Commentary by: Charla M. Burchett and Ashley S. Hodson
Estate planning is a team effort and the lineup of individuals and professionals that you choose for your team roster will determine the integrity of your plan for years to come. An all-star lineup for your estate plan should include a team of individuals who will work together to design and implement your legacy goals.
Drafting Your Team
To craft your ideal estate plan and maximize your strategic wealth goals, you should consider drafting the following individuals:
- Estate Planning Attorney
- An estate planning attorney is in charge of arranging the client’s legal affairs to ensure that trusted people are authorized to make decisions for the client when the client cannot and that the client’s assets are managed and distributed in the manner the client wants after the client’s death.
- For those clients with high net worth, wealth planning often moves beyond the estate to lay the foundation for multigenerational legacies or achieving philanthropic objectives.
- Financial Advisor
- The financial advisor plays an important role in estate planning by understanding the client’s specific financial goals and investment objectives. The financial advisor is able to craft a financial plan to ensure the client has sufficient cash to meet the client’s needs and live the lifestyle the client wants.
- The financial advisor can also help ensure that there are ample resources available at death to pass on to loved ones.
- Insurance Professional
- The insurance professional provides an analysis of the client’s current and future insurance needs. For many estate planning strategies, life insurance is critical to providing adequate liquidity to take care of all of the beneficiaries.
- This is especially true for clients who own their own business or have other large or illiquid assets that are difficult to divide between beneficiaries.
- Accountant or CPA
- The accountant or CPA brings valuable tax strategies to the planning process. Although much of the focus in estate planning has historically been on transfer taxes, a comprehensive tax plan must consider the impact of all taxes a client and the client’s beneficiaries may owe.
- Personal Representative/Trustee
- Upon your death, a personal representative is the person or company appointed under an individual’s will to administer their probate estate. The personal representative will collect the assets in the deceased’s name, pay taxes, debts, and expenses, deal with any creditor claims, and distribute assets to beneficiaries.
- A Trustee can be appointed to administer and control any trusts established in a will or your revocable trust upon an individual’s death – such as trusts that benefit your children, descendants, or other beneficiaries.
In the Huddle
- Alternate Trustee
- Alternate trustees may assume the role of a trustee if the first choice is no longer able to continue (usually due to death or incapacity) or chooses not to serve as trustee.
- Guardians of Minor Children
- Guardians are required for any minor children (under age 18). Minors cannot legally own property, nor can they care for themselves.
- Agent under a Financial Power of Attorney
- In a Durable Power of Attorney, an individual may designate an agent and authorize that person to handle various legal and financial matters on their behalf. Durable Powers of Attorney are effective immediately, so they can also be useful upon your incapacity to avoid potential and costly guardianship proceedings.
- It is important that you trust the person you name as your agent, because he or she will have complete access to your financial assets and can sign your name on any document.
- Agent under a Medical Power of Attorney
- A health care surrogate can make health care decisions for an individual should they become unable to make decisions themselves. The designation can be designed to be effective immediately or effective upon an individual’s incapacity.
- Beneficiaries
- Persons or entities (such as a charity) that receive a beneficial interest in an asset or something of value, such as an estate, trust, account, or insurance policy.
Don’t Drop the Ball
After creating and implementing a plan for your estate, it is important to regularly revisit your plan to ensure that it is still reflective of your values, needs, and goals for your legacy. In order to retain the integrity of the plan for your accounts and property that you created and designed with an attorney, you should consider reviewing your estate plan together annually. Click here for more information on the importance of checking up on your estate plan.
- Partner
Charla M. Burchett is a partner in the Sarasota office of Shutts & Bowen LLP, where she is a member of the Private Client Services Practice Group.
A Martindale-Hubbell AV® Preeminent™ rated attorney, Charla is a Board Certified ...
Search Blog
Follow Us
Recent Posts
- Federal Court Strikes Down the DOL’s Increased Salary Thresholds for Executive, Administrative, Professional, And Highly Compensated Employee Overtime Exemptions
- Breaking News: FinCEN Postpones Beneficial Ownership Reporting Deadlines for Companies Impacted by Recent Major Storms
- What You Need to Know About the U.S. Department of Transportation’s Build America TIFIA Loan
- Breaking News: Federal Judge Blocks Nationwide Implementation of the FTC’s New Rule Banning Noncompete Agreements
- September 4th is Almost Here: How Employers Can Prepare for the Upcoming Effective Date of the FTC’s Non-Compete Rule
- Florida’s New Statutory Home Warranty: What Home Builders Need to Know
- Orange County Proposes Temporary Suspension Ordinance on New Development Applications
- Raising the Roof: The U.S. Department of Labor Announces Rule Raising Salary Thresholds for Overtime Exemptions
- New Guidelines Anticipated Following HHS’s Health Cybersecurity Concept Paper
- SECURE 2.0 and Protecting Your Designated Beneficiaries
Popular Categories
- Employment and Labor
- Litigation (Labor & Employment)
- Construction
- Department of Labor
- Business of Real Estate
- Landlord-Tenant
- Construction Litigation
- Real Estate Law
- Salary
- Competition
- Cybersecurity
- Intellectual Property
- Appeals
- Construction
- Contracts
- Litigation
- Trusts and Estates
- Public Private Partnership
- Data Security
- Business
- Supreme Court
- Development/Land Use
- Technology
- IP Litigation
- Privacy
- Litigation (Appellate)
- Patents
- Business
- Public Finance
- Regulatory Compliance
- Florida Government Contracts
- Foreclosures
- Trademark
- Contracting
- Health Care
- Financial Institutions
- Compliance
- Estate planning
- International Dispute Resolution
- Florida Public Contracts
- Government Contracting
- Government Contracts
- Property Tax
- Government
- Conveyances
- Lease
- Appellate Blog
- Patent Office
- Insurance
- Wealth planning
- Federal Government Contracting
- Florida Bid Protests
- Public Contracts
- Infringement
- Cyber fraud
- Proposal Writing
- Public Bidding
- GAO
- Bid Protest
- International Arbitration and Litigation
- Americans with Disabilities Act
- Arbitration
- International
- Restrictive Covenants
- Grant Writing
- Copyright
- Promissory Notes
- Title
- Small Business
- Florida Procurement
- Public procurement
- Consumer Privacy
- PTAB
- General Liability
- Technology
- International Arbitration
- Liens and encumbrances
- Liens
- Creditor's Rights
- Bidding
- Attorneys' Fees
- Inter Partes Review
- Consumer Protection
- Power Generation
- Regulation
- Venue
- Contracting
- Government Vendor
- State Government Contracts
- Ad Valorem Assessments
- Florida Administrative Law
- Attorneys' Fees
- Florida Rules of Appellate Procedure
- Bankruptcy
- Florida Public Procurement
- Russia-Related Arbitration
- Mortgages
- FINRA
- Record on Appeal
- Rehearing
- Eviction
- Loan guaranties
- Patents - Assignor Estoppel
- Statute of limitations
- Statute of repose
- Dispute Resolution
- Liens
- Maritime
- Damages
- Briefing
- Request for Proposal
- Patents - Obviousness
- Commercial Brokerage
- Trade Secrets
- Bid Writing
- Florida Bidding Strategies
- Renewal
- Attorneys' Fees
- Florida County Lands
- Florida Economic Incentive Packages
- Jury Instructions
- Stay
- Design Professionals
- Certiorari
- Forum Selection
- email hacking
- Offers of Judgment
- Prevailing Party
- Settlements
- Assignment of Contract
- Assignment of Proceeds
- Designer Liability
- Lis Pendens
- Appellate Jurisdiction - Deadlines
- Banking
- Federal Rules of Appellate Procedure
- Finality
- Fintech
- Marketing/Advertising
- Preservation
- Unlicensed Contracting
- Evidence
- Evidence
- Expert
- Expert Science
- Federal Supply Schedule
- Florida Public Records Law
- Mootness
- Socio-Economic Programs
- Sunshine Law
- Veteran Owned Business
- Homestead
- Partnerships and LLCs
- Standing
Editors
- Of Counsel
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Associate
- Partner
- Partner
- Associate
- Partner
- Partner
- Partner
- Partner
- Senior Associate
- Partner
- Associate
- Partner
- Senior Associate
- Partner
- Associate
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Partner
- Of Counsel
- Senior Associate
- Partner
- Associate
- Partner
- Partner
- Associate
- Partner
- Partner
- Partner
Archives
- November 2024
- October 2024
- September 2024
- August 2024
- June 2024
- May 2024
- February 2024
- November 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- October 2019
- August 2019
- July 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016