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)
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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withheld or withdrawn when the application of such procedures would serve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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
Charitable Gift Planning
• Gifts of appreciated stock
• Beneficiary of retirement plans, life insurance policies, etc.
• Bequests
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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
© 2015 David Torre | Murrah Doyle Wigle & Torre P.A. | mdwtlaw.com | For informational purposes only
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