List Your Goals 

The first step when creating an estate plan is to identify the goals you have for it. Maybe you have minor children you want to ensure are well cared for after you pass away. Or, maybe you want to donate to a favorite charity. If you are like most people, you likely have many goals for your estate plan and you do not want any of them to get overlooked. Consider everything you want your estate plan to achieve and then create a list of your goals.

Create an Inventory 

Before you can determine who will receive certain property, you must create a detailed list of everything you own, including your assets and liabilities. This inventory should include all assets that are in your name, including credit cards, bank accounts, retirement accounts, property deeds, insurance policies, and student loans.

Determine People Involved 

You will have to designate many people to many important roles when creating your estate plan. If you have minor children, you should name a guardian who you trust to take care of them in the event that you and their other biological parent pass away. You also need to consider your assets and who you want to inherit them. Additionally, you should also name a personal representative who will administer your estate. These are just a few of the designations you will have to make, so it is of critical importance that you consider who you trust enough to take on these roles.

Draft the Necessary Documents 

Estate plans only offer you and your family protection if they are properly executed. There are many different types of documents you may want to draft, and they all serve different purposes. You will likely need a will but may also want to draft a revocable trust, power of attorney, or other important legal documents. When you work with a Daytona Beach estate planning lawyer, they will ensure your paperwork is drafted properly.

Update When Necessary 

As your life changes, your estate plan does not automatically change with it. Revisit your estate plan every three to five years to ensure that it still reflects your current situation and wishes. Even without these regular updates, you should review your plan every time there is a significant life change, such as a birth or divorce, to make any necessary changes.

Call Our Estate Planning Lawyer in Daytona Beach 

Drafting an estate plan is important, but it is just as critical that you speak to a Daytona Beach estate planning lawyer that can help you do it. At Bundza & Rodriguez, our experienced attorney can advise on the legal tools that can help you achieve your estate planning goals and make sure you and your family are protected. Call us today at 386-252-5170 or contact us online to request a free consultation and to learn more.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0732/Sections/0732.502.html&_ga=2.138961651.152988882.1584990142-1755332197.1584990142

A Will 

Your last will and testament will likely be the foundation of your estate plan and it has many important functions. Within your will, you appoint someone to manage your estate and distribute the property in it to your designated beneficiaries in the event that you pass away. For single parents, though, the most important aspect of a will is to name a guardian for your children. The guardian will then care for and raise your children. If you do not draft a will and name a guardian, the state will determine who will raise your children and this may not align with your wishes.

Revocable Living Trust 

As a single parent, a revocable living trust may hold many benefits for you. During your lifetime, you can place property into the trust and maintain ownership and control over it. If you pass away or become incapacitated, the individual you designated as the trustee will take over these duties. Within the trust you can include provisions regarding when your child can receive their inheritance and the trustee will manage it until then. Lastly, a trust can also help your family avoid the expensive and costly probate process.

Durable Power of Attorney 

Single parents are often the only signatories on mortgages, bank accounts, and other financial tools. If you are ever unable to make decisions for yourself, you may not be able to make sure your children are cared for, or that your regular bills are paid. By drafting a durable power of attorney, you can designate someone to manage these matters for you.

Beneficiary Designations 

Life insurance policies, retirement accounts, and other financial accounts all have named beneficiaries on them. Children cannot be named as beneficiaries, as they do not have the legal capacity to own and manage property. However, you can appoint a guardian to manage the property until your children are the age of majority and they can then receive the benefits from these accounts at that time.

Our Estate Planning Lawyer in Daytona Beach Can Draft These Documents 

You have many responsibilities as a single parent, and drafting a comprehensive estate plan is one of them. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you do it and make sure the most important documents are included so you and your entire family are protected. Call us today at 386-252-5170 or chat with us online to schedule a free consultation and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

Unsolicited Marketing 

There are a number of companies that research, create, and purchase probate leads. Probate leads are essentially a list of people who are going to receive a large inheritance in the near future. Companies create these lists by researching cases that are going through the probate process in any given county or state. The companies that create or purchase these lists then market to beneficiaries trying to sell them house cleaning services, movers, estate liquidators, vehicles, and more. This unsolicited marketing is not only an annoyance, but it also happens during a very emotional time, which makes it even more challenging.

Real Estate Brokers 

Probate leads are particularly enticing for real estate brokers. It is not illegal, or even technically dishonest, for brokerages to contact your personal representative or beneficiaries in an attempt to purchase your property after you pass away. Unfortunately, your beneficiaries are particularly vulnerable. If they do not live close to you, they may not know the market conditions in your neighborhood. Real estate brokers may also pressure your loved ones to sell your real estate during their time of grief, which can make it difficult to make important decisions. These factors may result in your property being sold for less than what it is worth.

Cash Advance Offers 

Probate can take anywhere between six months and one year, and your beneficiaries will not get their inheritance until the estate is closed. Companies offering cash advances know this, and understand that beneficiaries are often relying on the inheritance they have yet to receive. Cash advance companies take advantage of this by offering your heirs an advance that gives them access to the money now. Once the estate is closed, the company then takes the entire inheritance, sometimes even adding an additional fee.

Disgruntled Relatives 

There are opportunities for family members to challenge a will or other elements of a person’s estate.  Probate provides them with certain information that can make it easier for them to move forward with their case. Your family members will be able to defend against these challenges, but that can also cause additional delays. It can also cost the estate more, meaning there will be less money for your beneficiaries.

Our Estate Planning Lawyer in Daytona Beach Can Help Your Family Avoid Probate 

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer understands the drawbacks of probate and can help your loved ones avoid the process so they are protected. Call us today at 386-252-5170 or chat with us online to schedule a free consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

Avoiding Florida’s Intestacy Laws 

In Florida, if you pass away and do not leave a will behind, you are considered to have died intestate. In these cases, your partner may not have any right to any portion of your estate, particularly if you were not married when you passed away. Any property you leave behind will then be distributed to your children, parents, and even your siblings, under the state’s intestacy laws. This can put your partner at significant risk.

People are often recommended to draft not only a will, but a trust, as well. Wills must pass through probate, which is an expensive and time-consuming process. During probate, your will may be contested by other family members and people who have an interest in the estate. Trusts do not have to pass through probate and so, these documents are especially important for same-sex couples who do not have their family’s support.

Planning for Incapacitation 

If you ever become incapacitated in the future and are unable to make decisions for yourself, someone will have to make these decisions for you. Most likely, you want this person to be your partner. If you only have a will, your partner will not have the authority to make these decisions. Instead, you must also designate your partner as your power of attorney, which will give them the legal right to make these decisions.

Planning for Children 

While biological parents typically have automatic parental rights, this is not true for non-biological parents. Adoption by a non-biological parent is the only exception to this, as an adopted parent is also considered a legal parent. If you have a biological child and your partner has not adopted them, your estate plan can provide an alternative. You can name your partner as your child’s guardian in your will and make sure they will have all of the same rights they currently do. In same-sex relationships, it is recommended that both partners name the other as guardian in the event they pass away.

Our Estate Planning Lawyer in Daytona Beach Can Protect Your Family 

If you are in a same-sex relationship and have not yet created an estate plan, it is critical that you make this your next step. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can create the necessary documents that will protect you and your family now, and in the future. Call us today at 386-252-5170 or contact us online to request a free consultation and to learn more about how we can help.

Sources:

justice.gov/sites/default/files/crt/legacy/2015/06/26/obergefellhodgesopinion.pdf

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

Not Updating Your Plan 

After you have drafted your estate plan, you may think you do not need to think about it any longer. However, if you simply keep it in a safe place and never review it, your family may not have the protection you had intended to provide for them. Generally speaking, estate plans should be reviewed with an estate planning lawyer every three to five years. This will ensure it complies with the current law and allow you to determine if there has been a change in assets or your family situation.

Including Certain Types of Property in Your Will 

Your will only controls property that is solely in your name. Property that has designated beneficiaries, such as life insurance policies, will be distributed directly to them after you pass away. Property that is jointly owned with another person will also transfer directly to them. It is important to create a list of all the property you own, and to know how your estate plan will or will not affect them.

Not Considering a Trust 

Trusts have many benefits over other estate planning documents, such as wills. However, they are not appropriate for everyone. It is important to consult with a Daytona Beach estate planning lawyer who can inform you about trusts, the property you may want to place in it, and the type of trust that is right for you.

Not Funding a Trust 

A trust may be right for your personal situation but it is only beneficial if you fund the trust. Funding a trust means placing property into it. If you do not fund the trust, you and your family members will not benefit from it in the way you intended.

Failing to Draft a Living Will 

A living will is important so your family members can understand your end-of-life wishes. While you should speak to your loved ones about these wishes, drafting a living will makes your wishes official and can save your family members from having to make very difficult decisions.

Not Working with an Experienced Estate Planning Lawyer in Daytona Beach 

Although there are many templates and forms online that claim to help you create a plan on your own, this is a mistake. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer will make sure no mistakes are made in your plan so it provides protection for you and your family now, and in the years to come. Call us now at 386-252-5170 or contact us online to schedule a free consultation with our experienced attorney.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

Should I Create a List of My Parent’s Property? 

It is very important to determine what property your parent owned. While you may first think of your parent’s home or vehicle, there are other types of property you should consider, as well. These include stocks, investment accounts, insurance policies, and any digital currency they owned. Create a list of any property you can locate.

How Can I Determine My Parent’s Income? 

During your parent’s lifetime, it is important to ask them about certain matters. You should ask them how much income they earn on a monthly and yearly basis and how you can access their financial accounts, if it ever becomes necessary. These conversations can be uncomfortable, but it can make it much easier in the future. Some types of income, such as government benefits, may have to be returned if they are received after your parent’s death. It is important to know what these are, and if your parent receives them.

Should I Keep Track of My Parent’s Bills? 

Yes. Retrieve your parent’s mail, if possible, and keep anything that is received in a safe place. You should also securely store any invoices or receipts that prove you have paid certain expenses. For example, you may be responsible for paying the mortgage and utilities on your parent’s home until it is sold or distributed according to their will. Retain receipts for these expenses so a Daytona Beach estate planning lawyer can help you manage them.

Do My Parents Have an Estate Plan? 

You may not know if your parent drafted an estate plan during their lifetime. Or, you may be aware that they did have a plan in place, but you do not know where it is stored. Our Daytona Beach estate planning lawyer can answer your questions regarding your parent’s plan and help you locate important documents, such as their will.

Do I Need an Estate Plan? 

It is natural to start thinking about your own mortality after losing your parents. Or, perhaps your parent was quite prepared and that has made you want to start your own planning. Regardless of what has made you start thinking about estate planning, it is important to speak to an attorney who can help you create a plan that is right for you.

Our Estate Planning Lawyer in Daytona Beach Provides Sound Legal Advice 

Estate planning is a complicated legal matter. To help you through the process and make sure you and your family are fully protected, it is important to work with our Daytona Beach estate planning lawyer at Bundza & Rodriguez. Our experienced attorney can answer your questions and help you create a plan of your own. Call us now at 386-252-5170 or contact us online to schedule a free consultation.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

Unfortunately, no one can predict what is going to happen in the near or far future. For this reason, it is critical that everyone, including young parents, draft a plan. Below, our Daytona Beach estate planning lawyer outlines the most important considerations for young parents.

Designate a Guardian for Your Children 

Perhaps the most important reason young parents should create an estate plan is to name a legal guardian for their children. A legal guardian raises and cares for the children in the event that both of the parents pass away. Many people designate someone as ‘godparent’ and think that gives them the legal authority to act as a legal guardian. It does not. To ensure that your wishes are fulfilled, you should draft a will that names a guardian and that is properly executed to ensure your children are protected.

Manage Your Child’s Inheritance 

If your children are still minors and you pass away, they will not have the capacity to manage their own inheritance. You will have to designate someone to do this on their behalf until they turn 18 years old. You can decide who you want to manage your child’s inheritance by creating a trust or another estate planning tool. If you do not take these steps, the court will determine who will manage your child’s wishes, and that may not align with your wishes.

Plan for Your Lifetime 

An estate plan not only helps your loved ones after you pass away, it can also help you during your lifetime. If you ever become incapacitated in the future and are unable to make decisions on your own, someone else will have to make decisions regarding the health care you receive, and how your finances are managed.

A general power of attorney can designate who will handle your financial affairs while a health care directive can name someone who will make medical decisions for you. Again, if you do not draft these important documents, the court will make them for you and they may appoint someone who will not act in your best interest.

Our Estate Planning Lawyer in Daytona Beach Can Help with Your Case 

If you are a young parent and have not made a plan for the future, our Daytona Beach estate planning lawyer can help. At Bundza & Rodriguez, our seasoned attorney can review the facts of your case and draft the documents that will protect you and your family. Call us now at 386-252-5170 or chat with us online to request a free consultation and to get more information.

Sources:

palmbeach.floridahealth.gov/programs-and-services/clinical-and-nutrition-services/registration-forms-clinic-services/_documents/health-care-advance-directives-english.pdf

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

Your Last Will and Testament 

One of the most important documents you should review is your last will and testament to determine if you have ‘second look’ privileges. Second look privileges allow you to review the will of your spouse before it is entered into probate. This is important, as it may allow you to defer part of your child’s inheritance or redirect property that is meant for one beneficiary to someone else. Even without second look privileges, there may be changes to your own will you should make. For example, if you have named your spouse as a beneficiary, you should make the necessary changes and name someone in their place.

HIPAA Releases 

You may have signed certain releases under the Health Insurance Portability and Accountability Act (HIPAA) during your marriage. The Act protects the privacy of your personal health information. You may have previously signed a release allowing your spouse to obtain information about your medical treatment and overall health. After your spouse passes away, you should review these releases and if you choose to, name other people who can access this information.

Power of Attorney and Health Care Proxy 

A power of attorney and health care proxy allow someone else to manage your financial and medical affairs, respectively. These documents are important in case you ever become incapacitated and cannot make these decisions for yourself. During your marriage, you may have named your spouse as your power of attorney and health care proxy. After they pass away, you will then have to name someone else, just like with any HIPAA releases you have signed. Make sure you only name someone you trust implicitly as your power of attorney or health care proxy.

Beneficiary Designations 

You may have named your spouse as a beneficiary on a brokerage, retirement, or bank account. You may have also listed them as a beneficiary on a life insurance policy. You should review all of these policies and accounts and make the necessary changes by designating new beneficiaries.

Our Estate Planning Lawyer in Daytona Beach Can Help During this Difficult Time 

Thinking about making changes to your estate plan can be overwhelming during your time of grief. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help by providing the legal advice you need and making sure you and your estate are protected. Call us now at 386-252-5170 or contact us online to schedule a free review of your case and to get the legal help you need.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

cdc.gov/phlp/publications/topic/hipaa.html

Not Getting Legal Advice 

A quick search online will take you to make forms and online software programs that claim to allow you to create your own estate plan. However, if you use these it can result in many mistakes being made that may even have your entire estate plan deemed unenforceable by the courts. It is important to speak to a Daytona Beach estate planning lawyer who will ensure your plan is drafted properly and that it includes all of the tools that will provide the protection you need.

Not Updating Your Plan 

Once you have created an estate plan, you may think you can simply forget about it. This is very common, but it is also a big mistake. There are many changes that can happen in life and when they do, your estate plan will most likely be affected by them. Any time there is a major life event such as a birth, death, marriage, or divorce, you should review your estate plan. Even without these changes, you should still review your estate plan every three to five years to make sure it still reflects your wishes.

Failing to Understand Your Will 

Your will is a very important document but you may not fully understand it. For example, your will only affects assets that are solely in your name. Any assets that are jointly owned are not affected by your will. If you include jointly held assets in your will, it may deem the entire document unenforceable. To avoid this mistake, always work with an attorney who can make sure you fully understand its terms.

Not Creating a Revocable Living Trust 

When you create a revocable living trust, the property within it does not have to go through the probate process and so, your beneficiaries can receive their inheritance right away. Still, these trusts are not appropriate for every situation. If your lawyer recommends creating a trust, it is just as important that you fund it or it will not serve its intended purpose.

Contact Our Estate Planning Lawyer in Daytona Beach Today

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you draft your plan and ensure no mistakes are made so your future and loved ones are properly cared for. Contact us today by calling 386-252-5170 or contact us online to schedule your case evaluation and to get the legal advice you need.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

Although planning for your pet does have some challenges, there are ways to overcome these. Below, our Daytona Beach estate planning lawyer explains how to do it.

Failing to Put Your Plans in Writing 

Many people rely on an oral agreement alone but this is a very big mistake. For example, you may ask someone in your family to care for your dog in the event that you pass away. After they agree, you may not see any need to put the agreement in writing. Oral contracts, though, are often seen as ambiguous which also makes them very easy to challenge.

If you rely on an oral agreement only, your pet may not have the protection you had intended for them. Using the same example, you may become incapacitated and not be able to make decisions for yourself. You may have thought your agreement with your family member would apply in this situation, but they do not. If they then refuse to care for your pet, you and your other loved ones may not have any recourse.

Lastly, the law requires certain contracts to be in writing and included in this are contracts regarding the transfer of property. While you may consider your pet to be part of the family, the law does not. The law views your pet as your personal property and so, if you wish to transfer ownership of them, you must put it in writing.

Leaving Money to a Pet 

Again, the pet industry is one that generates billions of dollars every year. You may understand how expensive it is to care for your pet and so, you may want to leave them money in your will. This strategy usually fails because you cannot leave property to other property.

You may be able to leave funds for your pet to a beneficiary but whether this provision is upheld really depends on the specific court, as some have allowed it in the past while others have not. The best way to make sure your pet is provided for in the event that you pass away is to speak to a lawyer who can provide sound legal advice.

Our Estate Planning Lawyer in Daytona Beach Can Explain Your Options 

Planning for your pet is not always easy, but that does not mean it is impossible. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can explain your legal options and help ensure that all of your family members are cared for in the future. Contact us today at 386-252-5170 or chat with us online to schedule a free case evaluation and to get the information you need.

Sources:

census.gov/library/stories/2020/02/spending-on-pet-care-services-doubled-in-last-decade.html

animallaw.info/article/wills-trusts-pet-animals-what-happens-when-their-humans-die