One of the most difficult parts of an estate planning practice is talking about death. Personally, I don’t have a problem talking about death. However, I know that when a client has called me, they’ve thought about their own demise. It’s tough for us to imagine our own non-existence. This uncomfortable truth is easily outweighed by how much we think about our loved ones. We don’t want them to be uncomfortable, endangered, or faced with pain and discomfort. All the time we think about making sure they have enough food, money, education, anything we can give them, so why don’t we think to do something now to protect them when we die?

 

Why should I create an estate plan?

The time immediately following the loss of a loved one is the most emotionally trying times anyone can face. Can you imagine having to deal with marshaling your loved one’s assets, searching for their debts, and all of that a constant reminder that they are now gone? Sure, some of us can imagine it- because we’ve gone through it. A lot of people wouldn’t wish that experience on their worst enemy.

Estate planning is more than something rich people do to protect their fortune. It’s something people can do to make sure the loved ones left behind don’t have to endure any more suffering than is absolutely necessary.

“I’m not rich, an estate plan isn’t worth it for me!”- WRONG!

Without an estate plan the State dictates the disposition of your property according to statute, and they dictate who can serve as your personal representative.

 

What documents should I have in my estate plan? 

In addition to letting you control the disposition of property, an estate plan can take the guess work out of navigating the probate system and what happens to your remains, and who can pay for the funeral. Below I briefly describe why an estate plan has value, even for someone with a modest estate. Some of the documents can be very useful while you are still alive too.

Designation of Health Care Surrogate

A health care surrogate is someone who can make health care decisions if you are unable. Many times a hospital will have patients sign a form designating a health care surrogate when they’re going in for surgery. Wouldn’t you like to think about who you trust to make these decisions for you well in advance of the actual need? We don’t always plan on being incapacitated.

Durable Power of Attorney

This is one with which everyone is familiar… to some extent. Understandably, giving someone the power to step into your shoes and direct all of your affairs makes most people uncomfortable. We can usually pick someone we trust. Like I said, we don’t always plan on becoming incapacitated. Although Florida did away with springing powers of attorney in 2011, it’s possible to use an escrow agreement to hold an executed durable power of attorney until you become incapacitated. Once you’re incapacitated you can’t execute one of these. You’re family members now have to ask the court to designate someone for you, and that costs substantially more than executing a Durable Power of Attorney.

This can be useful during your lifetime as well. It’s common for military personnel stationed overseas to use a Durable Power of Attorney to handle their affairs stateside. If for some reason you need the person you designated to do something that requires you to act personally (with some limitations) you can have them do it for you.

Declaration of Living Will

A declaration of living will is something you can execute to let people know you don’t want to be a vegetable, or that you don’t want your dying prolonged if there is only an infinitesimal chance you’ll recover. It’s the document that can save you and your family from the problems faced by the Schiavo family.  These things are only triggered if you’re incapacitated and can’t say it for yourself, AND if the required number of doctors agree that there is virtually no hope (usually your attending physician and another physician). Florida doesn’t require you to designate a person to do this, only that the declaration was made. However, I like to name one or two people who should make sure the declaration is heard.

Last Will and Testament 

This is the big one. This document can do so many things. Everyone knows this is where you name who you want to have your baseball cards, or Aunt Evelyn’s brooch. But it does more than that. You can name your personal representative (the person who handles your affairs after you die. Formerly called an executor). You can pick the most well equipped family member or friend (with some limitations). Bobby and Suzy won’t have to fight over who gets to wrap up your final earthly dealings. You can also state what will happen to your remains. If you want to be cremated, but your family thinks you want to be buried- you can clarify that here. That way there’s not extended litigation while you sit in the fridge.

 

Contact us today to schedule a free consultation for your estate plan.

Contact us today to schedule a free consultation with one of our attorneys to discuss your estate planning goals. At the consultation, one of our attorneys will review your estate plan and will provide some recommendations on how to accomplish your goals. The above described documents are what we include in a basic estate plan. Once we are able to get a plan together, we will prepare all of these for you so that your wishes are known and enforceable for only a few hundred dollars. You can call us for the details on pricing and what other plans might better suit your goals.

Request your free consultation today!