While estate planning is essential for every Florida resident, it becomes even more critical during a health crisis. Dealing with such circumstances can be emotionally and physically challenging, making it crucial to address estate planning matters promptly.
Enlisting the help of an experienced and caring Tallahassee estate planning attorney is vital to ensure your wishes are honored, your loved ones are protected, and the burden on your family members is minimized during times of crisis.
The Importance of Proactive Estate Planning for Tallahassee Residents With Serious Illnesses
A health crisis happens when a situation causes a person's health to suddenly and severely deteriorate. It typically involves a life-threatening illness or medical condition, such as cancer, significantly impacting a person's well-being and daily functioning.
When facing a health crisis, estate planning becomes more urgent. Being proactive and taking the necessary steps to plan for the future can bring peace of mind and alleviate additional stress for you and your loved ones.
Key Reasons Why a Florida Estate Plan Is Crucial During a Health Crisis
- Asset distribution. Estate planning lets you decide how your assets will be distributed upon passing. By creating a will or establishing a trust, you can ensure that your property, finances, and possessions are distributed according to your specific wishes.
- Health care decisions. If you are facing a life-threatening illness, it is essential to establish medical directives such as a living will or a health care surrogate. These documents outline your health care preferences and appoint a trusted person to make medical decisions on your behalf if you become unable to do for yourself.
- Financial management. Estate planning enables you to designate a trusted person to manage your financial affairs if you are unable to do so yourself. This ensures that bills are paid, investments are managed, and the financial well-being of you and your family is safeguarded.
- Designate a guardian. If you have children, estate planning allows you to designate a guardian to care for them in the event of your incapacity or death. This will ensure your loved ones are protected and provided for, even in challenging times.
- Reduce conflict. A clear and comprehensive estate plan can help prevent disputes among family members and minimize the potential for legal battles. By explicitly stating your wishes and intentions, you can reduce the likelihood of disagreements and ensure a smoother transition for your loved ones.
Estate Planning Considerations for People With Life-Threatening Illnesses
When facing cancer or other life-threatening illnesses, the following Florida estate planning considerations become particularly relevant:
- Timing. Given the uncertainty of health crises, it is crucial to act promptly. Start the estate planning process as early as possible, allowing ample time to address complex legal matters and ensure your intentions are properly documented.
- Health care directives. Create a living will and designate a health care surrogate to express your medical treatment preferences and authorize a trusted person to make health care decisions on your behalf. Communicate your wishes with your health care team, ensuring they know your directives.
- Beneficiary designations. Review and update beneficiary designations on retirement accounts, life insurance policies, and other assets. Ensure they align with your current wishes, as these designations typically override any instructions contained in a will.
- Set up a trust. Depending on your circumstances, establishing a trust may provide additional benefits. Trusts can help protect assets, provide ongoing care, and minimize estate taxes. An estate planning attorney can determine the most suitable trust structure for your needs.
- Review your existing estate plan. If you have an existing estate plan, now may be the time to review it with your estate planning attorney and make any relevant changes. Consider any changes or additions to your family, such as a marriage, divorce, or birth, and adjust your estate plan accordingly.
Estate Planning Documents to Keep Secured and Organized
Make sure you communicate your plan with your family or whomever you designate as the person in charge of your estate. Make it clear where to find your estate planning documents and who to call in the event of your passing.
- Wills and trusts
- Insurance policies, including contact information for the insurance company
- Property deeds, mortgages, and lease agreements
- List of bank accounts, investment accounts, and other financial assets
In addition, remember to compile a list of names and contact information of your accountant, attorney, and any other professionals involved in your estate planning. You may also want to take an inventory of any information you have online. This can include credit card billing, email accounts, passwords, and online banking information. You will want to have this information organized and easily accessible to your loved ones.
Tallahassee Estate Planning Attorney Ben Patton Knows What You're Going Through
If the thought of creating an estate plan seems overwhelming in the face of your medical challenges, know that McRae & Metcalf is here for you. Estate planning attorney Ben Patton understands your struggles, as his wife was diagnosed with Stage 3 breast cancer in 2020. At the time, Ben's sons were 5 and 2.
"To my embarrassment and shock, my family did not have an effective estate plan to deal with my wife's new illness, her incapacity, and what would happen in the event of her death," Ben said. "We still had hundreds of unanswered questions. What would happen to our children if something happened to me as well? How would I make enough money to care for my boys' health, education, and welfare? Who would be responsible for their temporary care? Who would be accountable and responsible for their permanent care? How could I leave a legacy for them to remember?"
Ben's wife, fortunately, made a full recovery. However, this difficult time in his family's life deepened his commitment to helping his clients gain the peace and comfort that an effective estate plan brings.