A comprehensive estate plan is the most effective way to ensure your family knows how you want to deal with end-of-life issues and your affairs after your death. Proper planning and execution with an elder law attorney leaves them with a set of instructions that comply with Florida’s statutes.
Here are several estate planning documents you should have in place during your adult years:
Durable Power of Attorney
A durable power of attorney names an individual to make financial decisions and act on your behalf. An enhanced durable power of attorney contains language that allows your named “agent,” or agents, to carry out any financial operation you could do. These powers go into effect the moment you sign the document, but you can change it at any time. Most people typically name a spouse or adult child as their power of attorney.
Sometimes referred to as a medical power of attorney, this document contains your choice for an agent to make medical decisions when you cannot. If you become incapacitated, or are unable to speak for yourself, your agent has your permission to talk to doctors and medical professionals, then make decisions on your behalf. Many times a Living Will is combined with the Healthcare Directive. The Living Will allows you to express your preferences for being kept alive by artificial means.
Revocable Living Trust
A revocable living trust allows you to title assets into a financial entity that keeps those assets out of the time-consuming and costly process of probate upon your death. An elder law attorney can detail the tax and privacy advantages. While the trust owns the assets titled to it, you stay in control over their use and distribution as the trustee. Because it is revocable, you can change your mind and amend it whenever you like.
This document works hand-in-hand with the trust, so it is different than a regular Last Will and Testament. The Pour-Over Will declares that you intended for any assets left out of the trust to be transferred into the trust upon your death. Thus, your beneficiaries can handle your affairs quickly and cost-effectively.
Connect with an Elder Law Attorney in Tampa Today
If you are ready to learn more about estate plans, contact Mortellaro Law to speak with an elder law attorney in Tampa by calling 813-367-1500 or through our secure contact form online.