Trust and Estates
FAQ's: Jacksonville Estate Planning Lawyers Answer Your Questions
Jacksonville estate planning lawyers know that if you’re like most people, you have many questions about estate planning. But, you may not even know what questions to ask. Here are the answers to the estate planning questions we typically hear in our Jacksonville estate planning office.
What is probate?
Probate refers to the legal process of validating your will and administering the estate by resolving claims and distributing assets. The term is also used to describe the winding down of your financial life, the settlement of your estate.
Why may I want to avoid probate?
In our Jacksonville estate planning office, we have found that most people know they want to avoid probate even if they don’t know why.
If you like to keep your family and financial affairs private, spend the least money possible on legal matters, and get things settled in a timely manner, you may want to avoid probate.
If I have a trust, who’s in charge?
Simply put, you’re in charge and control of your own trust. While you are alive and well, you are the trustee of your revocable living trust.
As trustee, you hold legal title to all trust assets. You can change the terms of your trust and you can take assets out or put assets into the trust as you see fit. You manage your assets and pay your taxes just as you always have.
You remain in control by appointing successor trustees to act on your behalf should you become disabled and when you die. Your successor trustees must follow the instructions you provide in your trust.
When should I update my estate plan?
In general, it is in your best interests to update your estate plan every three to five years. This schedule catches every day changes in the law, your assets, and your attorney’s experience.
However if you have a major life or asset change, it is important to update sooner. Major changes would include a move to a new state, marriage, divorce, birth, adoption, new step children, purchase of a new house or business, and the like.
Who should I name as my power of attorney?
You need at least two powers of attorney, one for health care and one for finances.
Your health care agent should be someone who cares about you and who can assertively communicate with doctors and other medical personnel.
Your financial agent should be someone who cares about you, has the highest of ethics, is organized and a good record keeper, and is a good communicator.
How much does estate planning cost?
Estate planning fees are always less than the cost of failing to plan. Failing to plan may cost you everything you have.
Fees will be reflective of the assets that are being planned for as well as the value that your estate planning attorney can convey to you.
Fees are generally flat fees, meaning that you know when you hire your estate planning attorney exactly how much you will pay, or the resonable fees established by Florida Statutes. There are no additional fees for photo copies or telephone calls.
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8 Important Estate Planning Documents
If you have estate planning questions or concerns, consult with Jacksonville estate planning lawyers, Arnold Law, (904) 264-3627, or email to arnoldlawyers@gmail.com. To better serve you, we have offices in Jacksonville and Green Cove Springs.
