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Estate law is constantly evolving, which can make it hard to stay on top of the latest trends. That’s why the Law Office of Angela Siegel has provided this helpful guide. We want to keep up with what’s happening in the world of estate planning so that you’re empowered to make the right decisions about your assets, your family, and your future in the years ahead.
Estate Planning Is More Than Wills and Trusts
Wills and trusts safeguard property and assets, but these are just the building blocks of a robust estate plan. People are living longer than ever, and many estate plans now incorporate instructions about what to do if the estateholder is unable to make decisions due to physical or mental incapacitation.
A lawyer can help you draw up a binding power of attorney (POA), health care proxy, and advanced health care directive. Estate planning lawyers also assist with drafting documents that protect your wealth and family at every stage of life, including:
- Prenuptial agreements
- Life insurance trusts
- Medicaid and asset protection trusts
- Trusts for minor children
- Conservatorships and guardianships
It May Be Easier Than Ever to Avoid Probate
It is becoming more common for banks and financial institutions to allow account holders to issue pay-on-death (POD) or transfer-on-death (TOD) designations. These designations allow assets held by the bank to pass to beneficiaries named on the account without going through probate.
Florida also allows for the transfer of property using “Lady Bird” (enhanced life estate) deeds, which allows the naming of a revocable beneficiary for real estate. This option has several advantages, including helping estates avoid probate.
There Is an Increased Demand for Special Needs Trusts
Today’s families recognize the importance of planning for a disabled loved one’s care and future. A grantor can create a trust for an adult child or other disabled family members that enables them to receive income and inherit assets under a trustee’s supervision without jeopardizing their eligibility for Medicaid, disability benefits, and more.
Laws Are Reflecting the Need to Protect Digital Assets
We live in a computerized age, and many people have digital property they would like to protect. The Florida Fiduciaries Access to Digital Assets Act (FFADAA) extends estate administrators the same authority over the management of digital assets as they have over traditional assets. However, that authority must be expressly granted in a will, trust, or power of attorney.
Under the law, estate administrators can access, manage, or close online social media accounts, memberships, subscriptions, and other digital property according to the grantor’s instructions. A lawyer can help you include an inventory of your digital property and directions for how to handle it in your estate plan.
Contact Our Estate Planning Lawyer Serving Florida
It is never too early to start thinking about your estate and making a plan to protect the things you have worked hard for. Estate law is constantly changing, and individuals have more options than ever to create a plan tailored to their needs.
At the Law Office of Angela Siegel, we can help you understand the latest options and whether they might be right for you. We listen to our clients and consider their goals for the future so we can create strategic and personalized plans. Attorney Angela Siegel is well-versed in Florida estate and elder law and stays abreast of predictions and trends in the field. She will use her knowledge and legal experience to guide you through the process of making a comprehensive and binding estate plan.
Contact us today to schedule a consultation with a dedicated estate planning lawyer near you.