Estate Planning - Simms Law Firm

TEN REASONS WHY YOU SHOULD HAVE A WILL

Write a Will or the State of Florida will write one for you. With a Will, you choose your beneficiaries and dictate the terms of disbursement.
Select the person who will handle your affairs.
Create trust provisions for minor persons and young adults. Without a trust, a child can have full access to your assets at age 18, even if he or she is too immature to handle it.
Nominate a guardian for your minor children.
Preserve governmental benefits for a disabled person. You can set up a special needs trust under your Will.
Protect an inheritance against divorce and lawsuits. Under a trust created under your Will, you can create a “spendthrift” provision.
Protect your children’s inheritances from a second marriage. Under a trust created under your Will, you can limit your spouse’s inheritance so that when he or she dies, your children receive the remaining principal.
Special instructions. You can leave burial and funeral instructions in your will and provide that a written list of personal property will be incorporated in your Will.
Make a gift to charity. With a Will, you can leave some money to a favorite charity.
Give yourself peace of mind. You will know that you put your affairs in order and your family will know that you cared enough to do so.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

MAKE SURE YOUR ESTATE PLAN WON’T CAUSE A FAMILY FIGHT

A thoughtful estate plan is a wonderful gift to your loved ones when they are mourning your loss. But, even the most well-meaning people can cause family discord and resentment.

You can reduce the chances of a family fight by doing these things:

Name the best Personal Representative and Trustee. Don’t name your representatives based on family hierarchy. Select the person with the best skills, ethical qualifications, and availability for the task.
Include personal property in your plan. Things like jewelry or sentimental items often carry the most emotional value and can cause family fights. Either make a list to be incorporated in your Will or Trust or add a clause that allows the representative to sell any disputed items if the beneficiaries cannot agree.
Don’t tie up the money for too long. Unless you have minor or irresponsible children, don’t limit payments too long. It could be seen as a lack of faith by the parents. Don’t retain too much control from the grave.
Explain any unequal or unusual Bequests. If you do not explain why you are not leaving equal shares to your child or other family members, explain why in the document or in a family meeting. This goes a long way in avoiding discord.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

AGING SOLO? BUILD A TEAM!

Many of my senior clients live alone – some never married, some are widowed or divorced, and many of my clients never had children or their children are deceased or estranged. With no family member to rely on, they need someone trustworthy to pay bills and make critical decisions if they become ill.

Here are a few suggestions:

Think creatively when selecting someone who can manage your affairs. It might be a cousin or niece or nephew, or maybe a trusted financial or legal advisor.
Try to select a health care agent who lives nearby or who can easily travel to you if you are ill. If not family, perhaps a close friend or clergy would be willing to help.
Simplify your financial life by consolidating your assets. This makes management easier for you or anyone who takes over.
Consult with an attorney about a Living Trust and Durable Power of Attorney. If you do not have a family member or close friend to serve as trustee or agent, talk to your attorney about a financial institution or other professional. You can name co-trustees, say, a financial institution and a relative or friend, and require them to act together.

What’s most important is – have a plan. Failure to plan is planning to fail.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

These deeds are also call “enhanced life estate” deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn’t have the right to sell or mortgage the property and you might also be liable to the beneficiary you named if you greatly decreased the value of the property – for example, let a house fall into serious disrepair.

By contrast, an enhanced life estate deed (the Lady Bird deed) lets you:

Avoid probate of the property
Keep the right to use and profit from the property for your lifetime
Keep the right to sell the property at any time
Avoid making a gift that might be subject to tax
Avoid jeopardizing your eligibility for Medicaid

If you have a mortgage on your property, it is advisable to seek the lender’s approval before signing a Lady Bird Deed. Some mortgage loans have provisions that enable a lender to call a loan due when you execute certain kinds of deeds.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

Here at the Law Offices of Debra G. Simms, we provide complete Estate Planning services. Our revocable trust is not the “one size fits all” document that comes in an expensive leather binder. We consult with you, assess your situation and prepare your trust to meet your needs and goals.

We will also make sure that your trust is properly funded. It is not enough to have a piece of paper titled “Trust”; you must properly title your assets in order to avoid probate. We will prepare deeds and work with your financial advisors and banks to make sure all assets are titled in the trust.

The initial consultation for Estate Planning services is free. There is no pressure, no selling and no obligation. Just education. Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

COMMON QUESTIONS ABOUT ADVANCE MEDICAL DIRECTIVES

Is a designation of health care surrogate the same as a living will?

No. A healthcare surrogate is able to make decisions about the medical treatments which are not life support; such as medication, tests, choice of hospitals and physicians. This allows someone whom you have appointed to express your wishes if you are unable to do so.
A living will, on the other hand, applies only to life support treatment for a terminal condition from which you are not expected to recover.

What are some of the other things a health care surrogate can do?

Apply for health insurance
Sign consent forms
Provide information and records when needed
Prevent or stop unnecessary tests or medication

If you need advice on estate planning or advance medical directives, call the Law Office of Debra G. Simms today at 386.256.4882

An old saying goes that there are only two things that certain in life – death and taxes. While neither of these things is anyone’s favorite subject, they both point towards the importance of Estate Planning.

When we talk about Estate Planning, we automatically think about Wills, Trusts, and other types of legal documents. However, your estate planning documents will do little good if your family or trusted friends do not know where to find them.

Once you have put the finishing touches on your written estate plan, I recommend setting aside some time to talk about it with your family. Tell them where your documents are kept and explain your wishes clearly. While this might be an uncomfortable conversation, it can save your family from additional stress and confusion down the road.

If you need advice on estate planning, call the Law Office of Debra G. Simms today at 386.256.4882

FLORIDA PET TRUSTS

What will happen if your pet outlives you?

Many pet owners, like me, consider our pets as part of our family. But, far too many of us neglect to make long-term plans for our pets. Each year thousands of animals end up in shelters. According to a recent Humane Society Report, the majority of dogs and cats that enter shelters are euthanized when the pet parent passes away.

There is something we can do. Florida has a law allowing pet owners to establish a Trust to ensure that their pets receive proper care after disability or death. A Pet Trust works by naming a trusted person or facility to act as Trustee and provides that Trustee with enough money to care for the pet according to your instructions. This can include directions such as your pet’s daily routine, medical care, special food, and socialization. In short, it may include anything that is reasonable to care for your pets.

You can create a pet trust either while you are alive or when you die by including the trust provisions in your will.

I am an attorney with experience in estate planning and a pet owner who does not want to leave my pet’s future to chance.

If you need advice on estate planning, call the Law Office of Debra G. Simms today at 386.256.4882

Create a valid will if you do not yet have one. A valid will may save your heirs from expensive headaches linked to probate. A solid will drafted with the guidance of an estate planning attorney will likely cost you a bit more than a “do it yourself will”, but may prove worth the expense. If you already have a will, review it for needed updates.

Complement your will with other important documents. This could include a trust, durable power of attorney, medical directive and living will. These documents can protect you in the event of incapacity or at the end of life.

Review your beneficiary designations. It is a good idea to check the documentation to verify who you have designated as your beneficiaries on retirement plans, annuities, and life insurance.

Create a list of assets and debts. Organize your personal information and tell your loved ones so they don’t have to follow the trail of bank statements, insurance policies, and bills. So much of what we do is online so you might want to share your passwords with someone you trust.

Talk to an experienced estate planning attorney. Do-it-yourself estate planning is not recommended. I have seen many mistakes that have cost families far more than documents prepared by an expert.

If you need advice on estate planning, call the Law Office of Debra G. Simms today at 386.256.4882

The Dangers of “Do It Yourself” (DYI) Estate Planning

Whenever I speak about estate planning at a seminar or before a civic group, I am asked this question: Why can’t I just use the forms I can find online?

My answer: You can. But, remember, you get what you pay for. You CAN do it yourself – but it’s really not a very good idea. DYI estate planning breeds mistakes because when it comes to legal issues, one size never fits all.

My experience with reviewing DYI documents is that people tend to make mistakes when they fill out their own forms online. Answering one question incorrectly or overlooking something such as appointing a guardian for children can lead to major problems down the road.

One of my prospective clients asked me to prepare a deed putting her home in her trust. When I reviewed her trust, I saw that it was prepared according to community property and California law. This lady lived in Florida and had never lived in California. She sheepishly told me she found the trust on a celebrity money manager’s website.

Another client had a very well drafted trust he found online, but he had never funded the trust because he never received legal advice to do so. Had he died before consulting with me, all of his assets would have gone through probate, even though his intent in doing a trust was to avoid probate.

Most people use online forms to save money. I get that. I like saving money, too. At the Law Office of Debra G. Simms, we charge a flat fee for estate planning. It is far more costly to fix mistakes than to do it right the first time.

If you need advice on preparing such documents, call the Law Office of Debra G. Simms today at 386.256.4882

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667

New Smyrna Beach Office:
817 E. 7th Ave
New Smyrna Beach FL, 32169
Local: 386.256.4882
Toll Free: 877.447.4667