Best Business Attorneys in Coral Gables, FL

Probate is the name of both the court and the process that looks after people who cannot make their own personal, health care, or financial decisions. Minor children (under age 18 in most states), incapacitated adults, and people who have passed away without making prior arrangements to avoid probate may all be the subject of probate proceedings. Probate proceedings can be expensive and time-consuming. Additionally, the proceeding is a matter of public record. Many people choose to avoid probate in order to save money, to spare their heirs a legal hassle, and to keep their personal affairs private.

Sometimes called an Advance Directive, a living will allows a person to record their decisions regarding the types of medical care they would prefer to have if they are ever suffering from a terminal condition (without reasonable hope of recovery) and cannot express their wishes at that time. A living will is often executed along with a Health Care Power of Attorney, which is a document that gives someone the legal authority to make health care decisions on behalf of another person.

A durable power of attorney appoints one party (a person, a group of people, or an entity) to make decisions on behalf of another party. If someone does not have a valid power of attorney, and he or she becomes incapacitated, the person will most likely be involved in a probate proceeding known as either a guardianship or conservatorship. Without a properly executed power of attorney, a judge will determine who should make decisions for the incapacitated person under the ongoing supervision of the court.

Regardless of age, wealth or marital status, it is important to consider whether a trust is the right estate planning vehicle for you. If you own titled assets (such as a house), and want your beneficiaries to avoid court interference should you pass away or become incapacitated, you should consider having a revocable living trust.