Procrastination is a very human trait; unfortunately, it can often lead to unintended consequences. Whether it is taking care of your physical health or your financial health, don’t let procrastination stand in the way of living your best life. Here are five estate planning essentials you should implement now:
Will. How would you feel if a stranger came to your house and just started giving all your stuff away? Without a will, that is basically what will happen. Without a will, it will be a judge instead of you deciding on the people who will benefit from your estate. A will is also the only legal instrument you can use to name a legal guardian for your minor children.
Advance Medical Directive. Also known as a health care proxy or durable power of attorney for healthcare, this document provides the legal right for the person of your choice (your representative) to make healthcare decisions for you in case you become incapacitated and unable to make those decisions for yourself.
Living Will. This goes hand-in-hand with an advance medical directive, and is a legal way for you to express which medical treatments you do or do not want.
Power of Attorney. This covers the financial management bases by giving a person you choose the legal power to handle your finances should you not be able to do so. Powers of attorney can become effective immediately or through a triggering event like a sudden illness or incapacity.
Trust. Trusts are used to transfer assets in a tax-advantaged way, and there are a wide variety of trust strategies that an estate planning lawyer can tailor to meet the individual needs of you and your family.
At The Estate, Trust and Elder Law Firm, P.L. we help our Treasure Coast clients develop and implement comprehensive estate planning strategies personally tailored to their unique situation, needs, and goals. Contact us for your free initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.