Some people find it difficult to consider or discuss their own mortality. However, it might be worth planning for the time that may come between a healthy life and death. Many people suffer from cognitive deterioration that could render them incapacitated, and planning a comfortable way of life for that period is possible. Estate planning lawyers in Florida can assist with adding what is referred to as a red file to other estate-planning documents.
A red file can include additional information regarding plans for future care, a clear indication of financial objectives and an all-inclusive list of personal information. To ensure a comfortable life, living and medical preferences can be detailed, along with personal likes and dislikes about food, music, movies and more. While details of assets will be included in the estate-planning documents, the red file can instruct the appointed power of attorney more specifics about how to allocate the funds, such as the wish to provide financial support to the family member or friend who will serve as caregiver.
Managing the online subscriptions and accounts of a person who cannot provide information such as usernames and passwords can be a nightmare. Shutting down email accounts or social media profiles requires the necessary access information. Drafting a list of necessary information will assist the individual who has to access these accounts.
Florida residents may find the prospect of creating a red file overwhelming. However, with the support and guidance of experienced estate planning lawyers, the task can be accomplished without too much difficulty. Once in place, it will likely provide peace of mind for the drafter of the red file and the loved ones who will provide care in the event of incapacitation.
Source: wealthmanagement.com, “When Clients Need To See Red“, Marvin Blum, Feb. 8, 2017