At what stage should you start the planning process to specify what to do with your assets when you die?
After 23 years of practicing law, I can tell you- it’s never too early, but when it’s too late, it’s too late.
Parents with young children: Who will take care of your minor children if both parents die? At a minimum, you should have a will to name a guardian to take custody and care of your children. If you do not designate a guardian, the court will do it for you. You might also want to specify at what age your children should have control over their inheritance. You can do this in your will; it’s called a testamentary trust.
Single adults: Do you have nieces and nephews that you would like to care for? Do you have pets? What about a bequest to a charitable foundation? Remember, if you have no spouse and no children, your “heirs” as defined by statute will inherit your assets. These folks might not be the ones you would have designated.
Same-sex or life partners: If you are in a relationship, but not legally married, the State of Florida will determine where your assets go at death if you do not have a will or trust. Unmarried partners can not inherit any “spousal share” under the statutes. Equally important: unmarried partners should have durable powers of attorney and advance health care directives to ensure their partners are not shut out of the decision-making process in the event of illness or incapacity.
Elderly or Ill: You should take immediate steps to write a will or trust. If you already have an estate plan, this is the time to update. You should also prepare or update your power of attorney , advance health care directive, and living will. Once you lose capacity to do so, it will be too late.
Call the Law Office of Debra G. Simms. We offer consultations to help you decide what estate plan is best for you.
Toll free: 1-877-447-4667
