NOT JUST FOR THE “RICH”!

Estate Planning is important for all people along all walks of life. Estate Planning is NOT “only for the rich.” Everyone would benefit from a competent and comprehensive Estate Plan.

Types

There are two basic types of estate plans, Will-Based and Trust-Based. At the Preston Law Firm, we have the knowledge, experience, and skill necessary to properly advise and guide you in your choice.

Comprehensive

A comprehensive estate plan, whether Will-Based or Trust-Based, will not only ensure the proper distribution of your assets upon death, but will also ensure that your trusted loved ones have the authority to care for you during your lifetime should you ever be unable to care for yourself. To accomplish a comprehensive plan, we include a Durable Power of Attorney, Advanced Healthcare Directive (Healthcare Power of Attorney), Living Will, and HIPPA Release Form in both the Will-Based and Trust-Based packages.

Competent

The Preston Law Firm has been a staple of the New Smyrna Beach community for over 30 years. In that time we have developed the knowledge and experience needed to know and understand the Estate Planning needs of the members of this community and how to effectively plan for those needs.

We recognize that each client has specific and unique legal goals and we treat each client with the utmost respect as we assist them in administering their estates and trusts or formulating and implementing their Estate Plans. When our clients’ legal needs require advice in other non-legal areas, we work closely and consult with other advisors such as accountants, financial advisors, insurance agents and bankers.

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Descriptions & FAQ's

What is a Will-Based Estate Plan & how much does it cost?

A Will-Based Estate Plan relies on a Last Will and Testament to transfer your assets to your beneficiaries (as you may decide) upon your death through the Probate process. You will be asked to choose an individual, multiple individuals, or entity to work with the Court and an attorney to ensure your estate is properly administered and transfer according to your written wishes. If either avoiding Probate or protecting your assets from the government is a concern for you, you’ll want to seriously consider a Trust-Based Estate Plan.

Both Estate Plans also come with a Durable Power of Attorney, Advanced Healthcare Directive (Healthcare Power of Attorney), Living Will, and HIPPA Release Form. You may read more about these documents in this FAQ section, but basically these documents ensure that your loved ones have the authority to care for you should you ever be unable to care for yourself.

The total cost for a Will-Based Estate Plan varies widely depending on the amount of planning needed for your particular estate. Contact us through the contact form below or the telephone number listed above and we will be happy to meet and consult with you regarding your Estate Plan for free.

What is a Trust-Based Estate Plan & how much does it cost?

A Trust-Based Estate Plan is often used by those who are concerned about one or more of the following: (1) avoiding probate, (2) protecting assets from tax liability, (3) protecting and providing assets for an incapacitated or spend-thrift beneficiary, or (4) otherwise retain a level of control over your assets after death.

In a Trust-Based Estate Plan, we rely on the Revocable Living Trust (Grantor Trust) to control the distribution of assets upon death. This Trust is an entity the same way LLC’s and INC’s are entities. It will be funded with your assets, and it will allow your assets to transfer upon death WITHOUT the Probate process. As this entity is “Revocable,” you as grantor may change the wording of the document, restate the entire document, or revoke the entire document at ANY time.

Both Estate Plans also come with a Durable Power of Attorney, Advanced Healthcare Directive (Healthcare Power of Attorney), Living Will, and HIPPA Release Form. You may read more about these documents in this FAQ section, but basically these documents ensure that your loved ones have the authority to care for you should you ever be unable to care for yourself.

The total cost for a Trust-Based Estate Plan varies widely depending on the amount of planning needed for your particular estate. Of course, a Trust-Based Estate Plan will usually cost more than a Will-Based Estate Plan due to the amount of advanced planning that is incorporated into a Trust. Contact us through the contact form below or the telephone number listed above and we will be happy to meet and consult with you regarding your Estate Plan for free.

What is a Durable Power of Attorney?

A Durable Power of Attorney is a document used by an individual (the “principle”) to name the person, persons, or entity (the “agent”) that the principle trusts to make his or her day-to-day life decisions on the principle’s behalf should the he or she be unable to make these decisions .

These documents are usually very lengthy as there are quite a lot of powers that a Durable Power of Attorney entails. As such, it is VERY important that the principle choose an agent in whom he or she has complete faith and trust.

It’s also important to note that a Durable Power of Attorney does not “spring” into action when the principle becomes unable to handle their day-to-day affairs, but instead grants the powers listed in the document to the agent as of the day the document is signed by the principle. This is another reason why it is VERY important that the principle choose an agent in whom he or she has complete faith and trust.

What is an Advanced Healthcare Directive?

Advanced Healthcare Directives are often referred to as Healthcare Power of Attorney’s due to the similarities between the two documents. Whereas a Durable Power of Attorney grants power to make day-to-day decisions, an Advanced Healthcare Directive is the document in which an individual (the “principle”) grants a person, persons, or entity (the “agent”) the legal authority to make medical decisions on behalf of the principle if (and only if) the principle is unable to make or communicate these decisions personally.

It should be noted that unlike a Durable Power of Attorney, the authority granted by an Advanced Healthcare Directive is ONLY able to be used by the agent if the principle is unable to make medical decisions or communicate these decisions personally.

Still, it is VERY important that the principle choose an agent in whom he or she has complete faith and trust.

Contact us today to schedule a FREE consultation so that we may assist you in determining the best Estate Plan for your needs and concerns:

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