Finalize Your Estate Plan Before It’s Too Late
Conversations regarding estate planning can be uncomfortable and difficult most times. However, these conversations are important not just to protect the future of your assets, but the future of your loved ones and the legacy you plan to leave behind.
This year has taught everyone how unexpected life can be. COVID-19 cases are once again spiking, and medical experts are encouraging everyone to continue practicing social distancing as the holidays arrive. Given the unpredictable state of the world, now is a good time to consider your wishes for the future of your estate.
Realistically, the best time to plan your estate would be before you get sick—the right time to prepare an estate plan is NOW.
Estate Planning Checklist
A good estate plan will ensure that your wishes are protected and your family will be prepared for your death or incapacity. The goal is to make sure your assets are distributed successfully to your heirs/beneficiaries and for your loved ones to avoid as much costs and conflict as possible. A good estate plan should include:
- A Last Will and Testament
Your last will and testament is where you will lay out your wishes for the distribution of your assets and property after your death. In your will, you can appoint a personal representative/executor who will oversee the distribution of your estate, and name a guardian to care for minor children, if any. The danger of failing to execute a will is the court will carry out the distribution of your assets according to state law, yielding results you may not have wanted.
- A Durable Power of Attorney (DPOA)
A DPOA is a legal document that allows you to appoint someone to manage your financial affairs if you become incapacitated. This includes the authority to pay your bills, make deposits and withdrawals from your bank account and managing assets.
- A Designation of Healthcare Surrogate
A designation of healthcare surrogate allows you to authorize someone to make medical decisions for you if you are unable to make these decisions on your own. Your healthcare surrogate is authorized to speak to your doctors about your medical care and make decisions regarding your treatment. Amidst a global pandemic, having a surrogate may be especially beneficial.
Do not Procrastinate—the time is NOW.
The spread of the coronavirus has affected millions of people around the world. One thing we can all take away from this pandemic is that it is never too soon to make a plan to protect you and your family. If you have been thinking of getting your affairs in order or simply need someone to review what’s already in place, prioritize this today.
The Florida Probate & Family Law Firm has a team of experienced Probate, Family and Estate Planning attorneys located in Coral Gables, Florida. As attorneys who focus on Estate Planning and Probate law, we have the knowledge and experience to come up with an estate plan that will protect you and your loved ones. Contact us to set up an appointment to evaluate your options. We serve the entire state of Florida so call us at 305-677-5119 or email us at firstname.lastname@example.org.