When you think about estate planning, does your mind immediately go to assets, inheritances, and taxes? While those are important components of your estate planning, we want to share with you that it is about much more than money. Your comprehensive Florida estate plan is also about protecting you, and this includes your health, your family, and your personal wishes for the legacy you want to leave after you are gone.
Your estate plan is a reflection of you, and this includes your values and your priorities. Beyond planning for your wealth, it can ensure that if you are unable to make decisions for yourself for any reason your loved ones will not only have the guidance they need to honor your wishes but the legal authority to do so. When you choose to proactively work with an experienced Florida estate planning attorney you can discuss what matters most to you, which we know goes far beyond simply financial matters. Let us share just a few ways estate planning can help you right here in our blog that we share with our clients, friends, and community.
- Planning for your person in the event of a crisis. What would happen if you could not make decisions for yourself? Your experienced estate planning attorney can show you how health care planning tools can allow you to outline your medical preferences and name someone you trust to make decisions on your behalf. Your attorney may also recommend that you name a second person in this critical role so that when you need someone to act, there is no delay in making the health care decisions you need.
- Managing your finances and paying your bills. What would happen if you were delayed on vacation? Or you were incapacitated in some way? Is there someone with legal authority to access your bank account or pay your mortgage? You may want to discuss creating a power of attorney with your experienced estate planning attorney and naming an agent you trust to make these critical decisions when you cannot. Keep in mind that you want to discuss a ‘durable’ power of attorney to ensure that it can be used at a time when you do not have capacity.
- Protecting your minor children. Your attorney can create guardianship provisions in your estate plan that can ensure your minor children are cared for by someone you choose, rather than leaving the decision to the courts. Who should care for their person and their property if the time comes that you are not here? Bear in mind, it may be a different person for each role.
- Avoiding the Florida probate process. Unfortunately, if you do not have an estate plan or you only have a last will and testament your assets may need to go through the probate process at the time of your passing. This can be time consuming, public, and expensive. When you choose to work in advance to create your estate plan, you can avoid this and utilize estate planning tools such as revocable and irrevocable trust agreements to ensure this does not happen.
- Getting your questions answered. Your estate plan can also incorporate instructions for non-financial matters such as your preferences for funeral arrangements or how you want sentimental belongings, or tangible personal property distributed. Your experienced estate planning attorney will be able to answer your questions and address these non-financial aspects to ensure that your estate plan can both provide a sense of security for you and your family and ensure your legacy is about more than just the inheritance you leave.
We know this blog may raise more questions than it answers. Your estate plan should reflect what matters most to you, not someone else. At 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.