A Verbal Contract Isn't Worth The Paper It's Written On

Before smartphones and email, a phone call to speak with someone directly was the fastest form of communication. It was much faster then writing a letter, mailing the letter, and then impatiently waiting for the response. By the time you got a response, you might have forgotten the question asked or the question was no longer relevant.

Life moves so fast that our generation expects an immediate response to an email and text. If we don't respond immediately, we might cause a boyfriend/girlfriend to start 'wondering' why you didn't respond (which is grounds for a lot of pointless arguments).  You might lose a potential client if you don't respond immediately. They might assume you are not interested in their business or that you are too busy. The potential client will quickly move onto the next person hoping to gain the immediate attention they are seeking. 

Luckily, people still enjoy face-to-face communication. A lot of business takes place after hours over happy hour drinks and dinner.  If you verbally agree to working with someone over drinks, what are the chances one person might back out of the agreement the next day? With drinks flowing, people are more willing to enter into agreements.  Once they are sober, they might question that agreement and pretend it never existed. In the words of Jaime Foxx,  " blame it on the a a a a a alcohol"

“You should never leave your affairs up to chance. Leaving specific and detailed instructions in your will or trust can help solve complications down the line”

Well, the good thing is, it was only a verbal agreement. The bad thing is, it was only a verbal agreement.

When it comes to estate planning, many people make the common mistake of assuming their loved ones will honor their true wishes, as expressed verbally.  You should never leave your affairs up to chance. Leaving specific and detailed instructions in your will or trust can help solve complications down the line. There will be no question as to what your wishes are if they are clearly stated on paper.

In South Florida, there are a number of vehicles used with estate planning to protect both your assets and your wishes at your time of death. These documents will take away the possible 'he-said-she said' verbal agreements prior to your passing.

Revocable Trust(living trust): Allows you to control and manage assets in your trust while you are alive.

Living Will and Healthcare Surrogate- Will allow you to designate who will make medical decisions when you are unable to do so yourself.

Assignment of Property: Assign your property into your trust (real and personal property) to protect your assets.

Durable Power of Attorney: Designate and authorize someone to legally act on your behalf in the event you become incapacitated.

Last Will and Testament: Used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

You can’t predict the future, but you can plan for it.

Pay It Forward

Estate Planning benefits those that survive you, not you. Make sure you plan to help those that deserve to receive from you.

Estate planning is the ultimate “pay it forward” technique one human being can do for another. You can work your whole life and become extremely successful. You want to be able to share the fruits of your labor with those closest to you. Give to those that supported you through out your journey.

You want to make sure your spouse is taken care of when you are no longer here to do it in person. You want to make sure your children can achieve their goals and become successful members of society as well. 

“Estate planning +asset protection is a way to safely house your assets and make sure they grow over time and not have them taken away by creditors or the government.”

A parent leads by example. If you teach your children the joys of helping others, you are able to keep your family assets growing even after your passing for generations to come.  People often say, ‘the rich get richer’. That can be achieved with proper planning.   

In order to protect your assets, not only is estate planning necessary, you must diversify your assets as well. You will want to build a portfolio that will allow your assets to grow throughout your lifetime and continue after your passing.  It is highly recommended to try to make it as tax efficient as possible.

Estate planning +asset protection is a way to safely house your assets and make sure they grow over time and not have them taken away by creditors or the government.

You should seek the advice of an experienced estate planning attorney in Fort Lauderdale, Florida to help you properly plan for the future through creative estate planning and asset protection techniques. Contact the Hershey Law Firm, P.A. in Fort Lauderdale Florida at (954) 303-9468 to schedule your free consultation.