Estate Planning Should Consider Death As Well As Incapacitation
December 4, 2013
People should not procrastinate when it comes to planning an estate. One never knows when something unfortunate could happen in Florida or in any other state. Creating an effective estate plan requires choosing the correct legal instruments which will accomplish one’s estate planning goals. It is also essential that one’s estate plan addresses not only when a person dies, but also when he or she is incapacitated.
Creating a will or trust will ensure that one’s assets are distributed as a person wishes to his or her intended heirs. However, everybody’s estate planning goals are different and are dependent upon one’s specific circumstances. Some may prefer to utilize a trust in place of or in addition to a will. A trust allows more control on exactly how assets are distributed.
Along with preparing for one’s death, it is also important to make preparations for when one may become incapacitated. A power-of-attorney document will give a selected individual or entity the power to make decisions for a person if he or she is incapacitated and cannot make decisions for himself or herself. The power-of-attorney document can give the selected individual the power to make medical decisions or financial decisions.
Ultimately, the estate planning decisions one makes depends upon one’s specific circumstances and goals in Florida or in any other state. A person’s estate plan should be customized to fit one’s individual goals and situation. However, the legal documents which make up an estate plan should be carefully crafted in order to ensure they are not challenged in probate court.