Donald B Linsky & Associate PA
 
1509 Sun City Center Plz, Ste B, Sun City Center FL 33573
503 W Platt Street,Tampa, FL 33606
frontdesk@linskylaw.com
 

 
 
 
 
 
 
 

Estate Planning Attorney in Sun City Center and tampa, Florida

 

 
 

 
Living Wills
The function of a "Living Will" is totally different from a Will. A Living Will is a written declaration by which one may pre-ordain certain decisions relating to his/her own medical care. A person may desire that, in the event that he/she becomes terminally ill or passes into a persistent vegetative state, no heroic or extraordinary health care treatments should be given to him/her and the process of dying should be permitted to take its natural course.A Living Will is a vehicle through which a person may declare that his/her physician shall not employ life­ prolonging procedures or may designate another person to make critical decisions for him/her regarding medical treatment.
Last Will and Testament
A person's Last Will and Testament ("Will") is his/her most basic estate planning tool. A Will is a written document signed in accordance with specific legal requirements, that governs the disposition, on one's death, of certain types of property and gives instructions concerning the administration of the decedent's probate estate. To assure that a person's assets are distributed in accordance with the terms of his/her Will, the law requires that the Will be submitted to probate upon death.
Trusts
There are many different types of Trusts, depending on your goals, assets and desires. One of the more popular types of Trust is a "Revocable Living Trust". A "Revocable Living Trust" is merely an agreement that a person (called the Trustor or Settlor) transfers their assets to another person or entity (called the Trustee) with instructions as to how to manage and distribute the assets (and any income) during the life of the Trustor or Settlor and how to distribute the assets after the death of the Trustor or Settlor.
 
The title "Revocable Living Trust" is given to these types of Trusts:
Revocable. As this term indicates, the Trustor/Settlor can revoke, amend or modify the Trust at any time during his or her lifetime.

Living.As this term indicates, the Trust is established during the lifetime of the Trustor/Settlor. Trusts can also be established in a person's Last Will and Testament, but these types of Trusts are called "Testamentary Trusts" and they do not avoid probate.

Trust. As this term indicates, the assets are transferred in trust to the Trustee who is legally required to carry out the instructions of the Trustor/Settlor as set forth in the Trust document. You may hear Revocable Living Trusts also referred to as "Inter Vivos Trusts", "Settlor Trusts", "Marital Trusts", "A-B Trusts", or other similar terminology.
Typically in family type living Trusts, the "Trustor/Settlor" and the "Trustee" are the same person(s). For example, Bill and Mary Smith, as Settlors, transfer their assets to Bill and Mary Smith, as Trustees. During their lifetime there is no significant change in managing their assets. They can sell assets, buy assets, lease assets, all as Trustees. All income is still reported under their social security numbers. Depending on the value of the Trust, or the wishes of the Trustors/Settlors, there is sometimes a segregation of the Trust assets on the death of the first Trustor/Settlor into the "Decedent's Assets" and the "Survivor's Assets".
 
Healthcare Power of Attorney (health care issues)
The function of a "Health Care Power of Attorney" is entirely different than a "Living Will". A "Health Care Power of Attorney" is a written statement by which one may designate an individual of their choice to make decisions relating to his/her own medical care. A "Health Care Power of Attorney" may be used in any medical situation whether they be life threatening or routine care. (HIPPA)
Durable Power of Attorney (durable- legal and business)
The function of a "Durable Power of Attorney" is different than a "Health Care Power of Attorney" in that a "Durable Power of Attorney" is a written statement to allow one to designate an individual to conduct all business affairs (not medical affairs) including, but not limited to, check writing, sale of property, investments, payment to creditors, etc.
Guardianship Preference Statement
The function of a "Guardianship Preference Statement" is to allow an individual to designate a person which they would favor to act as the guardian of their person and their property should the need for a court appointed guardian arise. This alleviates the family from choosing your guardian or the court appointing an individual which you may not have chosen yourself.