Lins Law Group Blog

Estate Planning Documents You Need in Florida

In every Florida estate plan, there are certain documents which you should have in place. These include the following:

 

        1.  Last Will and Testament. This document allows you to appoint a personal representative to oversee your estate and to designate your beneficiaries. You can also appoint guardians for your minor children. While a Will does not avoid probate, it acts as a “roadmap” for the probate court to follow in accomplishing your desires. If you die without a Will, Florida law will determine who inherits your assets and how your estate will be administered.

 

        2.  Living Trust. This document, also known as a “Revocable Trust,” goes beyond the Will and allows you to implement a means to pass along your property without requiring probate. The Trust also allows you to control the distribution to your beneficiaries over a period of time rather than all at once. In the right situation, a Living Trust can be used to effectively reduce estate taxes. While not every estate needs a Living Trust, you should at least consult an estate planning attorney to evaluate its benefits in your situation.

 

         3.  Durable Power of Attorney. In this document, you appoint a person or persons who can act for you on business, personal and financial matters in the event of your incapacity.

 

         4.  Living Will. This document expresses your desires in the event of your having a terminal illness, an end stage condition or are in a permanent vegetative state.

 

         5.  Healthcare Power of Attorney. In this document, you appoint a person or persons who can act for you on medical decisions in the event of your incapacity.

 

         6.  HIPAA Authorization.  This document allows your physicians and other medical providers to speak with your designated persons about your health condition.

 

Having these documents provides a comprehensive plan to protect you in the event of disability, incapacity or death. If something happens to you, your loved ones will have the means to provide for you and to settle your estate with as little inconvenience, cost and delay as possible. Because these documents involve complex legal issues, they should be prepared by an attorney who practices in the area of estate planning.

If only she had...

Recently, a person close to me had a massive storke. She was in her early 40's. By all accounts, she was too young and seemingly healthy. This was certainly not expected, especially by her. The stroke has left her debilitated and unable to perform even the most basic activities of daily living. She has to be fed, bathed, dressed and can only communicate by vague gestures using her only remaining slightly-usable hand. The worst of it is that her prognosis for a decent recovery is very uncertain. This will most likely mean that she will need someone to act for her and make decisions on her behalf. Unfortunately, she is single and she had never executed a Living Will, a Durable Power of Attorney or a Healthcare Power of Attorney. Her present condition makes it questionable whether she has the cognitive capacity or the physical abilty to execute any of these documents at the present time. Who will have the power to pay her bills, to deal with her insurance company, to speak with her doctors and to decide on future treatment and care? What everyone who loves her keeps saying is: "If only she had....If only she had taken care of executing these documents before any of this happened."

As a practicing attorney over the last 20-plus years, I have heard the same lament repeatedly. I have seen families torn apart and their accumulated wealth destroyed because they never got around to signing these basic documents. What is amazing is that the cost of these is usually less than $500.00 yet not having them in a time of need can leave a person unprotected and can ultimately cost tens of thousands of dollars  more (such as for a guardianship)in order to address the same protections that these simple documents provide. It's really a shame..."If only she had..."

I hope you will not ever be faced with such a devastating health crisis, but if you are, don't cause anyone to have to say about you: "If only she had..."

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