Why Do We Need To Do Estate Planning?
Estate planning is important. A Last Will and Testament (commonly called a will) is highly recommended as part of your estate planning. It is also advisable to make health care surrogate appointments and do a living will and a durable power of attorney. A health care surrogate can make health care decisions on behalf of a person who is not able to do so themselves. The person appointed in a durable power of attorney can handle business, legal affairs, and finances on behalf of the person who appointed them. Wills, health care surrogates, durable powers of attorney and living wills are important parts of estate planning.
Powers of attorney, health care surrogates, and living wills are essential. When you don’t have people appointed in those types of documents, and you become mentally or physically incapacitated, the court may have to intervene and appoint a guardian to manage your affairs. An appointment by the court can be expensive, tedious, and time-consuming. It can also be difficult for the guardian because they have to file full-fledged yearly reports to the court, informing them of all aspects of your assets and health care. Therefore, powers of attorney, health care surrogates, and living wills can go a long way towards making a guardianship appointment unnecessary.
Revocable living trusts can also be a part of your estate planning. A revocable living trust is set up like an umbrella over all the assets you own. Usually, the person who sets up the trust (called the Grantor or Settlor) is their own trustee during their lifetime. Once they pass away, the successor trustee named in the trust takes over and carries out the terms of the trust. Many people implement a revocable living trust because they want to make it unnecessary for loved ones to probate their estate when they pass away.
What Happens If I Die With No Estate Planning In Place?
If you pass away with no estate planning in place, then the administration of your estate is a process different than if you had done a will or trust. If you die with no last will and testament or trust, then the probate process can become more complex. The legal term used when someone passes away without leaving a will is called “intestate.” If a will is not left in place, there is no person nominated as the personal representative of the estate, and there aren’t any wishes or instructions as to how to dispose of the estate. Having no will in place when someone passes away often causes more disputes and misunderstandings among family members. As a result, at the very least, it’s always a good idea to have a last will and testament in place.
For more information on The Need For Estate Planning In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (352) 400-4818 today.
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