How a Pompano Beach Estate Plan Can Help You Avoid Potential Disasters
Estate planning is a topic that people like to avoid talking about. And, it makes sense — most people don’t want to think about their own mortality. However, estate planning is a very important topic that should not be pushed to the side.
Even if you don’t have any assets, it’s important to develop an estate plan early on. You can always revisit it to make changes as your life evolves down the line. If you’re considering developing an estate plan, it’s important to speak with an experienced Pompano Beach estate planning attorney who can help you set up all the documents you need.
Some people think the worst that can happen without an estate plan is dying without a will, which makes the probate a little more complex. However, there are a number of other potential disasters that could have been avoided with the proper planning. Many of these issues can lead to costly Florida estate and trust litigation.
Not Planning for Incapacitation
Most people assume that estate planning only handles your assets and conveys your wishes once you pass away and your will is read. Estate planning is actually more involved than deciding where your assets go upon your death. In fact, a major factor of your estate plan includes planning for a potential health crisis while you are still alive.
What happens if you get into an accident and are subsequently in a coma for two months? Or, what if the accident leaves you unable to return to work? You may need someone to handle your important medical decisions and take care of your finances while you’re in the hospital. Documents like a power of attorney and healthcare surrogate can help.
Trying to Do All Your Documents Yourself
One important reason people hire Florida estate planning attorneys to help is because we have experience doing this and know all the proper documents and processes to ensure everything stands up in court. Every situation and estate are different. Making the mistake of trying to take a boilerplate document and assuming that it will apply the same to everyone could spell disaster down the line. You may not be here anymore, but your family is.
Beneficiary Designations are not Updated
There are certain assets that you may be required to name a beneficiary for, like a life insurance policy. The person you may have set as your beneficiary 20 years ago may no longer be in your life today, or perhaps they passed away a week before. You always want to review your beneficiary designations and verify that the names listed are the ones you need listed. Your attorney can also explain how major life events, like a prior divorce, family deaths, remarriage, etc., can impact your estate plan.
Contact a Florida Estate Planning Attorney Today
If you haven’t started your estate plan, or you need someone to review your current plan to verify that it’s complete, contact Pompano Beach estate & trust litigation lawyer Mark R. Manceri, P.A., today to schedule an initial consultation. Let us help make sure your assets are protected and your wishes are clearly documented for loved ones and the court when the time comes to enforce one or more of the documents in your portfolio.