Question: What documents do I need for my child who is turning 18 and heading to college?
Answer: There are three primary documents important to have in place for your 18-year-old. They are valuable for both those children who will be living away from home (perhaps on a college campus) AND those who remain home, working, attending a community college, or pursuing other areas of interest.
When your child turns 18, he or she is viewed as an adult in the eyes of the law. Having certain documents executed can help protect them and allow you to legally make specific decisions on their behalf. Consider having a HIPAA Authorization Form, Designation of Healthcare Surrogate, and Durable Power of Attorney for your child. You can learn more about all three of these documents in our blog which will be posted on our website and shared on social media later this week.
At Lisa I. Glassman we can prepare the documents on your behalf.
If you have questions, give the office a call at 561-447-6676.
Thank you to The Parklander Magazine for hosting Lisa I. Glassman on your podcast series. Frequently, questions regarding setting up a trust arise during the estate planning process and we are happy to help. This interview shares some important guidelines for your planning. If you have any questions regarding the information shared, contact Lisa at 561-447-6676.
Question: What is the difference between a revocable living trust and a will?
Answer: There are actually many differences between the two.
A will is a written direction controlling the disposition of property at death. The laws of each state set the formal requirements for a legal will. In Florida, no will becomes final until the death of the testator, and it may be changed or added to by the testator by drawing a new will or by a “codicil,” which is simply a separately written addition or amendment executed with the same formalities as a will.
While a will is useful after you die, a revocable living trust can help be used during your life. A big myth with revocable living trusts is that once established, you lose all control over your assets placed in the trust, but this is incorrect. A revocable living trust is basically a legal agreement between you as the Trustee and you as the Settlor is also known as the Grantor which defines how assets in your trust will be held, invested, and distributed during your life and after your demise.
A revocable living trust is freely amendable. Basically, once the revocable living trust is created, you will transfer certain of your assets into the trust. Any assets which are not a part of your revocable living trust become part of your estate which must go through probate. For this reason, it is extremely important to hire an experienced attorney to help you determine what should go into your trust and what should not.
Question: Can a will be signed electronically in Florida?
Answer: The short answer is soon! Electronic wills will be available in Florida beginning on July 1, 2020. Under the new law, the signing of wills can be conducted entirely electronically online. Will signings will be completed utilizing remote notarization and remote witnesses via video services and the testator, witnesses, and notary do not even need to be in the same physical location.
The other formalities of will execution (other than everyone being in the actual presence of each other) are the same for electronic wills as they are for standard wills in Florida. Instead of being in the actual presence of each other, the witnesses to the electronic will must hear the testator acknowledge his or her signature. Failure to comply with the testamentary formalities can render the will invalid.