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.
Even if a person does not own enough assets to warrant certain higher-end estate planning products, experts agree that pretty much everyone would benefit from a will, a durable power of attorney and a medical power of attorney. These documents are relatively inexpensive to prepare with the help of a lawyer. By taking steps now to have these documents prepared, a person and his or her family will be ready for when the inevitable comes.
A will can be used to gift specific items to certain individuals after one's death. This document will be the last word in case family members are not able to agree on the distribution of assets. A durable power of attorney will act on one's behalf and make financial decisions in case an individual becomes incapacitated. The medical power of attorney will make medical decisions under the same circumstances.
These three documents form the backbone of basic floridaelderlaw.net/Estate-Planning.shtml">estate planning. In Florida, attorneys are available to assist with the formation of these documents. When created using the state's legal guidelines, they will be a guide to one's family in the event of one's death.
Source: clevelandjewishnews.com, "Estate planning applies to everyone, not just the wealthy", Becky Raspe, Sept. 20, 2017