Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

More than a will may be required for thorough estate planning

Although estate planning is designed to effectuate the intentions of the grantor, sometimes it may take a helpful nudge from friends, children or other loved ones to start the discussion.

In fact, a recent article indicates that around 70 percent of Americans may be unsure of just how much money they will have in retirement, let alone knowing the exact value of the estate that may pass to their heirs and beneficiaries. That figure may be surprising, considering that three-quarters of the surveyed individuals agreed that conversations about estate planning are important. The discrepancy appears to be a matter of timing.

Specifically, many Americans seem to prefer waiting until after their retirement to finalize wills, trusts and other documents involved in estate planning. Those with a will may feel doubly justified in putting off further discussions.

Yet an attorney who focuses on estate planning would caution that a will may be insufficient. For starters, a will may avoid the laws of intestacy, but not necessarily probate. In fact, many states still require a will to go through probate to ensure matters of validity and proper identification of named heirs and beneficiaries.

For those worried about keeping control of their finances, property and other assets, a revocable trust offers a solution. The grantor of a revocable trust who serves as its trustee maintains control over the trust property. That means that the property could be encumbered, withdrawn, distributed or directed in practically any way that the trustee deems fit during his or her lifetime. Yet since a revocable trust also names a beneficiary after the grantor’s death, it can usually bypass probate. In conjunction with a will, a trust can add completeness to an individual’s estate planning.

Source: New York Daily News, “Money Pros: How to start the money talk with your aging parents,” John Sweeney, July 7, 2014  

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions