Major life changes such as marriage, divorce, or relocation have major effects upon three very important personal documents. Review your will, your durable power of attorney and your choice of health care surrogate after these major life changes. Select and authorize someone to act on your behalf to administer your finances and make decisions addressing medical concerns should the need arise. Make sure your will is current, and was drafted for you in the state where you reside, since estate and probate laws differ from state to state.
While the State of Florida has a basic plan for distributing your assets when you die, a will is necessary to protect your family by helping to reduce potential taxes, which can give you peace of mind. A good estate plan is designed for the conservation and distribution of your estate. An effective estate plan minimizes taxes and accomplishes your goals efficiently. When you die, the estate plan distributes the estate with minimum administrative costs. The sooner an estate plan is made, the more effective it can be.
Parents of minor children absolutely should each have a Will. In addition to determining who-gets-what, wills can be used to determine who becomes a guardian of your children in the event of your death. It may feel strange to consider planning for your own demise, but, you owe it to your children to spare them the legal battles that could ensue if you don't make these decisions now.
A designation of healthcare surrogate, also known as a health care proxy or an advance directive, lets you identify who will make medical decisions for you, should you be unable to communicate with health care providers. A durable power of attorney designates who'll handle money decisions for you in the event of your incapacity. If you have a will and then get divorced, your divorce may have invalidated part or all of your will, so at the very least you'll need a new one. You'll want to designate a new durable power of attorney and healthcare surrogate if you gave these designations to your former spouse.
You can change these documents at any time, as long as you're still competent. You probably should review them about once a year to make sure you're still comfortable with your decisions. Contact the law office of Michelle A. Barry for wills, designations of healthcare surrogates, and durable powers of attorney, streamlined and customized to address your needs.
