Palm Beach Estate Planning Blog

When Palm Beach residents reach the point where they believe a family member can no longer act on his or her own behalf, they may begin to explore the alternatives. If the incapacitated individual does not have powers of attorney in place, it may be necessary to seek a guardianship. For those contemplating serving as the guardian, it may be helpful to understand the powers a court may grant.

A potential guardian may want to understand that these powers are actually duties to be fulfilled on behalf of the incapacitated person. The court takes these responsibilities seriously, and so should the guardian. For this reason, not just anyone may serve in this capacity. A potential guardian must be at least 18 years of age and not have a criminal record containing convictions for either gross misdemeanor or felony charges associated with dishonesty such as embezzlement, bribery or forgery, among other things.

Like other Palm Beach residents who are just beginning the estate planning process, you may have numerous questions. For instance, you may know that wills are considered the cornerstone of estate plans. However, you may not understand how a will functions upon death or what may be included in it. Moreover, you may not realize what it takes to ensure that a court rules your will as valid when the time comes to administer your estate.

Without some basic requirements, a will may not live up to the scrutiny of the court. For example, in order for a will to be valid, the person making it must be of sound mind. In other words, you must understand the nature of your estate, that you are making arrangements to dispose of your assets and the effect of your will.

When you discover that an aging parent may no longer be able to care for him or herself, you may begin looking for a way to help. Someone may have mentioned to you that you could seek a guardianship, but you are not sure what that entails. Before heading to a Palm Beach-area court, it may be a good idea to understand the basics.

A guardian may be appointed when the court determines that the ward, or incapacitated person, has a physical or mental condition that precludes the individual from making decisions or taking care of him or herself. The court prefers to appoint a guardian who has significant ties to the ward. If you are seeking a guardianship for an ailing parent, you could fit that requirement. In order to be appointed, you need to be willing to take on the responsibilities and duties of the job. Just as importantly, you need to keep the ward's best interests in mind when making any decisions.

During the estate planning process, Palm Beach residents make numerous decisions regarding how to structure their plans. As part of the decision-making process, they may consider drafting and executing revocable living trusts to meet their goals. If you are one of those people, you may wonder what advantages this type of trust could provide you and your family.

Perhaps the most well-known benefit of a revocable living trust is that the assets contained within it do not need to go through probate. This allows your loved ones immediate access to the assets in the trust instead of having to wait until the assets can be distributed at the end of the probate process. In addition, instead of going through the public process, the details of the trust remain private.