Downer Law is a full-service legal firm representing clients who need an experienced estate planning attorney in DeLand, FL. Our trusted attorneys provide accurate legal advice on various family law issues, including the power of attorney, wills, testaments, and revocable and irrevocable trusts. We proudly serve clients in the greater Volusia County, FL area, including Daytona Beach, DeBary, Deltona, Lake Helen, and Orange City, FL.
Power of Attorney
One of the essential tools in effective estate planning is a power of attorney. This simple but powerful legal instrument allows you to temporarily or permanently assign a trusted individual to make health, property, and financial decisions on your behalf if you become physically or mentally incapacitated.
Wills and Testaments
Wills and testaments are another essential estate planning tool. According to a recent Gallup poll, nearly two out of three respondents said they didn’t have a will. A will or testament is a legal document that directs the disposition of your personal property and financial assets to heirs and beneficiaries. Since wills and testaments are public documents, many clients opt for trusts to keep their final wishes private.
More commonly known as a “living” trust, a revocable trust is a legal document that gives individuals more flexibility and privacy to ensure their final wishes are fulfilled. The grantor appoints a trustee to manage the trust. The grantor can revoke the trust at any time. Many families use revocable trusts to avoid probate. However, consulting with an experienced estate planning attorney is essential to avoid tax issues.
An irrevocable trust has similar benefits to a living trust, with one notable exception. Once the grantor creates a trust, it cannot be revoked. However, you can still maintain the use of the assets in a trust during your lifetime even though the irrevocable trust legally owns the asset. Unlike a revocable trust, an irrevocable trust is a legal entity and must have a Federal Tax Identification number.
Downer Law can help you take control of your financial future. Contact us at (386) 873-7385 to schedule a free initial consultation with an experienced estate planning attorney in DeLand, FL, today!