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How important is it to plan for incapacity and death?

On Behalf of | Mar 20, 2024 | Estate Planning

Have you ever thought about what would happen to your assets and loved ones if you were to become incapacitated or pass away suddenly? The reality is that life is unpredictable. Incapacity or death can strike unexpectedly. When you plan for incapacity and death, you ensure that your wishes are clear and legally enforceable. You can set up certain arrangements, such as trusts, to protect your assets and legacy for future generations.

Most importantly, planning for incapacity and death is about protecting your loved ones no matter what happens to you. You provide your loved ones with peace of mind, knowing they are following your instructions and avoid the potential for family disputes and legal battles that can arise where there is no plan.

The uncertainty of incapacity

Whether due to illness, injury or age, if you find yourself unable to make decisions, having a plan in place ensures the fulfillment of all your explicit wishes regarding your finances and medical care. Specific laws and legal arrangements in Florida allow you to designate someone to act on your behalf. The person you choose will represent you and make decisions for you. Thus, they should have your best interests at heart.

The person you empower can manage your finances, make healthcare decisions and ensure that your everyday needs get attention. Without such a document, your loved ones may have to endure a lengthy and stressful court process to gain the legal authority to act for you.

The certainty of death

While death is a certainty for everyone, the details of what happens afterward are not. If you do not have a will or estate plan, state laws dictate the distribution of your assets. The intestacy laws may not reflect your unique situation or wishes. By creating a will, you get to decide who receives your assets, who will take care of your minor children and even who will manage the execution of your estate. However, if you only have a will, your assets and surviving loved ones must go through probate before they can inherit.

It is never too early to plan for incapacity or death, but it can become too late. Do not wait until you lose the capacity to make these important decisions.


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