Do Your Aging Parents Have an ongoing Estate Plan?

Posted by Joseph Franks on January 30th, 2020

Having an out-of-date Florida estate plan might some of the times be worse than not having one at all. So look for a good  If your old plan designates others that you do not want making decisions, it may be worse than not having one at all. The best practice by far, however, is to have a current plan that meet the terms with the changes in the law.  Yet, according to the National Association of Estate Planners & Councils, more than half of Americans or 56 percent, fall within one of these categories. These individuals are taking a possibility of risk with not only their legacy but also with respect to their lifetime planning needs. Their choices might not be honored.  The reason because, without estate planning, when in a disaster, there may be no one with authority to make health care or financial decisions.  An out of date plan may have the wrong people making choices. Make sure you consider an experience Elder law Lawyer in Florida for better study, advice and case evaluation.

There is a common misconception that you need a significant amount of money to plan. This is not true! Everybody has an estate and every person should have their choices reduced to writing. Your house, the furniture, car and savings accounts, several investments, real estate, life insurance, and personal properties, are all a part of your estate. Without enough durable power of attorney, should you want a guardianship, the transfer of your properties may be a minor issue in comparison to whom you have making  your choices and what is being administered by the courts. Assuring that your choices are honor is of utmost concern.  Further down in importance is making sure your money and personal property go to the right people after your passing. A complete and in progress estate plan is a way to protect both your choices while a live and the distribution of your assets when you pass away.

An estate plan includes how much you want certain family members or other beneficiaries to receive, and when you want them to receive it. Without a plan, all of that may be in jeopardy. Your property could otherwise be divvied up according to the intestacy laws of Florida. The intestacy laws may reflect your desires regarding the distribution of your property, but it may not.  If not, this means that through the probate procedure, the court will determine who gets what, and when and it may be contrary to your real wishes.

This may prove disastrous, for example, if you propose for your spouse to live off a full inheritance, but instead it is circulated across multiple family members. Likewise, a minor child or grandchild with special needs may be stripped of your intended support or their government benefits if an inheritance exceeds certain income thresholds.

What else can an estate plan include? When you work with your elder law estate planning lawyer to create the right plan for you, it may also include some of these:

•          Care advices if you become mentally or physically incapacitated,
•          Policies for limiting tax exposure,
•          Guardian descriptions for minor children and other dependents,
•          Strategies for loved ones who may be financially irresponsible, or in unstable marriages, and
•          Precise directions for passing on your personal values along with your property.

Estate planning is important for everyone, but especially aging Florida seniors. Adult children can play an indispensable role in helping them gather financial and health care information, and discern best courses of action. Whether creating a new plan or updating an existing one, we encourage you to find an elder law lawyer who understands your needs here on our website.