Don’t Let Fate Determine Your Estate!
Many folks think that Estate Planning is just for the wealthy. But, think again. Everyone has an “estate” worth planning for- some are just more complicated than others. No matter how much money you have, ignoring the inevitable and failing to plan can lead to a lot of conflict and expense for your loved ones.
And estate planning isn’t just about making a Will to direct who will receive your money when you no longer need it. An important overlooked aspect of estate planning is incapacity issues: who will make decisions and handle your finances if you cannot?
If you become incapacitated, who would make decisions on your behalf? If you are married, you would probably think that it is your spouse. If you are a young adult living at home, you would probably guess it’s your parents. Neither is correct.
On your 18th birthday, you are considered an adult in Florida and are responsible for making your own decisions. Your parents can’t legally act on your behalf. And if you are married, your spouse doesn’t automatically get to make personal and financial decisions on your behalf in the event of incapacity. If you do not have a valid durable power of attorney, then a court process involving at least two lawyers is required to appoint a guardian to make such decisions for you under the supervision of the Court. This can be expensive and an invasion of privacy.
Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882
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 Blog topics may or may not be updated and entries may be out-of-date at the time you view them.
