Florida residents should inquire about the legal documents they should have prepared.
The unfortunate fact is that all Florida residents are aging, and as they reach the point of retirement, they should prepare certain legal documents as soon as possible. Not only will these documents end up saving the individual a significant worry, time, and money when they become even older as a senior, these documents will also be useful if something happens to them suddenly and unexpectedly. Despite it being difficult to admit, everyone is aging, and having all these legal documents on hand will ensure they will be less stressed.
Additionally, having these important legal documents completed will ensure that one will be in full control of their life. From parental wishes to what will happen to one’s assets after they pass away, these documents will ensure that a person will be given autonomy and that all that a deceased party desires to happen is going to be done according to their expressed wishes.
The foregoing can both bring one a sense of relief and relaxation which they would not experience if they ended up falling ill and having to deal with the stress of the resulting situation, but it will also assist loved ones in case the worst happens.
In the end, having these legal documents prepared will be beneficial no matter if they are used or not, since life is unpredictable.
#1 Durable Power of Attorney (i.e., DPOA)
A DPOA, which is an abbreviation for “durable power of attorney,” is a document that will result in granting an appointed person (the Agent) the legal right to conduct certain actions in the name of another person (the Prinicpal). This means that a person can leave someone in charge of some affairs which they may not be able to conduct due to an illness or other issues. A DPOA will be appointed by the individual, and it can be anyone said individual may want, be it an attorney or someone from their family.
The DPOA will be able to take definitive decisions over a few areas of one’s life, including:
- Banking
- Government benefits
- Beneficiary transitions of an estate trust
- Estate trusts
- Real Estate
- Financial investments
- Family and personal maintenance issues
Keep in mind that the DPOA will end up being legally responsive and have all the power over this area once the document is signed. This means that the person or Agent the individual (Principal) appointed will have these rights granted until the said Principal passes away. While there is no need to have an active DPOA when one is in good health, it is beneficial to have one on hand if one knows they have an illness that could at one point prevent them from taking care of some of these matters.
In addition, one should ensure that if they prepare a DPOA and want to complete it eventually, it meets all the state law requirements for such a document.
#2 Advance Directives or Living Wills
These are some of the most crucial legal documents that any senior should prepare. Especially since they deal with many diverse types of documents which will ensure that one’s wishes are going to be respected, particularly when it comes to medical care or even end-of-life comfort.
They documents vary state by state, and some of them even include healthcare proxy directives, as they are a way in which one will be able to speak for him or herself even when they are no longer able to do so. These documents will also detail a person’s wishes in different situations, including organ and tissue donations, resuscitation, life support machines, and even tube feeding. It is difficult to think about these situations when a person is still healthy, but they should be taken into consideration.
Some other Advance Directives also discuss how one wishes to go in situations of comfort at the end of life and other situations. It is in one’s best interest to consider having some of these documents drafted and signed to be sure one’s wishes will be respected in the worst-case scenarios.
Living Wills are part of the Advance Directives category, but they are sometimes seen as controversial. Regardless, this written document is one that will detail the individual’s wishes and desires when it comes to their end of life. The controversial part comes in since not all hospitals recognize them as legal or as legally binding, especially when it would go against their advice.
A Living Will is a document that will inform any healthcare providers or physicians about the wishes of the senior, and frequently, these will be carried out by the Healthcare Surrogate or Agent we have discussed previously. In a way, if one has already appointed a Healthcare Surrogate, this document can also serve as an aid when they are dealing with testy situations regarding their Principal’s health.
#3 Healthcare Surrogate or Proxy
This document is also known as a “healthcare power of attorney,” in that it is one of the most important legal documents which ensure that a person’s health-related wishes will be honored even if they are not able to speak for themselves.
This legal document is important because, through it, a person will appoint someone to be their healthcare proxy in case of an emergency. This means that the person they appoint (the Agent) should thoroughly understand their Principal’s wishes and should be able to withstand pressure, as this position may be difficult to manage, especially if the situation calls for going against the family.
The Healthcare Power of Attorney, Agent or Proxy will be able to defend the senior’s (Principal’s) wishes, and they should also know whether one’s views on certain things have changed, so regular conversations or discussions will be needed. The Agent or proxy part of this document comes in when the physician, family, or hospital determines that the senior cannot make decisions for themselves or cannot communicate.
Before one places their trust in this document, make sure that the Agent or proxy chosen meets both the state and state department of elder affairs requirements.
#4 A Last Will and, if necessary, a Trust
One of the most important legal documents on a person’s to-do list should be this one. Last Wills are essential, and an individual can make one at any point in their life, no matter the age. In the end, it is better to have one made and then revise or update it as they wish if circumstances change than to end up not having one and leaving everything up in the air.
The Last Will can also serve as a backup for other real estate documents, like a living Trust. Since a person can cover the property assets they may own in the Last Will, if they have forgotten to transfer one to a Trust or it has been transferred incorrectly, or even if a Florida resident acquires more property after the Last Will has been made, the Last Will may have them covered.
Not to mention, this Last Will also covers any other assets one may have, and the earlier a person sets one up with an attorney, the easier it will be when said individual must update it down the road. However, other arrangements can be made such as Designations of Beneficiary on bank and retirement Accounts, Life Insurance as well as a comparable document or designation for real property in the state of Florida known as a Lady Bird Deed or Enhanced Life Estate Deed, among others in order to avoid Probate.
The foregoing is a brief and general overview of the benefits of proper Estate Planning in Florida.
If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.