Boca Raton Personal Injury Lawyers Blog | Ellis, Ged & Bodden P.A.

Peace of Mind
By Marius “Marty” J. Ged

Everyone in Florida has a will, whether they know it or not. If you haven’t written your own will, the Sunshine State will be more than happy to distribute your assets according to the provisions of the intestate statutes. Of course, the State of Florida doesn’t know that you particularly want to leave your great-grandmother’s jade ring to your youngest daughter, that you promised your alma mater your collection of first editions or that you bought that blue chip stock with your grandson in mind. Don’t wait until tragedy strikes. The time to plan for your family’s future is now.

Everyone, no matter how big or how small their nest egg, can benefit from the use of an estate planning attorney. Proper estate planning and the use of pre-advance directives can provide you and your family with significant benefits and priceless peace of mind.

A family-oriented professional will take the time to understand the unique needs of your family. Depending on your situation, he or she may recommend the use of revocable trusts, irrevocable trusts or family limited partnerships as an effective way to ensure that your family’s assets will not be subject to the claims of creditors. Some families might benefit from the use of generation skipping transfers. The use of an estate planning attorney can also simplify the probate process and protect your family from those who would seek to profit from their loss. By working with a professional, you can also create a lasting legacy within your community through planned charitable giving or charitable trusts.

You’ll also want to ask a professional legal advisor about pre-advance directives, like a durable power of attorney, a living will and a health care surrogate. The use of a durable power of attorney is particularly important for families to consider. A durable power of attorney remains intact if a person becomes incapacitated. For example, if your mother unexpectedly suffers a stroke the day before she was going to write the monthly mortgage check, you would be responsible for paying her bills. You could get a court order that would allow you to draw on her accounts, but that can be a complicated and time consuming process. With a durable power of attorney, you could easily draw on her funds and successfully preserve her quality of life while reducing the emotional and financial strain on your family during a difficult time. If you have put off writing your will, you’re not alone. Every day, the State of Florida determines the legacy of plenty of folks just like you. You can chart your own course, though. When you plan for the future, you’ll start reaping the benefits today.
As the head of the Real Estate, Estate Planning and Corporate Business Transaction Department at the Boca Raton-based law firm of Ellis, Ged & Bodden P.A., Parkland resident Marius “Marty” J. Ged works with entrepreneurs and business owners to acquire, accumulate and transfer wealth. He is married and the father of twin boys.