Estate Planning – How Can I Prepare For The Coronavirus?

Due to the Coronavirus pandemic, estate planning has become indescribably vital. During this period of uncertainty, you should be proactive and make sure you have a comprehensive, up-to-date estate plan. Most people put off creating an estate plan because talking about death is hard. However, sometimes, doing so is necessary.

Preparing for the Coronavirus – Estate Planning Documents to Consider

Last Will & Testament

A last will and testament is a legal document that communicates your final wishes concerning the distribution of your assets in the event of your death. If you already have a will, now is the time to review it and make sure it is up to date. When creating a will, you need to keep in mind that Florida does not recognize holographic wills (wills written in the testators’ handwriting). For a will to be valid in Florida, you must sign it at the end in front of two attesting witnesses, who must be in the presence of each other. Beginning on July 1, 2020, the signing of wills in Florida can be conducted electronically. For the first time in history, notaries can affix their seals and signatures to most legal documents as long as they witness the signing via live, two-way video links. In addition, third-party witnesses needed for wills may appear remotely as well.

Revocable Living Trust

A revocable living trust is a document whereby you arrange for certain assets to be administered and distributed by a third party, known as a trustee, while still having full control over the assets and arrangements therein for as long as you live.

Do you already have a revocable living trust? When was the last time you reviewed it? Do you need to update your beneficiaries? How will your beneficiaries receive the trust property? Are your beneficiaries adults or children? Answering these questions can give you an idea of how your revocable living trust will work as part of your estate plan.

Did you properly fund your revocable living trust with your assets? If you did not, then you will not be able to avoid the Florida probate process, which can be expensive and time-consuming. Reviewing your revocable living trust is particularly vital when you have minor children because, if a child receives an inheritance over $15,000 in the State of Florida, a guardianship of the property might be necessary for the child’s protection.

Durable Power of Attorney

A durable power of attorney may be a key document in your estate plan, as it allows you to designate an agent to make financial decisions on your behalf, meaning someone is going to be legally able to handle your financial affairs in the event you become unable to do so. Obviously, this agent should be someone you trust.

A durable power of attorney is a powerful legal document. Therefore, you should create it with special care and attention to detail, making sure you grant the proper set of powers to your agent and include appropriate restrictions to protect yourself from abuse. When creating a durable power of attorney, the help of an experienced lawyer is crucial.

A durable power of attorney can be especially important if you are the owner of a business or if you are an elderly individual who relies upon others to assist you in your day-to-day affairs.

Designation of Health Care Surrogate

A designation of health care surrogate allows you to authorize a person to receive health care information from your doctors and make decisions on your behalf should you become unable to make such decisions yourself. The designation of health care surrogate is another key document you must have in your estate plan.

Ideally, the person you choose to be your health care surrogate should be someone you trust, such as your spouse, a relative, or a close friend. However, you can choose any person you want as long as this person is a mentally competent adult. Having someone you trust making health care decisions on your behalf is imperative if surgery is necessary or just in general to be able to communicate with your doctors and the hospital regarding your health and treatment.

Living Will

A living will is a document where you state whether you want life-prolonging treatment in the event you end up in a terminal state. Do you want respirators to help you breathe? Do you want doctors to keep you alive artificially? We know these are hard questions, but it is imperative to think about the answers ahead of time with the help of the people you love.

Every competent adult in the State of Florida has the right to refuse or accept medical treatment to prolong his or her life. However, when individuals are unable to communicate whether or not they want this treatment, having a living will becomes crucial, as it allows people to have the final say, in advance, over how to treat their bodies if they ever become incapacitated.

One of the most important benefits of creating a living will is that it takes the tough decision of stopping medical care, under specific circumstances, out of the hands of your loved ones, which can save years of emotional pain.

Estate Planning During the Coronavirus Pandemic – We Can Help You

As the Coronavirus spreads, uncertainty does too. Only time will tell if the Coronavirus will get worse in the near future. However, you should not simply wait and see – you need to take action! NOW is the time to make sure your estate plan is up to date. We understand that you have spent a lifetime collecting assets and relationships that you hold dear. An estate plan empowers you and your loved ones by establishing parameters during difficult times. Properly drafted estate planning documents provide a vision for how you want your last wishes to unfold.

It is time to stop putting off creating an estate plan, and we are here to help you do it. We will be by your side every step of the way.

If you have any questions about estate planning, and how to protect yourself if you get sick, do not hesitate to contact us today. Call Jurado & Farshchian, P.L. at (305) 921-0440 or send us an email to [email protected].