FWB Probate, Preparation of Wills, and Estate Planning

Losing someone you love is difficult. At ASG, we know that things can become more difficult when a family realizes that the deceased did not create a will. Every situation varies and each person’s assets and liabilities, as well as their wishes, can vary. That said, having a will is one of the most important things you can do for yourself and your family. A will protects your spouse, your children, and your assets by stating exactly how you want things done. Working with a will and trust lawyer in Fort Walton Beach will make the process much easier for you and your family. Similarly, if your aging parents have not thought of creating a will or living trust, it is imperative that their affairs are put in order before you have a situation where you do not know what to do, where to turn, or your parents are at a point where they do not have the capacity to execute any Estate Planning Documents.

Contact one of our FWB Probate Attorneys:

Steven Bauman

Shiraz A. Hosein

850-863-4064

Estate Planning, Wills and Trusts Attorneys in Fort Walton Beach

When it comes to planning for the future and safeguarding your assets, the role of our estate planning, wills, and trusts attorneys in Fort Walton Beach cannot be overstated. The legal professionals of Anchors Smith Grimsley is experienced in assisting individuals and families in structuring their estates to ensure their wishes are upheld and their loved ones are protected after their passing. The need for proper representation in matters of estate planning in Fort Walton Beach is paramount.

Estate planning in FWB encompasses a comprehensive strategy aimed at managing and distributing a person's assets in the event of their death or incapacity. This involves drafting legally binding documents such as wills, trusts, powers of attorney, and healthcare directives. While it may seem straightforward, the intricacies of estate planning often require the experience of a skilled attorney who understands the nuances of Florida state laws and can tailor strategies to fit individual circumstances.

  • A will is a legally binding document that states how to handle your estate upon your death. It is also a planning document that is updated as your life changes. When we are young, we rarely think about estate planning. However, it should be thought about more often, especially if you have children. A will allows you and your spouse to specify who takes care of your children in the event of your death while they are still minors. In the absence of a will, the court will appoint a family member of their choosing to raise your children.

  • All estates go through the probate process with or without a will. However, having a will speeds up the probate process by informing the court how the estate is to be divided. With a will, the court simply administers your estate in accordance with the will. Without a will, known as dying intestate, the court decides how to divide your estate in accordance with Florida’s Intestacy Laws. Dying intestate can cause lengthy delays and incur the additional costs of a probate litigation attorney should contested situations arise.

  • If real property is owned in Florida by a non-resident of Florida, then dying without a will becomes very complicated. Even with a will, it requires Ancillary Proceedings, unless your Estate Planning attorney has advised you how to avoid it. At Anchors Smith Grimsley, we have years of experience with setting up property ownership in Florida so that non-residents can avoid Ancillary Probate proceedings and unnecessary expenses. For instance, under Section 733. 6171 of the Florida Probate Code, the fees that probate attorneys can reasonably charge for probating an estate, including ancillary estate fees, begin at 3% of the value of the probate assets located in Florida. This means that if you or your parents have a home valued at $300,000, whoever inherits that home might be paying probate fees of $9,000.00. Sometimes, a living trust is a way for non-Florida residents to handle real estate owned in Florida, as they avoid probate. Our trust lawyers can help you understand how this works and whether or not it is right for your situation.

  • Our Estate Planning attorneys in FWB help you to prepare your will so that the value of what you leave to your family and/or charities reduces the value of your estate when it is time to pay estate taxes. We will help you to minimize estate taxes and to appoint a good Personal Representative. Your Personal Representative should be someone who is honest, trustworthy, organized, and knowledgeable about what must be done. This may or may not be a family member. That is entirely up to you as long as you appoint a Personal Representative in your will. This person pays off bills, cancels credit cards and notifies your bank(s) and other business establishments of your death. We can execute your estate for you or help the person you appoint to administer your estate.

  • Many people decide to put their assets in a living trust because it avoids probate. If you consult one our Fort Walton Beach trust attorneys, you may decide that a living trust is the way to go. Alternatively, you can opt for a combination of a living trust and a will. A living trust sometimes cuts the time needed for the distribution of assets to a few weeks, which can greatly benefit those you leave behind by allowing them immediate access to the funds of the Trust. A major difference between a will and a living trust is privacy. A living trust is not made public at the time of your death, so your estate is distributed without being made public. A will is a public record, so all transactions are a matter of public record. A living trust attorney can aid you with making the document official and covering all your bases. Notably, both a will and a living trust allow you to choose a guardian for your children in the event of your death.

Guidance of Our Estate Planning Attorneys in Fort Walton Beach

One of the primary reasons individuals seek the guidance of our estate planning attorneys in Fort Walton Beach is to ensure that their assets are distributed according to their wishes. Without a legally valid will or trust in place, the distribution of assets may fall under the intestacy laws of Florida, which might not align with what the individual would have wanted. Our Fort Walton Beach lawyers, who are experienced in this field, work closely with our clients to draft meticulous documents that reflect their desires and minimize the chances of disputes among heirs.

Moreover, our estate planning attorneys in Fort Walton Beach can help minimize tax liabilities and probate costs. By employing various legal tools like trusts and strategic gifting, we can structure estates in ways that reduce the tax burden on beneficiaries. Additionally, trusts can bypass the probate process, ensuring a more efficient and private transfer of assets to intended beneficiaries. This not only saves time but also reduces the associated expenses and keeps personal matters out of the public record.

In Fort Walton Beach, as in many other regions, the laws surrounding estate planning, wills, and trusts are complex and subject to change. Working with one of our knowledgeable wills and trusts lawyers in FWB ensures that individuals remain up to date on any legislative alterations that may impact on their estate plans. Our lawyers stay informed about changes in tax laws, probate regulations, and other legal aspects that could affect estate planning strategies, allowing us to provide informed counsel and make necessary adjustments to existing plans.

Furthermore, estate planning isn't solely about asset distribution; it also involves preparing for unforeseen circumstances, such as incapacity or illness. The Fort Walton Beach estate attorneys at Anchors Smith Grimsley will assist in drafting documents like powers of attorney and healthcare directives, which designate trusted individuals to make financial and medical decisions on behalf of the incapacitated person. These documents offer peace of mind, ensuring that someone the individual trusts are empowered to act in their best interests.

Fort Walton Beach Power of Attorney Lawyer

If you are granted power of attorney, you are authorized to make legal and binding decisions for someone else. It is a legal document, and each state has its own rules governing them. When you enter into such an agreement, it is best to do so with a lawyer concentrating on power of attorney. In the FWB, you can rely on ASG Legal to know every aspect of powers of attorney. When writing up such a document, it is important that the principal party be very specific about the powers they are creating, and how broad they wish the power of attorney to be.

  • When one person wants to give another person authority over all of their legal affairs, the maker of the power of attorney is now known as the “principal.” The person receiving the right to act on their behalf is known as the “agent.” What authority is given from the principal to the agent varies. The powers of attorney can be very broad or very limited in scope. For powers of attorney to be considered legal they must be in writing and the principal (the person initiating the document) must be an adult of sound mind. Any mental incapacity due to illness, age or another cause, means that person is not legally allowed to draw up power of attorney documents.

  • In Florida, even if the principal becomes incapacitated, durable power of attorney means the agent can continue exercising authority. To attain durable power of attorney, one must be a competent adult and the document must be signed in the presence of 2 witnesses and a notary. There is also General Power of Attorney which is more limited than a durable one. Authority terminates as soon as the principal becomes incapacitated. Consulting with lawyers for power of attorney, such as those at ASG Legal, should help clarify any questions you may have in the difference between the two. The powers granted from the principal to the agent in all power of attorneys terminate upon the death of the principal.

  • A power of attorney can be used to give another the right to sell a principal’s property; such as a house, a car, or other transactions. When you decide to create a Power of Attorney for someone else, you may grant them access to your bank accounts and the power to sign contracts for you. Often, when someone has major health issues or has declining mental abilities, they will need someone else (usually a family member) to become power of attorney for them. This may lead to this person becoming durable power of attorney for finances, and/or durable power of attorney for healthcare. Lawyers that handle power of attorney can also discuss with you or a loved one everything you need to know about a living will power of attorney. Healthcare power of attorney responsibilities include only those acts specified and any actions necessary (within reason) to give effect to those specified acts.

  • There is one more area applicable to powers of attorney that we should discuss here. That is the debate between a living will vs power of attorney. In Florida, ‘health care advance directives’ can be either a living will or a health care surrogate designation. Both are looking at what could happen in advance of any incapacity or need. For anyone unable to communicate with doctors, a durable power of attorney for health care and a living will are legal methods to ensure that their needs are met. If a durable power of attorney specifies health care decisions by the agent, that person has the authority to make health care decisions for the principal. A living will is for end of life situations where the principal’s health care provider has determined that there is no chance that the principal has a chance of a meaningful recovery and the principal is being kept alive by artificial means. The living will allows the principal to designate an agent to make the decision on whether to keep the principal alive through these artificial means or to take the principal off of these life prolonging devices. Understanding powers of attorney can be tricky for most people, especially as it is required at a time that is necessarily challenging. Professionals well versed with powers of attorney can help.Contact ASG Legal as soon as possible if you are in need of a lawyer in FWB. Power of attorney can be a difficult and tedious process, and we are ready to put our over two centuries of combined legal experience to use for you.

Retaining an Estate Planning Lawyers in FWB

The necessity of retaining the services of one of our estate planning, wills, and trusts attorneys in Fort Walton Beach cannot be overlooked. From ensuring assets are distributed according to one's wishes to minimizing tax burdens and preparing for unexpected situations, our legal professionals play a crucial role in safeguarding individuals' legacies and providing the necessary guidance through the complex legal landscape of estate planning. Seeking proper representation in these matters is an investment in securing the future for oneself and loved ones.

In theory, we all understand that tomorrow is not promised to us. Unfortunately, all too often, procrastination leads to avoiding the reality that death is part of life. When it comes unexpectedly and no will has been prepared, families find themselves overwhelmed by an already difficult situation. You can avoid this by meeting with one of our Fort Walton Beach estate planning lawyers. At a minimum, they will help you to draw up a basic estate plan and to set things in motion so that you can stop thinking about it except for yearly updates to reflect changes in your life situation. Life is not written in stone and neither is a will. If your life changes, as it is sure to do with births, deaths, marriages, divorces and all of life’s vicissitudes, then it is easy enough to change your will to reflect these changes. Whether you need a simple will drafted or a series of complex estate planning instruments and a living trust, ASG can do it all. No problem is too small or too big for our well-qualified Will, Trust and Estate attorneys. In fact, our lawyers enjoy helping people develop strategies that will serve their needs and the needs of their heirs for years to come. Make sure that the people you want to benefit from your estate do so. Get in touch with ASG today to move forward. We also serve Destin, Miramar Beach, Crestview, and surrounding areas.