In some families, it may be widely accepted that the firstborn child or perhaps the eldest son will handle the estate after the parents pass away. Without much thought, someone may choose an executor based on birth order, but naming an executor is not always that easy. Florida residents who are beginning or revising their estate plans will certainly benefit from making a careful evaluation of those in line for the honor and burden of being their estate executors.
It can be hard to imagine a legal route for a person to take away another person's rights and property, but unfortunately, in some places, loopholes can allow bad actors to slip through. The guardianship system, designed to protect vulnerable, often elderly, adults, has been implicated in the exploitation of people in the past. Luckily, individuals in Florida can take steps to prevent inappropriate guardians from seizing their property through estate planning.
Health care costs are steadily climbing. Individuals who think they may face long-term senior care costs down the road are encouraged to start long-term care planning now. In Florida, Medicaid may not cover all the financial needs and some people choose to take steps to bridge the coverage gap.
A person with disabilities may need a little extra help throughout life to thrive within their particular set of abilities and limitations. Some individuals will require outside help from a parent or trusted family member to ensure that the disabled person will have all the supports required after the parent (or other person) passes. By implementing certain protections, among them a special needs trust, while the caregiver is still living, the foundation for the successful life of a disabled person in Florida can be set up in advance.
A well-crafted set of end-of-life documents can make for a smoother transition for family during a time of grief. In Florida, many individuals consider estate planning to be only for the very rich, but experts would say that this perception is incorrect. Almost every person has at least one item that he or she wants to pass on, and without a binding legal document, this can be unnecessarily complicated. Powers of attorney also become important in medical emergencies, and no person is exempt from emergencies.
As you age, one of the most important things to do involves taking care of your estate plans. Updating your will regularly is a vital part of estate planning. If you've recently moved to Florida, you will need to address changes to your will as soon as possible.