TRUSTS, WILLS & ESTATE PLANNING

TRUSTS, WILLS & ESTATE PLANNING

Trusts Wills and Estate PlanningWhy do I need a Will?

  • Your Will is the way you instruct what happens with your property and your business affairs.
  • More importantly, your Will is your opportunity to state your intentions for guardians for your minor children after your death.
  • If you die without a Will, the state laws will govern how your property is distributed, the way your business affairs are handled, and who are your minor childrens’ guardians.

What is a Trust?
A trust is a formal arrangement you make with a trusted person (the trustee) to convey property as you direct. You can establish this document in two ways:

  • During your life (called inter vivos)
  • Upon your death (called testamentary)

How do I create a Trust during my life?
A trust is a formal arrangement you make with a trusted person (the trustee) to convey property as you direct. You can establish this document in two ways:

  • A trust that you create during your lifetime is a living trust.
  • Living trusts are in effect even if they have no property in them until your death. If you title property in the name of your trust, then your trust is said to be funded.
  • If a trust does not have assets transferred to it then it is call unfunded.
  • The assets in a funded living trust avoid probate because they pass to your beneficiaries under the terms of your trust, not the terms under your Will.
  • A Pour-Over Will is executed along with a Trust to ensure all assets are transferred to the Trust upon death. A Pour-Over Will takes all of the assets not transferred to the trust and “pours” them into the trust upon your death.

How do I create a Trust upon my death?

  • You create a testamentary trust through your Will.
  • Since your Will does not take effect until death, the trust does not exist until your death.
  • In many states, testamentary trusts are undesirable because they are subject to probate court jurisdiction.
  • Since the trust is established through probate, all of the information is public.

What are some of the benefits to Living Trusts?

  • Reduce or defer estate taxes in some cases.
  • Manage funds for children or other beneficiaries until the ages you have chosen.
  • Permit planning for children from prior marriages.
  • Hold assets to avoid probate and provide privacy.
  • Allow management of your finances and assets if you become incapacitated.
  • Facilitate business succession.
  • Provide protection for children with disabilities.

Is there a Power of Attorney for my health?
YES. With a Medical Power of Attorney, you name a trusted person to make health care decisions if you become incapacitated.
It is also important to consider executing a HIPPA medical release form with a Medical Power of Attorney to allow your named agent the power to talk to your medical providers.

What is a Living Will?

  • A Living Will is a document that tells your family, doctors, and friends what decisions you would like made for you if you cannot speak for yourself.
  • A Living Will is also referred to as the document that you state when you would like to be taken off life support.
  • The Living Will allows you to indicate if you would like extreme measures to be taken to preserve your life or if you would not like your life extended through those measures

Get in Touch

Dr. Phillips
7625 W. Sand Lake Road Suite #202
Orlando, FL 32819
Phone: 407-512-4394

Lake Nona
9161 Narcoossee Road Suite #210
Orlando, FL 32827
Phone: 407-982-7261

Waterford Lakes
12301 Lake Underhill Road
Suite #213
Orlando, FL 32828
Phone: 407-512-4394