Estate planning is peace of mind. Or at least it’s supposed to be. For some, an incomplete estate plan or a plan that never even materialized becomes a nightmare down the road.
Your plan needs to acknowledge and address your wishes while also making sure loved ones are taken care of. It’s not only about what happens when you die – there are a number of planning elements that take effect while you’re still here.
You don’t want to wait too long to put these plans in motion. At Alvarez Law Group, we have extensive experience helping the people of Florida get a plan in place that addresses all their needs and provides the whole family with peace of mind.
Power of Attorney Designations
As a parent, you want to be involved in the growth and protection of your children even after they’re out on their own. What many people don’t realize is that parents lose their default rights to access and make financial and medical decisions on behalf of their children once they turn 18. This can lead to a host of complications, especially if your child has moved out on their own or is off to college.
Cautionary tale
Your child is hundreds of miles away at college, and you receive a distressing call. They’ve been in an accident and are in the hospital. Without a power of attorney designation, you might find yourself in the dark about which hospital they’re in, the treatment they’re receiving, or their current condition. In such a moment of crisis, the last thing you want is uncertainty and anxiety about your child’s well-being. A Power of Attorney form is a simple and sure way to bridge this gap.
Additionally, financial matters also become more of a mystery without a POA. If your child is struggling but not communicating their financial stress to you then you’re in the dark, unable to help. Without the appropriate legal documents, you might never discover their financial challenges. These issues can compound over time, leading to potentially devastating consequences.
Health Care Surrogates or Directives
When it comes to your own health and well-being, estate planning also plays an integral role. You want to ensure that someone you trust is making medical decisions on your behalf if you become incapacitated. Without the proper documentation, you won’t have a say in who is making these crucial decisions for you.
Cautionary tale
You become incapacitated due to a medical event. In the absence of a healthcare surrogate or directive, the responsibility will fall on assumed designees, which might not align with your preferences. You might wake up from a significant medical procedure just to find out your estranged parents or siblings were involved in your care.
We aren’t implying they would do anything nefarious intentionally, but they may not be aware of your preferences which results in certain healthcare decisions that don’t align with your desires. It’s a scenario no one wants to contemplate, but it’s essential to address it through careful estate planning.
Having No Plan At All
The worst tale of all is having no plan at all. In this situation, you send your loved ones on a bit of a morbid scavenger hunt to gather assets and wealth. They’re forced to pick up the pieces after your decision not to establish a plan.
Cautionary tale
You never established a will and passed away. This is referred to as dying intestate. The Florida probate court assumes control of your estate and gathers the necessary parties. Your estranged son and the wife you never got a chance to divorce are invited to the table and given significant assets.
Not only is your hard work put in the wrong hands, but your loved ones are forced to piece together everything you built in life and may not even be rewarded properly for their loyalty to you.
Get Peace of Mind Before It’s Too Late
At Alvarez Law Group, we understand the complexities and uncertainties that can arise when estate planning is neglected. Our team has extensive experience helping the people of Miami and the surrounding area secure peace of mind through thorough and effective estate planning.Don’t wait until it’s too late. Take control of your future and the well-being of your loved ones by contacting our team today.
Alvarez Law Group
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