Preparing For The Unexpected Through Estate Planning

Even though you cannot plan for the worst, you can and should clarify what you would like to happen when it does. Three estate planning tools can help put this in place and give you peace of mind. These documents are a will, a power of attorney, and a health care surrogate designation. Possessing a lawyer who knows the ins and outs in Bradenton FL can ensure this completed correctly.

Though each tool for your estate planning is important individually, it is important to have all three in place to bring your loved ones with the most peace of mind. With all three of these estate planning documents in place, you will essentially be answering vital questions. Who is going to inherit the estate? Who will administer your estate? Who will resolve issues regarding your health when you are unable to?

In Bradenton, a Will addresses what you want to be done with your estate when you pass. Possessing a Will and having it in place allows you to do the following. Name an individual who will be in charge of disposing of your estate and distributing assets to their heirs. These are important estate planning goals to accomplish. Although other situations may not result in your death, they can render you unable to care for you and your loved ones, even temporarily.

When you become incapacitated or otherwise unable to care for yourself and your loved ones, for any length of time, a Will cannot help you in Bradenton. You want to ensure that whoever is making your healthcare decisions when you are unable to be an individual you trust. The other two estate planning documents are in place for this very reason. Unlike a Will, your power of attorney and a health care surrogate's designation are effective when you are alive.

Power of attorney, in Bradenton, is an estate planning tool used if you need someone to handle financial affairs when you are unable to. One ability a POA may have is access to your bank account to pay your bills for a limited period. Alternatively, your POA can grant broad power like when giving them full access to financial accounts to manage all your assets indefinitely, until you revoke the POA, or it expires.

With a Florida advance health care directive, which can include a Living Will, you can select one or multiple individuals to look after your assets and make medical decisions on your behalf if you become incapacitated temporarily or indefinitely in Bradenton. Essentially this estate planning tool makes it so when you are unable to make your own decisions due to incapacitation, your POA loses its validity, and your designated health care surrogate takes over.

In a perfect world, you wouldn't need the planning tool of a health care surrogate designation. If you did need someone to make medical decisions for you in Bradenton and forgot to write down in advance of what your wishes were regarding medical care, you may not be taken care of the way you had desired. Without this estate planning tool, it will make it less likely your wishes are fulfilled, or worse, leave your loved ones with a very difficult decision. Planning your estate can prevent both of these things from happening.

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