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Naples Estate Planning Lawyer > Blog > Estate Planning > Naples Estate Planning Lawyer Covers Basics of an Estate Plan

Naples Estate Planning Lawyer Covers Basics of an Estate Plan

Leading Naples Estate planning attorney James Nici shares the basics of an estate plan. With almost 30 years of experience in estate planning, Attorney Nici has been a licensed Florida attorney since 1994 and has been Board Certified in Wills, Trusts, and Estates since 2000 by the Florida Bar. The Nici Law Firm was founded in 2011 with a single purpose – to attend to the unique legal needs of individuals retiring to Florida. Over time, we have acquired and served clients moving to Florida and long-time residents of the southwest Florida area in and around Naples.

4 Things You Need to Know About Estate Planning

What Is An Estate Plan?

An estate plan is a set of legal documents created by a lawyer for a client in which the individual designates who should inherit their assets, how, and when. A typical estate plan will include at least three documents. First, an advanced directive that includes a living will and a designation of health care surrogate. Second, a durable general power of attorney. Third, a will. Some individuals have two other documents as part of their state plan. First, a revocable living trust, and second a beneficiary designation.

Do I need to be wealthy to have an estate plan?

An individual does not need to be wealthy to have an estate plan. Everyone should have an estate plan because we never know when we might become incapacitated. So, it’s not just about when we die. For instance, if I became incapacitated, who would make business and financial decisions for me? Who would make medical decisions and speak to the doctors? Those are very important decisions that have nothing to do with how wealthy I am.

What is an advanced directive?

An advanced directive is a document in which an individual designates someone to make medical decisions for them if they're unable. Everyone needs an advanced directive. This includes 2 components; first a designation of a health care surrogate and second, a living will.

What is a durable power of attorney?

A durable general power of attorney is a document in which an individual designates someone to make business and financial decisions for them, everyone should have a durable general power of attorney.

Estate Plan Basics

Estate Planning is the process of managing and transferring your property to the people and causes you care about with the least cost and stress to your family. With the right kind of planning, you’ll control the distribution of your assets while minimizing or avoiding Probate, making the most of tax advantages, and reducing or eliminating any negative tax consequences commonly associated with the transfer of wealth. Some basics of an estate plan may include:

Wills
Trusts
Advance Directives
Asset Protection
Blended Family Estate Planning
Charitable Trusts
Creditor-Protected Inheritance
Estate & Gift Tax Planning
IRA Planning
Power of Attorney
Special Needs Planning

Your financial situation, your present and future needs, and your wishes for the future are unique to you. Your Estate Plan should be unique, as well. In Naples and southwest Florida, Nici Law Firm conducts a comprehensive review of your circumstances and desires to create a personalized Estate Plan tailored to your specific objectives and needs.

For more information, contact the Nici Law Firm at 239-449-6150. We look forward to meeting you and being of service.

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