We often meet families who are struggling after a loved one has passed or suffered a health crisis. In addition to grieving their loss, family members are now trying to figure out what their loved one would have wanted. Frequently, they’re grappling with difficult questions:
- How would a deceased family member want their estate to be divided?
- What medical decisions would an incapacitated family member make if they were still able to do so?
- What should they do next?
Why Planning Before a Crisis Matters
We’ll do everything we can to help families experiencing this sort of crisis, but unfortunately, these conflicts can still be stressful and contentious. For this reason, we encourage everyone to think about their estate planning and make decisions now so their loved ones won’t have to wrestle with these decisions later.
Estate planning for Florida families is the best way to reduce additional difficulties during an already stressful time. It allows you to put into writing how you want your estate to be dispersed after your passing. At the same time, an estate planning attorney can answer your questions and advise you on options to reduce the tax burden for your heirs. They may also suggest solutions to other concerns, such as how to support a family member with a disability or a loved one who struggles to manage money.
Aside from these concerns, you may also want to create documents to help your family understand your wishes in the event that you are incapacitated and unable to make medical decisions. We can help you document what kinds of medical care you do or don’t want to receive in various situations.
The Core Documents Many Florida Families Should Consider
To get started, let’s look at some essential estate planning documents that many Florida families should consider. These documents are often a core step of estate planning in Florida.
Will
This document lays out how you want your estate distributed after your passing; and importantly, it names the person who will be handling your affairs after you pass, a personal representative. It can help your loved ones avoid lengthy court arguments, saving everyone time and money. Additionally, an experienced estate planning lawyer in Florida may be able to recommend options to help preserve your estate.
Each state has its own rules regarding wills. Here are some things to keep in mind about writing your will in Florida:
- The testator, or the person writing the will, should be at least 18 years old and of sound mind when signing the will.
- The will needs to be in writing.
- You should follow Florida’s rules for signing the will, which include having it notarized and witnessed. Your attorney can help to ensure these rules are followed correctly.
Trust
Some people choose a trust as part of their family estate planning in Florida. It can be an alternative to a will, but most people who create a trust also complete a will to address assets not included in the trust.
What is a trust? A trust is a document that operates like an entity that you can transfer assets into while you’re still alive. These assets are managed by a designated person called a trustee. Trusts can be revocable, meaning that you can make changes while you’re still alive, or irrevocable, meaning that you can’t make changes once the trust is established.
There are many kinds of revocable and irrevocable trusts for different life situations. Understanding which type of trust might work for you can be complicated, so the best solution is to seek advice from an estate planning lawyer in Boca Raton. Your attorney will learn about your situation and explain the options that best fit your goals. They can also answer any questions you have about the process or what happens after a trust is established.
Durable Power of Attorney
A power of attorney is a legal document in which one person gives another the authority to act on their behalf. This power of attorney document, or POA, will spell out what authority is being granted by the principal (the person creating the POA) to the “agent.”
POAs can be limited, granting only specific powers to an agent. Some people may choose to have separate POAs for different aspects of their lives, such as certain financial decisions. They may also create a POA for a specific purpose, such as selling a piece of property. A general power of attorney gives the agent broad powers to make decisions, but it must still include a list of those powers.
What is a durable power of attorney? Most POAs become invalid if the principal is incapacitated. However, a durable POA remains effective in this situation. If you want a durable POA, your Florida family estate planning attorney will use specific language in the document to ensure the POA’s durability.
Healthcare Surrogate
Choosing a healthcare surrogate is another essential part of estate planning. Aging can bring a variety of health conditions, including many that eventually affect cognition and the ability to make one’s own decisions. For example, it’s estimated that about 42 percent of Americans over the age of 55 will eventually develop dementia.
Dementia is only one condition that can leave a person unable to make decisions. Any time that you are unconscious or heavily medicated, you may need someone else to make medical decisions for you, at least temporarily.
For all these reasons, choosing a healthcare surrogate is critical. Obviously, you should select someone that you trust to carry out your wishes. You can also help them by creating a living will and other documents clearly stating your wishes, which we’ll discuss further in the next section.
However, it’s important to give your choice serious consideration. When deciding on a surrogate, here are a few things to keep in mind:
- The surrogate should be able to set aside their feelings and take the steps they know you would want.
- They should be able to advocate for your needs.
- Ideally, the surrogate should live near you or at least be able to travel to where you are easily, in case they need to make multiple decisions quickly during a health crisis.
- You should consider whether your surrogate will likely be available far into the future—someone who is your age or older or has their own health difficulties may not be in a position to act as a surrogate for very long.
- It’s a good idea to choose someone who handles conflict well, as medical care decisions often cause conflict between family members.
You can also name alternative surrogates who will step in if your first choice is unable to help during a crisis.
Living Will
A living will is a document that helps your surrogate, as well as other loved ones, understand your wishes to receive (or not) various medical treatments. It clearly states what kind of care you want in situations where you are unable to make medical decisions, providing a road map for your healthcare surrogate to follow.
The living will can reduce stress and conflict for family members for the following reasons:
- You’ll make it clear what kind of life-prolonging treatments you do or don’t want.
- You can be specific, so your loved ones aren’t struggling to recall a conversation you might have had months or years ago.
- The living will only applies when you cannot make your own decisions; in the meantime, you can continue to make your own healthcare choices.
- The living will is helpful to healthcare providers who may treat you in a crisis, and for this reason, you should provide a copy to everyone on your healthcare team.
Family Situations That Require Extra Planning
Estate planning for Florida families can vary depending on the family’s specific circumstances. Here are a few examples of times when you might need additional planning:
- If you have a disabled child or relative who will not be able to live on their own, you should talk with your lawyer about the best way to plan for their future.
- When you have a large estate and want to preserve your family’s assets for future generations, your attorney can help you take steps to do so.
- If you have a relative you want to help, but you know they struggle with managing their money, you should discuss options with your lawyer.
- A similar situation might arise if you want to provide for a loved one who struggles with substance use disorder, but you’re concerned that simply leaving them a large sum of money could do more harm than good.
- If you are supporting your aging parents, you may need some additional planning to ensure their needs are covered.
- When you want to leave something to a loved one but are concerned that their spouse or spouse’s family might end up with the money, you should talk to your lawyer about taking steps to protect the provided support. For more information, read our guide to estate planning for blended families in Florida.
When to Review or Update an Estate Plan
Making your estate plan can take time, and we understand that once the documents are completed, you may want to be finished with estate planning. However, here are some situations in which you may want to review or update your estate plan:
- When your marital status changes. If you recently got married or divorced, now is a good time to revisit your estate plan and make changes as needed.
- When you have children or grandchildren. Some people do plan for future children in their wills, which is a good idea. However, many parents want to do additional planning or make changes after a child is born. If you haven’t already chosen a guardian to care for your children should something happen to you, then you should do so quickly.
- If a beneficiary or executor has passed. You may need to reallocate assets or responsibilities.
- When you move to a different state. If you have estate planning documents from a state you previously lived in, your attorney should review them with you. In some cases, updates may be necessary to comply with Florida laws.
- If you have major financial changes. If you have a significant increase or decrease in income or wealth, you should review your estate planning to determine if changes are needed.
- When you have health changes. If you have a serious diagnosis, it may be a good idea to review your estate planning, especially your living will and healthcare surrogate papers.
- Every 3-5 years. Even without personal changes, new legislation and tax codes could affect the estate plans you’ve already made, so it’s a good idea to periodically review your planning with your lawyer.
Speak With a Florida Estate Planning Attorney
At the Law Offices of Rina Feld, we know that estate planning can be complicated and sometimes stressful. Our team works to make the process as easy as possible for our clients, and we’re always available for a free 15-minute phone consultation. If you have questions or concerns or aren’t sure where to start, please don’t hesitate to book a free consultation today.