Preparing for Incapacity
It is important to consider what would happen if you or someone you love were determined to be incompetent. Who would carry out your or their financial affairs. Who would make health care decisions. Without considering an answer to this question, your family and your estate could bear a large financial burden. If you do not prepare a Durable Power of Attorney or name a Health Care Surrogate your family maybe forced to seek Guardianship over you person and your estate. The Guardianship process involves the court and if there is a family disagreement could be a very costly process. The Guardianship process since it involves the court system is not a quick process and may sometimes outlast the demise of the loved one. Also consider if you have minor children, who will care for your children if you and your spouse or partner pass on. If no one is named Guardian over minor children the court will have to decide; this is why a Will is one of the most important tools in an Estate Plan.
A Power of Attorney may be used to give your attorney-in-fact the ability to conduct your financial affairs if you cannot be present or if you can no longer handle your financial affairs due to incompetency. The Power of Attorney can give as broad and as restrictive powers as you deem appropriate for the situation, for a quick view of the statute tap the link https://www.flsenate.gov/Laws/Statutes/2012/709.2101. A Power of Attorney should be part of any estate plan.
A Health Care Proxy or naming a Health Care Surrogate allows you to appoint someone to handle your health care decisions. It is very difficult on a family if many decisions such as where you want to be buried or has the plot been paid for not been discussed. No one wants to plan for their death but it is a huge burden to leave to your loved ones when you pass. Naming a Health Care Surrogate will give the power to someone to make your health care decisions when you can no longer do so; for example, do you want to have heroic measures keep you alive, or would you rather have a DNR order. Do you wish to be buried or cremated? Funeral Expenses can be prepaid. There are many basic Health Care Surrogate forms on the web for an affordable cost an attorney at our firm can help prepare one specific to your needs. http://www.floridahospices.org/advanceD/DesigSurrogFAQ.pdf
As I mentioned, a Will is the most important document in an Estate Plan because it will provide a Guardian appointment for your minor children. If you do not name a Guardian over your minor children the court will make such a decision. A conversation with the potential Guardian is suggested so that they understand how you wish your children to be raised and cared for.
These are three simple Estate Plan suggestions that are affordable but very necessary considerations. A little planning can make things much easier on your loved ones.
CALL Protect My Assets Law Group to set up an Initial Free Consultation and let us take the burden off of your Family 562-901-9926!