Contrary to popular belief, an estate plan should contain much more than just a person's will. A thorough estate plan contains several different documents and legal entities that allow a person to establish their wishes in writing and prepare for their future. If you are beginning the process of creating your estate plan, it is important that you draft a will, name a durable power of attorney, create a living will, and designate guardians for your children.
1. Last Will and Testament
When people think of an "estate plan," their first thought usually jumps to a person's will. This document acts as the foundation of your estate plan, allowing you to choose who shall receive your assets upon your death. When combined with a living trust, a legally sound last will and testament can allow your family to avoid the complexity and red tape of dealing with probate court at the time of your passing.
2. Appoint a Durable Power of Attorney
If you should ever be incapacitated and be unable to make medical decisions for yourself, do you know who will make these choices for you? A durable power of attorney is a person that you appoint to make medical decisions on your behalf in the event that an accident or illness should leave you unable to communicate. Since your power of attorney can potentially decide life-or-death scenarios, it is extremely important that you choose this person carefully. If nobody is chosen, the courts may decide for you, oftentimes making decisions that may not align with what you would have wanted.
3. Create a Living Will
If you are ever in a coma or other vegetative state, do you want to be kept alive on life support? With a living will, you can instruct health care professionals on how you would like to be treated in the event that you are in a non-responsive state, including whether or not you consent to resuscitative measures being used. Any decisions that are not already written in your living will are to be decided by your durable power of attorney.
4. Choose Guardians for Your Children
If you have any minor children, do you know who will care for them if you unexpectedly pass away? The person or people you designate should be trustworthy, have similar world views as you, and have a genuine desire to raise your children on your behalf. If nobody is chosen, the courts will decide guardians for your children.
Need an Estate Plan? Call 954.228.6126
At the Law Office of Steven Friedman, our firm's Pembroke Pines estate planning lawyer can walk you through the process of creating a thorough estate plan and ensure that your desires are carried out at the time of your death. With more than 30 years of successful legal experience, we can use our vast legal knowledge to help you plan for many of life's "what if" scenarios, giving you peace of mind to move forward with confidence.
To get started, contact our office or request a free consultation today!