Seven Documents Every Tampa Bay Estate Plan Should Include
Ask most people what an estate plan is, and they will describe a will. That is not wrong, exactly, but it is a little like describing a house as a roof. A will matters, but on its own it leaves gaps that can cause real problems for your family, particularly if you become incapacitated before you die. A complete estate plan is a set of documents that work together, covering both what happens to your property after death and who makes decisions for you while you are still alive but unable to speak for yourself. If you are starting from scratch, or if your only estate planning document is a will you signed decades ago, contact a Tampa estate planning attorney and consider these seven pieces worth having in place.
The Documents That Handle Your Property
- Last Will and Testament. This names who inherits your property, who serves as personal representative of your estate, and who cares for any minor children. Florida law requires specific signing and witnessing formalities for a will to be valid.
- Revocable Living Trust. Not everyone needs one, but if you own real estate in more than one state, want to avoid probate, or want more privacy than a public probate proceeding allows, a revocable trust can accomplish that.
- Beneficiary Designation Review. Life insurance policies, retirement accounts, and payable on death bank accounts pass outside of your will entirely. A document is only as good as the beneficiary forms behind it, so this is less a single document and more a habit of checking your designations every few years.
The Documents That Handle Your Incapacity
- Durable Power of Attorney. This names someone to manage your finances if you cannot. Without one, your family may need to petition a court for guardianship, which is slower, more expensive, and more public than most people expect.
- Health Care Surrogate Designation. This names someone to make medical decisions on your behalf when you cannot make them yourself.
- Living Will. This states your wishes about life prolonging procedures, so your family is not left guessing, or arguing, during a medical crisis.
- HIPAA Authorization. This allows your chosen agents and family members to actually receive information from your doctors. Without it, medical privacy law can lock out the very people you named in the documents above.
Contact David Toback About Building a Complete Estate Plan
Having a will but skipping the incapacity documents is one of the most common gaps we see, and it is an easy one to fix. Whether you are building an estate plan from the beginning or filling in the pieces you are missing, our Tampa estate planning attorneys can help you put a complete set of documents in place. Contact David Toback in Tampa, Florida, to schedule a consultation.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.502.html
