It is never too early to start preparations for estate planning, especially when you have young children. By preparing your documents before it is needed, you provide your family with clear instructions with how you wish your assets to be distributed after your death. There are a variety of estate planning documents that can help with different situations, which include:
Dying without a valid will causes your estate to be distributed according to Florida law. A last will and testament will allow you to detail exactly how you want your estate to be shared after your death. By preparing a last will and testament, your family and those who are to inherit your assets will not have to guess what your wishes are with your estate.
Not only can a will direct who to distribute your assets to, but it can also provide information for who should care for your children upon your passing.
By creating a well-executed trust for your real property, your family will not have to worry about the property going through probate. Probate is a court-supervised process that distributes the decedent’s assets.
A revocable trust allows you to maintain control of your trust assets during your lifetime and make changes to the trust without having to go to court. After your death, your chosen “successor trustee” is placed in charge of your trust and responsible for distributing all the assets that were in your trust. Although a revocable trust sounds similar to a will, apart from avoiding probate, assets in a revocable trust are usually able to pass to the beneficiary faster than if it goes through probate.
If you ever become incapacitated, a power of attorney allows your chosen “agent” to legally act on your behalf. This document gives your “agent” the power to make decisions in different areas, such as making medical, legal, and financial choices. For this reason, the person chosen to act on your behalf should be a trusted family member or friend who you trust to protect your interest while incapacitated.
A living will is another document that provides your family with guidance if you ever become incapacitated and are no longer able to make your own health care decisions. This document allows you to direct the doctors, even if incapacitated, to withhold or withdraw any life-prolonging procedures that you do not wish to receive. By creating a living will before it is necessary, your family is spared from having to make hard end of life medical decisions on your behalf.
A health care surrogate is a document that gives your selected person, the surrogate, the right to make health care decisions on your behalf if it is determined that you are unable to make them on your own. This document allows you to choose who you trust the most to make these decisions if you ever become incapacitated. A Designation of Health Care Surrogate also allows the surrogate to receive health information that would help make important medical decisions.
