Estate Planning

6 things you need to know about the New Power of Attorney

On October 1, 2011, the new Florida Power of Attorney Act went into effect. This is a brand new law that will completely replace and supersede Florida's current law governing powers of attorney executed by individuals and will apply to powers of attorney created on, before, or after October 1, 2011. With that said, here are the top six things you need to know about the new law:1.Signing formalities are crucial. The new law requires a person making a Florida power of attorney (called the "princip...

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Debra G. Simms, Esq. 1/22/2012 9:22:00 AM Comments(0)

Snowbird Alert: Do You Need to Update Your Will When You Move to Florida

A large part of practice as a Florida estate planning attorney is devoted to working with new retirees who have decided to give up their residency up north and become permanent residents of Florida. Aside from helping them overcome the hurdles created by their former northern state of residence that still wants to collect tax dollars from retirees who maintain what they now consider to be their second home, another obstacle that must be overcome is an estate plan drafted in their northern state...

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Julie Ann Garber, Esq. 1/22/2012 9:12:00 AM Comments(0)

It's National Estate Planning Week!

5 Key Estate Planning Documents To Help Avoid Family ConflictsIn case you haven’t heard ( and you probably haven’t) it’s National Estate Planning Week. The hope is to raise awareness about the importance of having the proper estate planning documents to protect you, your family and your assets. The intent is to decrease family strife and discourse at the time of serious illness or death.Below is a list of documents you may need to be sure your desires regarding your estate are...

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Debra G. Simms 12/9/2011 8:31:00 PM Comments(0)

Get a Will, will ya?

How often do you hear this? “What, you don’t have a Will? The State will take everything from you!”Well, not true, not true at all. Unless nobody knows you died and nobody comes forward to claim your money!However, most of us have heirs who stand to receive a share of our assets after we die, even if we don’t have a Will.What does happen if you die without a Will? This is what is known as intestacy. If you die intestate, then the law of the state you live in when you die ...

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Debra G. Simms 11/27/2011 12:21:00 AM Comments(0)

Happy Thansgiving and Go See Your Lawyer!

It's holiday time again and I just love Thanksgiving! Last night my daughter and I were talking about how disappointed we are if we are invited out for Thanksgiving and the food isn't good. Then we get all bummed out because we have to wait a whole year to eat this kind of food again - in bulk - with little or no guilt! That's something to be thankful for - gluttony with no guilt! So, usually, we just cook it ourselves! Holiday time brings another joy besides food. Don't get me wrong, food ...

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Debra G. Simms 11/24/2011 1:08:00 PM Comments(0)

Does a Revocable Trust Avoid Probate?

Many of my clients come in and tell me that they want a living trust. Sometimes they say 'revocable trust'. I ask them, "Why?" Their usual answer? "To avoid probate." "Why do you want to avoid probate", I ask? "Oh, my mother died without a trust and after she died, it was a mess. It cost a fortune and took forever." Is it true? Will a trust avoid probate? The answer is: "It depends." If you have a lawyer prepare a document called a living or revocable trust AND you transfer your property t...

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Debra G. Simms 9/5/2011 5:17:00 PM Comments(0)

Florida's New Power of Attorney

Effective Oct. 1, 2011 Florida's new durable power of attorney statute becomes law. This is the first major change to the statute since Oct. 1, 1995. Durable powers of attorney now require two witnesses and a notarization, but under the new law, out-of-state durable powers of attorney will be honored if they were valid in the home state at the time of execution.This is good news for Florida snowbirds, who finally got it right and adopted our state as their own, right? Not so fast! Florida ha...

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Debra G. Simms 9/5/2011 8:09:00 AM Comments(0)

Your Trust-Worthy Pet

Who will care for Simba, Fluffy, or Lucy, our beloved pets, after we die? There has been a recent surge of interest in Pet Trusts as high-profile individuals have died with significant provisions in their Wills or Trusts for their animals. Last week it was reported that ALEXANDER MCQUEEN, Brittish fashion design legend, left $82,000 to his 3 dogs, Minter, Juice, and Callum. According to the Daily Telegraph of London, the dogs received the same amount as each of McQueen's long time housekeepers...

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Debra G. Simms 7/31/2011 6:31:00 PM Comments(0)

Do You Have a Will?

Planning for the end of life…..hard to do…. Last week my dear Uncle Bernie died. He was 80 years old. He didn’t plan to die, but I know that he didn’t plan to live forever, either. One thing I know for sure, he PLANNED.A death in the family is one of the hardest times in a person’s life. We all know that grief causes both emotional and physical pain and can keep us from sleeping, eating, working, and certainly keeps us from thinking clearly for a long time. But dur...

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Debra G. Simms 6/5/2011 4:05:00 PM Comments(0)

What happens to your e-mails after you die?

I heard a really interesting program on National Public Radio tonight. It featured Evan Carroll and John Romano who have written a book called Your Digital Afterlife. I had been wondering what happens to all my e-mails after I'm gone. Sometimes, I dwell on the macabre. Answering the question posed above, the authors say, "This is a simple question and we wish there was a simple answer. Unfortunately there isn’t a standard way that Internet users can expect service providers to handle the...

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Debra G. Simms 1/10/2011 8:35:00 PM Comments(0)

When Should You Do Your Estate Plan?

At what stage should you start the planning process to specify what to do with your assets when you die? After 23 years of practicing law, I can tell you- it's never too early, but when it's too late, it's too late. Parents with young children: Who will take care of your minor children if both parents die? At a minimum, you should have a will to name a guardian to take custody and care of your children. If you do not designate a guardian, the court will do it for you. You might also want to s...

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Debra G. Simms 10/27/2010 8:07:00 AM Comments(0)

Animals Have Rights, too!

I'm a dog lover. I have 2 little doggies and if I had more time, I would have even more. Crazy, huh? I mean I have a busy law practice, raised 4 kids, and I like to travel. So why on earth would I want more pets? Research has shown that animal owners live longer and healthier lives. Our little companions give us comfort and uconditional love. Our furry friends are now being used to help people with a variety of health issues, including high blood pressure, depression, stress, and to stave ...

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Debra G. Simms 10/4/2010 10:10:00 AM Comments(0)

Estate Planning after Divorce

Just divorced? Divorced for years? You and your ex-spouse may have Wills, Powers of Attorney, and Medical Directives that make absolutely no sense for you now. Sometimes assets that were once nonprobate because they were jointly titled in both spouses' names become subject to probate when they are solely owned by one spouse. Often the most valuable asset a couple had was the retirement plan. Has the beneficiary designation been changed? Does the existing estate plan need to be reviewed to c...

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Debra G. Simms 8/29/2010 3:08:00 PM Comments(0)

The Basics of Estate Planning

I often hear people say: I really need to get a Will! I tell them: Don’t wait until it’s too late, because when it comes to a will and other estate planning documents, when it’s too late, it’s too late. The 4 Basic Estate Planning documents that I always recommend are: Will, Durable Power of Attorney, Advance Health Care Directive, Living Will What happens if you don't have these estate planning documents in advance? The State will write them for you! Call our office no...

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Debra G. Simms 8/19/2010 6:31:00 PM Comments(0)

Is your Esate Plan Up To Date?

You should periodically review your documents to make sure they are up to date. Has your family situation changed due to divorce or the birth of a grandchild? Do you need to change the people you have named as your fiduciaries? (Executor/Personal Representative) Who is your agent in your Power of Attorney? Is that still the person you most trust? Sometimes documents need to be changed to conform to new laws. For example, the new health privacy rules may require a change in your Advance Healt...

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Debra G. Simms 8/18/2010 3:50:00 PM Comments(0)

Where should you store your Will?

There should only be one original of your will. Here are some of your options: a home or business safe, bank safe deposit box, with your lawyer, or in some jurisdictions, with the clerk of court. Before deciding to store your documents at home, consider purchasing a fire proof safe. Make sure it is always locked and be certain that someone you trust has the combination. If you store your will in the bank, consider that the laws in some jurisdictions require the bank to seal the box immediatel...

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Debra G. Simms 8/18/2010 3:38:00 PM Comments(0)

Paying a lawyer vs. DYI to draw up your will...

Why should you pay a lawyer to draw up your will? As an estate planning and probate lawyer in Orlando, I have learned that the only thing more expensive than estate planning is probating an estate where the person did no planning. This is not the time to take shortcuts in the hope of saving a few bucks. It makes sense to pay a reasonable fee to a lawyer who will write out a will that will stand up in court. The lawyer’s fee can range from $150 for a simple will to $250 per hour to draft ...

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Debra G. Simms 8/18/2010 3:00:00 PM Comments(0)

The Simple Will...

The Simple Will… The Guinness Book of World Records lists the shortest will in the world as “All to wife”. In 1948, there was a famous case where a farmer in Saskatchewan, Canada, was trapped under his tractor. He carved a will into the fender. The fender was probated and stood as his will. I have had many people come to my office asking for a “simple will”. I’ve never had anyone ask for a “complex will”! All I write is simple wills -they are sim...

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Debra G. Simms 8/18/2010 2:56:00 PM Comments(0)