Video Summary

What is the difference between a, Will and estate planning? Well, a Will is part of the estate planning process. Whenever I meet with someone, they say, well, I want to provide a Will. I take it that they want to plan for estate planning to say who they would like to receive their assets whenever they pass away. And one of the ways that you do that is by executing the Will. Most people don’t want to try and avoid probate, particularly if their assets or their assets are fairly simple. Basically, they just have their home bank accounts from a brokerage account that can be planned by having payable on death accounts and, or executing a life estate deed so that these assets pass automatically upon your death. And that’s what you call estate planning. Also, with your estate planning, you, you execute, and we discuss, or I discuss with my clients, about executing a living Will, which says that you don’t want your life prolonged artificially in the event that you are in a permanent vegetative state. Also, a healthcare proxy form called a healthcare surrogate whereby you designate someone to make healthcare decisions for you, and also, it’s a HIPAA waiver. And the third document is a durable power of attorney whereby you authorize someone to handle your business. It’s effective immediately, but also in the event you become incapacitated or it’s inconvenient for you to take care of business. The person you designate as your agent under a power of attorney, is able to transact business for in your behalf for you. They can’t do it for themselves. So, if you have any questions, give me a call at (727) 847-2288.

Video Summary

Does the 401k have go through probate? No, it does not unless you designate the estate as the beneficiary or the person who sets up the 401k for. 401k is set up by an employer and they have a contract provision that designates you where you designate the beneficiaries. The federal law says that you must designate your spouse as the beneficiary. If you wish to name someone else of the beneficiary of your 401k, you must have the spouse sign a waiver, upon the participant, 401k’s death. The beneficiary or designated beneficiary need only present a death certificate if the designated beneficiary dies before the participant. Then there’s a question you’d have to check with the employer and what does the plan say? Does it go to, a family member or does it go to the estate? And that’s all going to be controlled by the provisions of a 401k. The general answer to your question though is, no. A 401k does not have to go through probate, and that it’s payable directly to the beneficiary, much like a life insurance policy. If you have any questions, give me a call at (727) 847-2288.

Video Summary

I am ready to retire, what legal documents do I need? Well, whether you’re retiring or not retiring, you should contact an attorney to do your estate planning documents. That would include a will and a discussion with the attorney as to whether you want a Will or whether you want to do a trust and how you want your assets to pass. Sometimes you can title your assets so that they automatically pass through the beneficiary to avoid probate, and that’s usually something that everyone’s concerned about: is to avoid probate as far as that’s concerned. In addition to a Will and the discussions on who you would like to receive your assets at the time of your death, it is important that you designate a healthcare surrogate. That is a person that can make medical decisions for you in the event that you go on the hospital and you’re not able to make those medical decisions. Also a HIPAA waiver, whereby you’re authorized in the release of your medical information. If you go into the hospital or any medical provider would be authorized to release this information to you, particularly if you’re hospitalized and they want to check to see how you’re doing. It’s usually a loved one that you would want to give this to, so they can find out how you’re doing and check with the doctors as far as the prognosis is concerned and the diagnosis and, when they can expect you to be able to return home. If you have any questions about this, give me a call at (727) 847-2288.