Is Your FL Estate Plan Up to Date?
The seriousness of the coronavirus pandemic warrants making sure you have the proper estate planning documents in place.
Estate planning helps to ensure that your affairs are in order, conveys your wishes, and protects your loved ones in the event of unexpected events. It is important for anyone, regardless of their age, income, or amount of property they own to have an estate plan in place. Considering the seriousness of the situation surrounding the coronavirus pandemic in Boca Raton, and the life-threatening impact the virus can have on your health, now is the time to ensure you have an estate plan and that it is up to date.
Making Sure Your Will is Up to Date
Creating a will is one of the most basic yet important estate planning tasks. It conveys your wishes regarding how your death should be handled and how money or property you possess should be distributed. It can save your loved ones both time and money in terms of avoiding costly probate court proceedings while sharing any information or sentiments you want them to know after you are gone.
Unfortunately, the American Association of Retired People (AARP) reports that more than half of all adults do not have a legally valid will in place. Even among those who do, failing to update it regularly is a common problem. As the coronavirus death count in Boca Raton steadily increases, it is important to act now to create this important document or update the existing one you have. Changes your will should reflect include:
- Any births, deaths, marriages, or divorces among family members;
- Changes in your financial accounts or debts;
- Property you may have purchased or gotten rid of since your will was created;
- Changes in relationships that could impact those included in your will or the person you chose to act as your estate administrator.
Other Important Estate Planning Documents You Need to Have in Place
A will is one of several documents which should be included in your estate plan. Other items you need to either create or update as a result of the coronavirus include:
- Trusts: Money and property held in trust passes directly to beneficiaries, avoiding probate. The same as with your will, you want to ensure your trust reflects any changes in your family, relationships, or financial situation.
- Power of attorney: This authorizes someone you trust to make important financial or business decisions on your behalf in the event you are incapacitated.
- Health care power of attorney: This authorizes someone you trust to make important medical decisions on your behalf.
- Living Will: Under the Florida Statutes, you can use a living will to express your wishes regarding end of life care.
- Do-Not-Resuscitate (DNR) Order: This instructs doctors on your desires regarding the use of ventilators, cardiopulmonary resuscitation (CPR), and other advanced lifesaving treatments.
Reach Out to Our Boca Raton Estate Planning Attorneys
Amidst the coronavirus pandemic, Ged Lawyers, LLP can help you take the steps needed to protect yourself and those you love. To discuss the options in your case, call or contact our Boca Raton estate planning attorneys online today.