June, 2019 - Simms Law Firm

Do You Have a Living Will?

Clients come to my office to talk with me about planning for incapacity and death. These are hard conversations to have, even in an elder law attorney’s office.

Of all the documents that I prepare, the Living Will, gives my clients the most trouble.

This document, a dying declaration, states what kind of end-of-life care you want when there is no medical probability of recovery. Most people do not want to be kept alive artificially.

But what does that mean? Do you want a feeding tube? Hydration? Blood transfusion? How far are you willing to go? And what about dementia? Do you want to be force fed when you no longer have hunger or the ability to feed yourself?

And who should be your advocates or decisions makers? A family member (who might not be willing to let you go) or a medical person that you trust?

Knowing your legal rights and putting them in writing will help ensure that your wishes are met.

An elder law attorney can help guide you through this difficult conversation.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

How to Dispose of your Personal Property When you Pass

Florida law permits the use of a separate writing referred to in a Will to dispose of tangible personal property if it is not otherwise mentioned in the Will. The separate writing must be signed and dated by the maker of the Will and must describe the items with certainty- think “my diamond ring with 2 side rubies”.

The writing does not need to be witnessed or notarized and may be prepared after the execution of the Will. It can be changed, but it’s a good idea to resign and re-date the new writing so there is no confusion as to your intent. The most recent writing will be deemed to revoke any prior writing.

There is no prescribed form for this writing- some lawyers provided sample forms, but you could use any paper-even the back of an envelope!
Tangible personal property does not include cash, bank accounts or real estate. A separate writing is commonly used for jewelry, art, or sentimental items of value to you or your loved ones.

While a separate writing can be altered or revoked by marking through the entry and then re-signing and re-dating, never do this on a Will or Trust. Codicils or amendments to your Trust must be made with the same formalities as the original instruments.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

Keeping Digital Assets in the Family

Nowadays, many of us have “digital assets”. Digital assets include Bitcoin, blogs that earn income, reward points for credit cards or airlines, and those with sentimental value such as digital photographs and social media.

To make sure that these important files can be passed on to your heirs, you need to take certain steps.

First, make a digital asset inventory. Second, ensure your spouse, heirs, or representatives can access them.

You can have a password manager on your computer or smart phone for these devices. But federal privacy laws may prohibit others from accessing your account.

Some companies such as Google and Facebook now have settings where you can name a person who will take over your account after your passing.

For other accounts, you should have an up to date Will, Trust, and Durable Power of Attorney which specifically permits your designated agent to access these accounts. Florida is one of the states which now has a Fiduciary Access to Digital Assets statutes which governs and enforces these documents.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

AFTER THE DEATH OF A SPOUSE

After a spouse has died, it can seem impossible to focus on the details, let alone make important decisions. Here is a list of what should not be delayed:

Connect with attorneys, accountants, and financial advisors
Secure your finances – most importantly find out what assets are immediately available to you
File paperwork to claim insurance proceeds and retirement funds
Locate the Will and/or Trust

Later on, focus on:

Estate administration- are there are tax returns to file? Is a probate needed?
Analyze assets and cash flow needs – take a closer look at the full picture of assets available presently and in the future. Have you inherited IRA’s? Should a new investment adviser be consulted?
Do you need to update your own estate plan? Have you updated your beneficiary designations on your IRA’s and life insurance?

As you move from short to long-term considerations, take the time you need to make these important decisions and create your own team of investment and legal advisors.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

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