Did you create a Florida estate plan that will allow you to plan forward to ensure that you, your loved ones, your business, and what you care about most are protected from any uncertainty in the future? By taking the proactive step to create a Florida estate plan you can be assured that you have protected your loved ones and continued your legacy at the time of your passing, but you have also ensured that you are provided for during your lifetime.
Be aware that your Florida estate plan is about much more than who inherits from you at the time of your death. Your estate plan can give you the peace of mind that you are protected during your lifetime by the inclusion of advanced directives. Advanced directives include documents that allow you to name a trusted decision maker or agent to act for you should you become incapacitated or otherwise unable to make decisions.
Did you know that your Florida power of attorney is a key lifetime estate planning tool? Your power of attorney allows you to name a trusted person in your life to make your decisions should you be unable to do so yourself. Examples of these powers can include, but not be limited to, paying your mortgage if you were out of town, making sure your paycheck was deposited, making investment decisions for you, and even making health care decisions if you and your Florida estate planning attorney choose to add these powers in this estate planning tool as well.
Now, our clients often ask us what the pros and cons of creating a power of attorney are. We want to share a few of them with you below.
Pros
- Be sure there is a trusted decision maker, or agent, with legal authority to act in your place should there come a time you cannot make decisions for yourself
- Know that planning early will allow you the ability to choose who you want for your decision maker or agent
- In fact, by planning early not only name a first choice, but a second, third, or more
- You can avoid getting the court involved when you choose in advance a trusted decision maker or agent to act on your behalf and avoid any family conflict over who should act on your behalf
- Your agent will be able to access all the public benefits you may need and more in a crisis
- You will have peace of mind knowing that your choices will be honored even when you cannot make your own decisions
- Your Florida estate planning attorney knows and. understands your choices and will be able to advocate for your wishes
Cons
- Not knowing and creating the right document and using a generic document will not provide the lifetime protection you need
- Know that the authority to act for you takes effect the minute the document is signed so you will need to be diligent in how you choose to handle and share information about this estate planning tool
- Creating a power of attorney that is not durable, which means it will not be able to be used when you are incapacitated
- Only naming one future decisions maker
- Not carefully choosing the person who will act on your behalf and, instead, choosing someone who you think “should” be given this role even though this individual may not be the most qualified person
Interestingly, when it comes to creating a Florida durable power of attorney, the truth is that there are not nearly as many cons as there are pros. The benefits of creating this Florida estate planning tool far outweigh the potential cons. Your Florida estate planning attorney will be able to answer your specific questions and work with you to create a document that will protect you and help you reach your goals for yourself, your family, and your business.
We know you may have questions about this, and many other, estate planning issues. At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.