minimize taxes and other expenses. Key components of estate planning include creating wills, trusts, powers of attorney, and healthcare directives. The primary objective is to ensure that an individual's wishes are honored, beneficiaries are provided for, and potential legal complications are minimized.
Revocable "Living" Trust
Enhanced Life Estate Deed ("Lady Bird" Deed)
Advanced Directives
Last Will and Testament
Estate Planning Process at WaveCrest Legal
At WaveCrest Legal, we create personalized estate plans tailored to your family's needs. Every family is different, so each estate plan accurately reflects their unique situation.
Our estate planning process begins with a free consultation where we discuss your estate planning goals and needs. After the consultation, we create a customized estate plan through a design meeting, where you will pick your beneficiaries and people who will serve in key roles. After the design meeting, you will receive drafts of your estate planning documents for review. Once reviewed and approved, we will meet to execute your estate planning documents. Our last meeting will be a delivery meeting. At the end of the process, you will have documents that protect your legacy and provide for the ones you love.
What is a Will?
A will is a legal document that sets out how a person's assets and property are to be distributed after their death. In Florida, a will must be in writing, signed by the testator (the person making the will), and witnessed by at least two individuals. The will can also appoint a personal representative (executor) to manage the estate and carry out the instructions specified in the document. If a person dies without a valid will, their estate will be distributed according to Florida's intestacy laws, which may not reflect the decedent's wishes.
What is a Living Revocable Trust?
A living revocable trust is a document that allows individuals to avoid the probate process entirely if properly funded. In creating a trust, a person will choose a successor trustee to carry out their wishes without involving the court, which saves loved ones time and money. A trust is similar to a Will in that beneficiaries can be chosen, ensuring that assets are distributed to those who are cared about. The greatest benefit of a trust, besides avoiding the probate process, is that control is maintained after passing. It allows for the choice of when and how beneficiaries receive principal distributions, as well as exact amounts. This can be an essential tool for those with minor children, disabled beneficiaries, or those who simply want to ensure that their assets are used in a way they deem fit. A key point of a living revocable trust is that control of assets is not relinquished, allowing for amendments or changes as needed. A trust is not just for those with large estates; it can be an essential tool that allows for the provision and protection of loved ones in a simplified and cost-effective manner.
What are Advanced Directives?
Advance directives are legal documents that allow individuals to outline their preferences for medical care and designate decision-makers in the event they become unable to communicate or make decisions themselves. They are a critical component of estate planning and incapacity planning. Advance directives usually consist of documents such as a living will, preneed guardianship, durable power of attorney, and designation of healthcare surrogate.
What is a Lady Bird Deed?
A Lady Bird deed, also known as an enhanced life estate deed, allows property owners to transfer real property to their beneficiaries upon their death. The property owner does not give up any rights to mortgage, sell, or otherwise dispose of the property. The biggest benefit of the Lady Bird deed is that it avoids the probate process.
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