the basics of estate planning (2 25-15)

The Basics of Estate

PlanningBy

David Torre, Esq.

Murrah Doyle Wigle & Torre P.A.

February 25, 2015

© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational

purposes only

Basic Elements in an Estate Plan

• Last Will and Testament

• Durable Power of Attorney

• Living Will

• Designation of Health Care Surrogate

• Declaration Naming Pre-Need Guardian

• Revocable or Living Trust

© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only

Last Will and Testament

• Document that governs your estate (property, debts, etc.)

• Must execute with legal formalities

• Avoids default plan in the Florida Statutes (Chapter 732)

• 3 important groups to consider –

• Creditors

• Personal Representative (a/k/a executor)

• Beneficiaries (individuals or charities)


Durable Power of Attorney

• Principal names an agent to act on his or her behalf

• Extends beyond disability or incapacity

• Agent is given broad power and discretion

• Agent should be competent and trustworthy

• Extinguishes at death


Living Will

• Person declares his or her intention that life-prolonging procedures be

withheld or withdrawn when the application of such procedures would serve

only to prolong artificially the process of dying

• Terminal condition

• End-stage condition

• Persistent vegetative state

• Inform your physician that you have created this document


Designation of Health Care Surrogate

• Authorizes a person to make any health care decisions on your behalf

• Agent can:

• Apply for public assistance to defray health care costs

• Admission or transfer to a health care facility

• Access to health records under HIPPA law


DECLARATION NAMING PRENEED

GUARDIAN

• Names person or people you would want to serve in case you need a

guardian

• Proof of intent

• Person vs. Property: can name different guardians

• Can use for minor children


Revocable or Living Trust

• Similar to a Will

• Private

• More Flexible

• Avoids Probate?

• Serves a function in case of disability

• Funding the Trust during your lifetime


Charitable Gift Planning

• Gifts of appreciated stock

• Beneficiary of retirement plans, life insurance policies, etc.

• Bequests


Questions?

Contact Information:

David Torre

Murrah Doyle Wigle & Torre P.A.

800 West Morse Boulevard, Suite 1

Winter Park, Florida 32789

407.644.9801 | MDWTLaw.com
