The estate planning process is one that addresses concerns that arise after you die. The practical details of transferring your property to new owners often require your family to first go through the probate process. This is the legal process through which property is transferred to new owners after the original owner dies. This process can cost your estate money and time, and lead to you having less to pass on to your inheritors then you would like. Here are three reasons why it is a good idea to create an estate plan that allows you to avoid probate whenever possible.

Reason 1: Lack of Privacy

The probate process is a civil court process, and it is open to public inspection. As soon as a personal representative opens a probate case by, for example, filing your last will and testament, the document is open for anyone to inspect.

Reason 2: Time

Once you die, your property will be managed by your executor or personal representative. This management process will continue until a probate court makes its final decision about who can inherit your property. Until then, the property is not really owned by anyone, and your family may have to wait a long time to benefit from any inheritance.

Reason 3: Money

The costs associated with probate usually come from attorneys fees, management fees, and executor fees. The longer a probate case goes on, the larger the fees will be and the less money there will be to distribute. In general, it’s best to avoid any fees at all so you can leave as much of your property to your heirs as possible.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Though she died in the spring of 2011 at the age of 104, Huguette Clark’s estate is still going through a series of legal conflicts as different parties try to claim their share of her estimated $400 million fortune. The sole surviving daughter of a Gilded Age copper mining tycoon, Ms. Clark left behind substantial real estate holdings across the country, as well as a sizable collection of personal items that included very valuable jewelry.

Few people knew of her jewelry collection before her death, as much of it had been locked away in a bank vault for over 70 years. The last time Ms. Clark was seen wearing the jewelry was in the 1930s, which also coincided with the last time she had her photograph taken. Since then, she had largely been in a self-imposed seclusion. Set to be auctioned off by Christie’s in April, the jewelry collection includes Art Deco bracelets, diamond rings, and other very valuable pieces, all of which were found in their original packaging. The most valuable single piece in the collection is a 9 carat, pink diamond ring estimated to be worth anywhere from $6 million to $8 million.

Apart from the jewelry collection, three of Ms. Clark’s New York apartments are also being sold. With the combined listing price of $55 million, the apartments are located in the same building at the corner of Fifth Avenue and 72^nd Street in New York City. They occupy the 8^th and 12^th floors and encompass about 15,000 square feet. However, they had been unoccupied for so long that they require substantial renovation.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

At an Atlanta area courthouse last week, representatives of Whitney Houston filed her last Will and testament with a probate court clerk, thus beginning the official probate and estate settling process. Whether you were a fan of Ms. Houston or not, there are several practical tips we can take away after looking at Ms. Houston’s Will. You can use these tips as you create your own Will or are considering changes.

Tip 1: Delaying an inheritance. Though the size of her estate and how much she left behind is still in question, Ms. Houston chose to leave her only daughter her entire estate. She also chose not to leave her daughter with a sudden large inheritance, but to instead break up that inheritance into smaller pieces. Her daughter will receive her inheritance at the age of 21, 25 and 30. This is often done to ensure that heirs are not overwhelmed at the prospect of suddenly inheriting a large fortune. If you are considering leaving a large estates to your children, you should consider the potential impact that this will have on them and how you can more effectively deal with large wealth transfers.

Tip 2: Changing your mind. Ms. Houston wrote her Will in 1993. As part of the document she named who she wanted to serve as the executor of her estate and as the trustee of her daughter’s trust. However, Ms. Houston also filed a codicil in 2000 and again in 2004. A codicil is simply an amendment to a will that changes some of the terms. The codicils that Ms. Houston created changed who she wanted to serve as the executor and trustee. If you change your mind about any of the terms of your will, you too can either create a codicil or write a new Will.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Winning an Academy Award for best adapted screenplay, the 2011 film The Descendents may seem like an odd place to learn about why creating an estate plan is important, but it is. The film follows Matt King, played by actor George Clooney, after he learns that his wife has been left in an irreversible coma following a boating accident. Here are two lessons you can take away from the film about why it’s good to begin your estate planning efforts as soon as possible.

Lesson One: The unthinkable can always happen.

In the movie, Mr. King’s wife is severely injured, left in a coma, and is not expected to recover. Though such injuries are very rare, they can happen to anyone. While Mrs. King left behind an advance medical directive in the film that made her medical wishes explicit, if you do not have such a living will or health care directive your spouse and family may have to make your decisions for you. If they don’t agree about what decision to make, it may result in conflict.

Lesson Two: Leaving behind wealth can be problematic.

The title of the film refers to one of the central conflicts, namely that Mr. King and his family have inherited an incredibly large land trust from their ancestors. Though Mr. King is a thrifty man who lives only off his income, he knows that the wealth from the trust has not only caused problems for him and his family, but if he leaves a large inheritance to his two daughters it may leave them without the ability to find true meaning of life. People creating an estate plan often wrestle with this issue, though there are numerous different options available if it is a concern.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Question 1: What is a gun trust?

A form of revocable living trust, a gun trust allows Florida gun owners to transfer ownership of specific types of firearms. The trust, under the direction of the trustee, owns the guns on behalf of the beneficiaries, who get to use the weapons. Gun trusts are specifically designed to allow people who own firearms restricted under the National Firearms Act. This law limits who can own, use, or transfer such weapons as machine guns, sawed-off shotguns, and explosive devices such as grenades.

Question 2: What are the benefits of a gun trust?

Like other revocable living trusts, a gun trust can allow you to transfer your firearms collection outside of the probate process. This makes your transfer much more private. Further, you can avoid having to get approval from the local chief of police before transferring through the trust. Without a gun trust, you must first get approval from the local law enforcement official before you can submit your transfer documentation to the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Question 3: How do I create a gun trust?

Like all revocable living trusts, you can create a gun trust by drafting the appropriate legal document. You do not need to register this document with a government agency, but you do have to ensure the document complies with all federal and state laws. A gun trust must also contain specific provisions that make it slightly different than other revocable living trusts, so you should speak to your estate planning lawyer for detailed instruction.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

Tip 1: Consider your own desires. There are any number of charities that serve any number of worthy causes. Will you give a donation to your local religious organization, your alma matter, a charity that aids in medical research, an international organization that assists children in developing nations, or a combination of groups? The available choices are endless. If you’re having difficulty, it’s best to sit down and come up with a list of causes or organizations that you feel are most important to you. Once you have the list, you can choose which charities to focus on.

Tip 2: Research the organization. Many, if not most, charities and non-profit organizations are honestly run and operated, working to ensure donations go to those people or causes that they serve. Others, however, can be less well run, while a few may be downright dishonest. For example, musician Kanye West’s now defunct charitable foundation reported that in 2010 it had $572,383 in expenses, while giving out $0 in grants gifts or contributions. Charity Navigator, a nonprofit charity watchdog group, states that a charity should have no more than 15 percent of its cash flow dedicated to expenses and overhead.

Tip 3: Consider your own charity. If you want to have even more control over how your estate gift is used, you can also start your own charitable foundation or charitable trust. A trust is a good choice if you want your gift to have a long-lasting impact or if you think there is a significant charitable issue that is being underserved.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

If you’ve ever wondered what happens to those who are unprepared to deal with suddenly being confronted with having a lot of money, you need to look no further than professional sports. According to a 2009 report, about 78 percent of NFL players go bankrupt within 2 years of leaving the game, while about 60 percent of NBA players are broke within 5 years of retirement.

This phenomena isn’t exclusive to professional athletes. People who suddenly inherit wealth often succumb to ‘sudden wealth syndrome,’ a dysfunctional relationship some people have with money that leaves them worse off after their inheritance than they were before. For people creating an estate plan, this is a significant concern you’ll need to consider.

Sudden wealth and your relationships. Inheriting a lot of money often changes the relationships people have with others. Friends, co-workers, strangers and even other family members can suddenly become interested in the inheritor for all the wrong reasons. This can lead to feelings of mistrust and fear, and with few sympathetic ears to turn to.

Sloth and purpose. Much of happiness seems to come from the reward we experience after we achieve something. When we are given something, the happiness we feel isn’t as deep or as long-lasting. The phenomena of the depressed trust-fund inheritor is a perfect example of this phenomena.

Conditional gifts. Some people choose to leave gifts to their children based on certain conditions or age requirements. Some, for example, require the children to receive an education before receiving any money. Others release inheritances at intervals, with, for example, a quarter of the amount at 30, a quarter at 35, and so on.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

If you die without leaving behind a will, you may wonder what happens to your property in Florida. Any time you fail to have a will, or a court determines that your will is incomplete or illegal, Florida has intestate succession laws that will govern who inherits your property. These laws choose different people based on their relationship to you and who survives you after your death. Let’s look at two scenarios to better understand these laws.

Scenario 1: You die leaving behind a spouse, but no children, grandchildren or any other descendants.

This is the easiest intestate succession scenario to deal with, as your surviving spouse will inherit all of your property. If you have surviving parents, your parents do not receive property under Florida law, even though other states have laws that would leave something to your parents.

Scenario 2: You leave no surviving children, parents, or spouse, but do leave siblings and nieces or nephews.

In this scenario, because you have no lineal descendents or spouse, your brothers and sisters stand to inherit all of your property in equal shares. So, if you have two brothers and a sister, each will receive a one-third share of your estate. If one of your parents had been alive at the time of your death, your parents would receive the entire estate, or if both survived, they would each inherent an equal share.

Of course, these are only two of the numerous different types of intestate scenarios possible, so you should talk with your Florida estate planning lawyer for more detailed information.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

If you are like most Americans, you probably have not started your estate planning efforts. You also probably have at least some digital assets that you need to address in an estate plan once you create it. But do you know how to do this? Do you know what to tell your attorney?

Digital estate planning issues are relatively new, considering that most older people do not have many digital assets and most younger people do not have an estate plan. However, digital issues are more and more common in estate planning, and you need to be prepared to address them as you begin your own estate planning efforts. Let’s take a look at some of the issues you need to confront and what steps you will need to take.

Issues. Even if all you have is a simple e-mail address or Facebook page, you will want to make sure this digital asset is accounted for in your plan. The easiest way to do this is to create a detailed inventory of everything you have that exists either online or on your personal computer. You may also want to include information that is on your smart phone or other digital device.

Tools. Currently, there are no laws that directly address digital estate planning. However, you can create powers of attorney that will transfer your ability to access your digital assets to someone else upon your death or incapacity. You need to talk to your estate planning attorney to do this as each state has different laws about powers of attorney.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.

According to a survey taken in late 2011, the majority of Americans born between 1946 and 1964 do not have any kind of advanced medical directives, such as a living will or health care power of attorney. The survey reports that 64% have taken no steps to create an advance medical directive either as part of an estate plan or independently.

For many baby boomers, their lifestyles of healthy eating and regular exercise may contribute to a sense of invulnerability or at least a reluctance to think about death and dying. However, advance medical directives allow anyone to plan ahead for medical situations in which they can no longer express their own medical choices, and are not just for the sick.

Estate planning lawyers and other medical experts recommend that all competent adults create a medical directive of some kind while they are still able. Living wills, for example, allow you to state your medical choices in advance, while a health-care power of attorney or healthcare proxy gives you the ability to pass on your decision-making rights to someone else in the event you are incapacitated.

State laws differ widely about the requirements for advanced medical directives, so it’s important to speak to your attorney before you create one. However, if you wait too long to make one you may be too late if an emergency medical situation arises that prevents you far from creating a medical directive.

Robert J. Kulas, P.A. Attorneys at Law is a member of the American Academy of Estate Planning Attorneys.