Wills and Trusts in West Palm Beach, Florida

Estate planning is about much more than just giving away property. It is an act of love and kindness, with the ultimate goal of providing for the future financial security of your loved one. At Doane & Doane, our Wills and Trusts Attorneys West Palm Beach help people plan for retirement, make provisions for loved ones, and minimize tax liability. Experienced wills and trusts attorneys know which tools to use to get the best results for their clients.

A will is pivotal to making sure that when you are no more, your wishes are followed exactly in regard to your assets. For estate planning firm in Florida, it is essential to have a will. In the case of minors, you can appoint a guardian or also name a representative who has the authority to manage your estate through a will. A document as important as that should never be left to chance.

West Palm Beach will attorneys: legal declaration in which the writer (known as the testator) names the individuals and/or charities to receive the testator’s assets (known as the estate) upon the testator’s death. A will also name one or more persons (known as a personal representative, executor, or executrix), to manage the estate and distribute the estate’s assets. A will may further establish various trusts for the benefit of children and/or incapacitated persons.

• Your estate may get stuck in the probate process as per Florida laws.
• Your estate may not get distributed as you wanted.
• The court may appoint a guardian for the minors.

For a will to be respected by the court of law, it needs to meet certain legal formalities. The will needs to be written, duly witnessed, and executed properly. If it’s a self-proving will, it needs to be notarized in an appropriate legal manner. For all this, you need to be aware of the Wills & Trusts Law in the state of Florida. Coming to your aid are the trust lawyers at Doane & Doane. We can –

• Help you write a new will. Update an old will.
• Create an amendment or a “Codicil” to the original will document.
• Present the will in the court of law.
• Assist in the final execution of the will.
• Contest the will if any situation arises.

Our Will lawyers are thorough professionals with sufficient experience under their belt. You can rest easy because we can handle even the most complex matters with due regard to your sentiments. With our assistance, you can overcome a very trying time in life.

West Palm Beach trust attorneys: An agreement enabling a person (known as the trustor or settlor) to give his or her assets to another person (known as the trustee) to hold for the benefit of one or more third parties (known as the beneficiary or beneficiaries).

A trust in which the trustor, while alive, retains the right to manage the assets, yet allows the assets to be passed to beneficiaries upon the trustor’s death without the need for probate (a court proceeding). Benefits of revocable living trusts include reduced taxes, safeguarding financial privacy, and regulating the use of assets if the trustor becomes incapacitated.

A trust that cannot be changed once it is established.

Irrevocable trust life insurance. A trust that owns the trustor’s life insurance policy. The trust pays the premiums and gives the death benefit to the beneficiaries upon the trustor’s death. Since the death benefit is thus removed from the trustor’s estate, it is not subject to estate taxes.

Charitable trust. A trust that provides a portion of the trustor’s property or money to a charity, thus reducing subsequent estate taxes, avoiding capital gains on the donated assets, and qualifying for an income tax deduction for charitable giving.

Generation-skipping (perpetual trustees wills/dynasty) trust. A trust in which no direct ownership is transferred to any beneficiary. Instead, trust assets are permitted to grow, with partial distributions to successive generations. The trust’s assets are valued as of the time the trust was created, with appreciation being exempt from estate taxes.

There are many things that can go wrong if a trust is set up incorrectly. These are just a few of them –

• Money may not get allocated as you desired.
• The trust may fall in a legal dispute.
• The court may deem the trust illegal.
• The trust does not get managed as you desired because of loopholes.

Navigating the complexities of estate planning in Florida is not a joy ride. It is full of intricacies that need to be taken into account. The trust lawyers at Doane & Doane are skilled and experts in their field. They know how to chart a safe path through a possible minefield. They can – 

• Help you set up a trust legally.
• Make sure that the trust is administered as per your wishes.
• Ensure that your estate does not fall prey to neglect.
• Assist you to cover all possible bases for maximum benefit.