Estate planning is an important process utilized by individuals to prepare for the distribution of an estate after they pass away. Many people have had experiences with some form of estate planning, whether a will or trust, special arrangements for family or asset protection. Estate planning essentially serves to increase the value of your estate through tax reduction strategies while also providing an organized approach to the administration of assets. This includes real estate, investments, and other valuable items. There are a variety of documents that play a role in almost all estate planning scenarios.
Perhaps the most common, a last last will and testament, is designed to safely transfer real estate and other valuable assets to the designated parties. This differs from a living will which is a means to provide instruction to healthcare professionals in the event that the individual is unable to make informed consent.
A durable power of attorney, also known as an advance directive, serves to appoint a specific person to make important decisions regarding your medical care if you cannot. Durable power of attorney can also refer to property, and gives the appointed individual authority to make financial decisions in their absence.
Trusts are also common as a means for an individual to manage their estate while also naming successor trustees who can assume trust responsibilities if they can no longer fulfill those duties. Since trusts are an established legal document, they are an excellent way to ease the probate process.
Wollman, Gehrke & Solomon, P.A. is an established estate planning law firm serving the Naples, Marco Island, Bonita Springs areas in estate matters such as trusts, wills, advance directives, guardianship and much more. Our legal team has over 50 years of combined experience formulating strategies to help clients successfully maintain a sense of control over the distribution of their estate throughout life and after death. Protecting your assets and preserving your legacy for the next generation is a very important process. Our experienced attorneys can provide guidance in any estate planning scenario.
CONTACT OUR FIRM TODAY to schedule a confidential initial consultation and learn more about estate planning and the necessary estate planning documents.