Wills and Trusts

We created three levels of planning with our clients in mind.  We do our best to be transparent.  We know it is confusing to research lawyers and it is tough to take the plunge in hiring a lawyer.  We also know that not every family has the same needs.  

To account for every budget, family and comfort level, we created three plans for you to choose.  You choose between the Virtual Will Camp, The Savvy Plan or the Traditional Plan.  It is important that you carefully consider your life and estate.  Many people tell us they just need “simple plans” as they have “no estate,” but keep in mind that many issues lead to complexities.  Careful planning may be necessary.  You may need a combination of a Will, Trust, Deed or cohabitation agreement.  Once you fill out the Intake Form, we can better decide and design your plan.  

Choose the Level that is Right

Choosing your plan will depend upon the characteristics of your family, your assets, your goals, the types of documents you need and your comfort level with respect to your communications with an attorney.  Learn more about the considerations and the legal documents at each level.

The next step is to determine your personal circumstances such as married/divorced/single, or amount of assets and obligations, etc.  At Law Office of Lori Vella, you receive a customized plan for your life.  You do not receive “standard documents” because your family is by no means a “standard family.”  You have unique circumstances and your plan is customized for you based on the level of service you choose (Virtual Will Camp, Savvy Plan or Traditional Plan).

There are different types of Wills and benefits different kinds of individuals and families depending upon their needs, desires, family arrangements, and financial resources.  Issues such as children under 25, second marriages, blended families, relatives that do not get along, or high-wealth situations can lead to complexities that oftentimes become predominantly worse with a simple Will.  As Estate Planners, we often use other documents such as Prenuptial Agreements, Postnuptial Agreements and Elective Share Waiver.  An in-depth analysis of your needs begins during our first phone call.

SIMPLE WILLS

NO YOUNG KIDS, NO PROPERTIES IN MULTIPLE STATES, DEVISE TO SPOUSE

COMPLEX WILLS

YOUNGER CHILDREN, UNMARRIED PARTNER, CONCERNS ABOUT BENEFICIARIES
GET INTAKE FORMS TO HELP YOU DECIDE

Young People

Younger people usually have smaller estates, with the largest being a retirement account.

Choices involve whether the surviving spouse should get entire estate which may be a windfall due to life insurance, or a “lifetime” interest in income and property.  

If there are no kids, you may consider gifting to you parents if they paid for your college or leaving to a charity.

For parents, choosing a guardian is usually the hardest part of the equation as you are asking another to take on a long-term role.  Also, a trust is usually the best method of leaving assets to your kids.

As the young family accumulates wealth, the plan changes.

Sandwich Generation

Caring for aging parents and young family at the same time (i.e., “sandwiched” in between).

May decide to restrict access to funds to surviving spouse, if there is a chance he/she will remarry.  If the survivor has full access to the funds, they may get “diluted” to benefit a new spouse or new children.

Not always wise to leave assets to parents as they may be heading towards nursing homes and the money would immediately go there.

You may change the distributions for your children if, say, your 25-year-old has already proven himself/herself financially responsible.

There may be a divorce or remarriage, blended families and new children.

"Mature" Folks

Attempting to reduce “wealth” and give gifts to reduce amount of estate.

Over 55 is a good age to start thinking about a Revocable Trust for a seamless transition of assets and to avoid a guardianship.  

Restrict access of funds to surviving spouse if he/she will be susceptible to pressure from the children.

Consider benefitting grandchildren or charities if your own children are already set.

Disclaimer:  The Law Office of Lori Vella’s website contains general information directed to Florida residents.  This firm does not intend to give legal advice through its pages and/or blog.  If you need legal advice, we encourage you to find an attorney licensed in your state.  This language on this website website does not create an attorney-client relationship between you and this firm. Review our legal disclaimer page.