The Place Holder Estate Plan

Nothing is sweeter than a moment of idleness that you know you can afford.  By contrast, when you procrastinate certain unpleasant tasks because the thought of doing them stresses you out, the whole process only increases your stress levels.  Estate planning is eminently easy to stress about and even easier to procrastinate.  No one is saying that you have to be like those goody two shoes who have their lives and deaths planned out down to the latest detail, but there are a few estate planning documents that every adult needs, no matter how young, how healthy, or how poor.  Of course, you will revise these documents later, but you need a legally binding “placeholder” version of them in place now, so that you can prevent legal hassles and financial hardships for your family in the unlikely event that you die or become seriously ill before the time comes to work on your estate plan in earnest.  A Tampa estate planning attorney can help you make a temporary estate plan so that you can comfortably go back to procrastinating.

Draft These Estate Planning Documents Now So That You Can Afford to Procrastinate Later

Even if you don’t own anything worth inheriting, you at least need to draft a few documents that delegate decision-making power in the event of your death or serious illness, so your family members do not have to go through the heartbreaking process of fighting about it.  No matter how much you dread the idea of being old enough to need an estate plan, these are the documents that you must draft by the end of this year:

• Will – In your will, you should indicate who will be the personal representative of your estate, whether you want your body to be buried or cremated, and who should inherit which items of your property. If you do not write a will, the court will decide these matters for you, to the satisfaction of no one.
• Springing power of attorney – This document indicates who has the right to make financial decisions on your behalf if you become too ill to make your own decisions.
• Healthcare power of attorney – Also called an advance directive or healthcare surrogate, this document indicates who has the right to make decisions about your medical care in the event that you become too ill to speak for yourself.
• Childcare power of attorney – If you die while your children are minors, this document indicates who will become their legal guardians.

The rest of your estate plan can wait.  Long-term care insurance and revocable trusts are important, too, but there is no harm in waiting to think about them until after you start receiving mail from the AARP.

Contact David Toback With Questions About Your Senior Housing Options

A Central Florida estate planning lawyer can help you draft the estate planning documents you need now so that you can comfortably delay the rest of your estate planning tasks.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

legalzoom.com/articles/do-i-need-a-power-of-attorney