It’s Time for an Estate Planning Check-Up – What Documents Do You Need in Florida?

By | Estate Planning

The start of a new year offers the perfect opportunity to get organized, and few things are more important to organize than your estate planning documents. Your estate plan affects decision-making during your lifetime and beyond, but you can only be fully protected if you have all the right documents. It is essential to review your plan if you have documents prepared when you lived in a different state. Let’s take a look at what you need in Florida. Everyone Needs an Up-to-Date Will You need a will, and it needs to meet Florida requirements, which differ from some other jurisdictions. If you have a revocable living trust set up to allow your assets to pass directly to beneficiaries, you still should have a pour-over will. That document covers any property that does not get transferred into the trust for one reason or another. If you executed your will years…

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Revocable Trust

By | Estate Planning

One of the many tasks to cross off your list before you die is establishing who will receive your property and assets. If you want to maintain tight control over where your belongings end up after your death, you can consider creating a revocable trust. At Sawyer & Sawyer,  we offer revocable trust assistance for clients throughout Orlando and Central Florida. Contact us today at 407-909-1900 to find out how we can help you. What Is a Revocable Trust? A revocable trust is a legal entity that holds specific assets and property for beneficiaries. The assets held in a trust are not subject to probate, allowing beneficiaries to receive them almost immediately after the trust owner dies. Trusts can contain all types of property, including: Real estate Vehicles Personal items Brokerage accounts Money You can continually add to or change the assets held in a revocable trust as desired. Trusts…

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Living Trust

By | Estate Planning

If you’d like to help your family members avoid the probate process after your death, creating a living trust may be a wise idea. At Sawyer & Sawyer, we offer professional living trust assistance for clients across Central Florida. We’d be happy to explain a living trust in more detail, help you create one, and ensure that your trust remains legally binding long term. What Is a Living Trust? A living trust is a financial arrangement that allows you to hold assets or real estate on behalf of a beneficiary. You may also see the terms  “revocable living trust” or a “revocable trust” in reference to a living trust. Creating a living trust for your beneficiaries is a method of avoiding probate after you pass, streamlining the process of distributing your assets. Better yet, living trusts are revocable, so you can alter yours at any time. A living trust includes…

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Everyone Needs an Estate Plan—And Here’s What Happens if You Don’t Have One

By | Estate Planning

Essentially every adult leaves an estate when they pass away. An estate is just a legal term describing the financial affairs you leave behind. Someone will need to pay your final bills, and someone will receive any assets left over. That may not mean much to you. But it is important to realize that having a proper estate plan can not only reduce waste and ensure your wishes are honored after your death, but your plan can also protect you during your lifetime. To see why you need an estate plan, let’s take a look at what happens when you don’t have one. If You Become Incapacitated, No One Can Help A thorough estate plan can provide for your medical and financial needs if you are in an accident or get sick and are unconscious and unable to communicate. Without the right estate planning documents, no one can access your…

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The Digital World Adds a Whole New Dimension to Estate Planning

By | Estate Planning

When you think about estate planning, chances are that your phone is not one of the first things that spring to mind. But you have digital assets stored on your phone, as well as your laptop, tablet, and online accounts, and you need to include management of digital assets as part of your estate plan. Unlike traditional assets with a physical presence or paper trail, digital assets can be effectively lost in cyberspace if you do not take the right steps to prepare. Estate planning to protect digital assets involves many tasks you can do on your own. However, there are a few situations where you may want to consult your estate planning attorney for assistance or advice. Inventory Your Digital Assets A digital asset is anything that is stored, owned, and accessed completely online or in a digital format. When taking inventory of your digital assets, you need to…

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Estate Planning for College Students and Young Adults

By | Estate Planning

People often assume that estate planning is something you don’t have to worry about until you’re at a stage of life where you have children to protect or are preparing for your final years. However, many of the critical components of an estate plan are just as essential for young adults as for older ones. Here are some important documents to consider as your children head off to college or embark on life as independent adults. Health Care Surrogate Designation Illness or injury can strike anyone regardless of age. If a young adult is unconscious or incapacitated, a health care surrogate designation would allow someone they trust to make health care decisions and authorize medical treatment on their behalf. Financial Power of Attorney While a health care surrogate designation allows an agent to make health care choices for someone who is incapacitated, a financial power of attorney enables an agent…

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Lawyer for Wills in Florida

By | Estate Planning

Everything You Should Know About Hiring a Lawyer for Wills in Florida Thinking about what will happen when you are gone is not easy. Finding a lawyer for wills in Florida can ensure that your loved ones receive your assets as you intend in a way that is in their best interests.  Why You Need a Will in Florida Wills are essential for several reasons. Without one, all of your assets are in the hands of Florida Law. By using a will, you can take control of your: Assets: Ensure that all your assets pass on to the right people. Estate planning might include personal or commercial property, vehicles, bank accounts, intellectual property, or other valuable assets.  Arrangements: You can dictate non-tangible arrangements such as the funeral, potential child care, debt payoff, liquidation, and more. What Do I Need for a Florida Will? You must be at least 18 years…

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HIPAA Release

By | Estate Planning

When you’re receiving health care, you want to know that your PHI, or protected health information, is secure. Even so, there are times when you’ll want or need a HIPAA release. Whether you’re looking into estate planning or are dealing with a medical emergency, having a HIPAA authorization in place is vital. What Is HIPAA? The Health Insurance Portability and Accountability Act (HIPAA) of 1996 set up national standards for the protection of patients’ health information. In essence, this law keeps PHI from being disclosed without a patient’s knowledge or consent. This act even applies to close family members and partners. Violations can result in steep fines or even jail time, so healthcare providers tend to strictly adhere to this law. The act is a net positive for patients and keeps their protected health information safe and secure. With that said, there are provisions in place for PHI to be…

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Advance Directive & Living Will

By | Estate Planning

It is impossible to know if or when you will end up in a life-threatening medical condition, but you have the option to plan for such a dreadful event. By establishing an advance directive and living will, you can take some of the weight off of your loved ones and ensure that no one will have to guess your wishes regarding end-of-life care. Florida Advance Directives Florida law recognizes your right to make advance directives regarding your medical care in the event that you become incapacitated. You can dictate in a living will document what, if any, life-sustaining treatments or care you receive. You can also designate a healthcare surrogate to make those decisions on your behalf. Contemplating your options for such a distressing situation can be challenging and confusing. The experienced lawyers at Sawyer & Sawyer, P.A. can help you understand what type of decisions you might face if…

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What Are the Essential Documents for a Good Estate Plan?

By | Estate Planning

A good estate plan should include six important documents. Many clients are surprised to realize that three of these important components involve medical issues rather than financial ones. If your plan is missing one of these elements, your loved ones may have to deal with added legal expenses and delays, or they may be unable to assist you in an emergency. When you have these essential documents up-to-date, you can rest easy knowing that you have taken the right steps to prepare for the future. A Trust Can Be the Key to Security One or more trusts often serve as the cornerstone of a thorough estate plan. There are different types of trusts used to accomplish different goals. For instance, you might use: A revocable living trust to avoid probate An irrevocable asset protection trust to become eligible for long-term care assistance through Florida Medicaid A charitable remainder trust to…

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