Will Terminology?
By: Dr. Ronald J. Trevisani
We welcome financial and legal pearls from Dr. Trevisani, who was invited to join the Resnik Implant Institute as a faculty member. Ronald J. Trevisani is a Pharmacist, Dentist, Oral and Maxillofacial Surgeon, and Licensed Attorney in Florida. He has multiple oral surgery centers in Florida and a law firm specializing in asset protection and estate planning for Dentists and Physicians. He welcomes questions & comments for both Legal and Financial matters.
When a Will is created, you get to decide who gets your assets and property after your death, instead of a historical group of politicians, legislators, and a Court. As the rightful owner of your Estate, you get to name the executor (personal representative) and determine who receives the benefits of your Lifelong success as a Dentist and Entrepreneur. The executor, that you select, will manage the distribution of property as you have described in the Will document. The executor can be an individual, Bank, or Law Firm experienced in Trustee management. You can name some, all, or none of your family and friends as beneficiaries. In previous articles, we described Will formalities and the Power of Attorney. We will now continue to describe and define the components of a traditional Will and its adjuvants.
BENEFICIARIES:
The beneficiary designations will dictate who will receive certain assets upon your death. These beneficiaries should be named and included in your traditional will. They should also be named and included in any life insurance products, retirement accounts, investment accounts, etc. These beneficiaries can change at your discretion and should be reviewed regularly before any possible incapacitation, as you may wish to benefit certain individuals as they pass into and out of your life.
HEALTH CARE DIRECTIVE, PROXIES, AND LIVING WILLS:
The Health Care Directives have a similar function as a durable Power of Attorney in that an agent is given authority to make decisions on the principal’s behalf. In this case, the decision-making will only be related to the principal health care. A Health Care Proxy is a specific document whereby someone you select will make medical decisions on your behalf if you cannot do so. This is sometimes called a “Health Care Surrogate” or “Durable Medical Power of Attorney.’ This means that your agent can determine if you will undergo certain surgeries or medical treatments if you are incapacitated. A living will is a written document that provides specific instructions for managing your health care in certain medical circumstances during your incapacitation. It is called a living will because it takes effect while you are living. This usually pertains to “life-sustaining treatment.” That is, a living Will applies when deciding on treatment to prolong your life for a limited time period. And, as usual, inquire within your individual State statutes regarding definitions and terminology of Health Care Directives, as the terms are often used interchangeably.
We will continue Estate Planning & Asset Protection Trusts in future Newsletters.
www.Floridabar.org, Consumer Pamphlet: Do you have a Will? 2020