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Know the impact of having the document when it’s needed. It can save a family much strife and division.
Category: Elder Law
Basic Steps for Estate Planning Recap
/RSS FeedIt’s very important to inventory what you have – tangible and intangible.
It’s important to think about your family’s needs in terms of life insurance
Naming someone to make medical decisions if you can’t and carry out end of life decisions makes for peace of mind when the time comes.
Powers of Attorney let someone make financial decisions, and in Florida they go into effect as soon as the documents are complete. It’s essential to appoint someone you trust..
Guardianship and Health Care Directives for Children
/RSS FeedUnimaginably important in the unlikely eventuality they’re needed.
Life Insurance
/RSS FeedDo you have enough life insurance? If you’re married, does your spouse, who may not work outside of the home or who earns substantially less, have sufficient insurance to cover the expense of finding paid help to shuttle back and forth to school; to babysit, and a myriad of other things.
Storing and Sharing Your Estate Planning Information
/RSS FeedInformation needs to be passed to your family when they need it, and eventually they will need it.
Beneficiaries: Who Gets What
/RSS FeedCheck these on a regular basis. Remember minors are not able to inherit liquid assets; check so you’re sure you’d still name them. If you’ve been divorced, be sure your former spouse isn’t named on anything you don’t want them to have.
We ALL need a plan – Basic Steps
/RSS FeedInventory your Stuff
tangible personal property (books, clothes, jewelry, etc.)
intangible property – money, investments, retirement, etc
You and your family will be better off
Wills, Contests, and Do-It-Yourself
/RSS FeedAbout Will contests – it’s important to consider what motivates the idea – and to check out the feasilbility of pursuing it. It’s expensive, and probate litigators are unlikely to work on anything but a cash-in-advance basis with no promise of success.
DIY’s are not advised, at least not by me. If a person wants one, be sure to get it reviewed by an attorney.
Key Surprise Areas Without Proper Planning
/RSS FeedPeople don’t consider the impact of not having a designated person to help with finances if you’re not able to do it yourself – things as simple as paying bills – until you’re not able.
Leaving assets to minors because good counsel may not have been asked for an offered. Minors cannot directly inherit – it’s costly and emotional if proper planning isn’t done.
What about guardianship of minor children when there’s been a divorce – this can certainly be problematic.