Melbourne, Florida, Trust, Estate Planning And Probate Law Blog

End-of-life care is something that everyone should be able to access with dignity. Unfortunately, the cost of residential facilities often exceeds what anyone is able to pay and is particularly impossible for elders who are on fixed incomes. With the cost of Florida nursing homes seemingly out of reach, you may be able to help your loved one qualify for Medicaid to help cover costs.

The monthly cost of a local nursing home can be as high as $10,000, which is even more expensive than the national average cost of about $96,000 annually. If your parent, grandparent or other loved family member is anything like the average person, they'll likely wipe out their life's savings in a matter of months. And that's if the funds even last that long.

Stan Lee might be most well-known in Florida for creating super heroes like Spiderman and the Incredible Hulk during his time as a powerhouse at Marvel Comics, but his most recent headlines have more to do with his estate than his creative work. Most people in Florida assume that estate planning only deals with issues after a person's death, but Lee's recent issues highlight the benefits of also planning for the final stages of life. This includes selecting reliable trustees and caretakers who can manage a person's financial interests, medical decisions and other important aspects of their estate plan.

Lee's estate is worth approximately $50 million. A fortune that size plus his business interests require expert financial handling, which many believe Lee is no long capable of making. Over recent years, the health of the 95-year-old comic book creator -- including his vision, hearing and judgment -- has deteriorated significantly. Prior to her 2017 death, Lee's late wife was in charge of his estate.

Many people don't immediately think of their online lives when planning for the future, but most people spend a significant portion of their time online. Whether it is Facebook, points rewards programs or email accounts, most people probably have some type of digital asset that will need to be settled after their death. Incorporating digital assets has become a larger part of most people's estate plan, and in Florida, being ready to transfer administrative power to these assets can help preserve their financial and sentimental value. 

According to the Pew Research Center, about 25 percent of American adults say that they are almost constantly online. They also report that 77 percent of adults go online daily. When one considers the amount of socializing, earning and financial management that happens online, it makes total sense to incorporate one's online activities into an estate plan.

A person tasked with resolving a loved one's finances after his or her death may suddenly find themselves with much to take care of. An organized estate plan can aid that person with estate administration, making it less costly and time consuming. In Florida, individuals who wish to prepare for their final needs can ensure that the wrap-up of their final business runs smoothly. 

An individual who is settling the estate of a deceased loved one can also take steps to expedite the process, although one should keep in mind that making too many decisions while emotions are high is not recommended. When the person is emotionally ready to take on the task, the experts say that locating the original will and trust documents can be very helpful. This will allow the administrator to distribute and settle the assets according to the plan. Gathering other important documents and getting multiple copies of the death certificate can be helpful as well.