What makes humans different from other animals is that we know we are going to die. That knowledge gives us the incentive to make the most of the time we have and prepare accordingly for when our time comes.
There is no way to know when we are going to die. Young people assume they will wake up every morning, whereas old people are surprised each morning they wake up.
No one can honestly say they “enjoy” talking about their final days on this earth. However, it is a conversation that should be held between a husband and wife. If you are not married, it is a conversation you should have with close family members and friends.
Estate planning is more important for younger families with minor children. You need to pre-plan and protect your surviving spouse along with appointing a guardian for your children. For example, a wife is the bread winner and the husband is a “stay at home dad”. If husband and wife do not plan for death, and the wife dies, now the husband will have to go back to work and possibly find alternative living arrangements.
There are number of vehicles used with estate planning to protect both your assets and your wishes at your time of death:
Revocable Trust(living trust): Allows you to control and manage assets in your trust while you are alive.
Living Will and Healthcare Surrogate- Will allow you to designate who will make medical decisions when you are unable to do so yourself.
Assignment of Property: Assign your property into your trust (real and personal property) to protect your assets.
Durable Power of Attorney: Designate and authorize someone to legally act on your behalf in the event you become incapacitated.
Last Will and Testament: Used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.
“There is no way to know when we are going to die. Young people assume they will wake up every morning, whereas old people are surprised each morning they wake up.”
With the expertise of a South Florida estate planning attorney, you can start the process of thinking about what is important to you and how you would like protect your family and assets for the future.
Fore more information on successful South Florida estate planning, please contact The Hershey Law Firm, PA in Fort Lauderdale, Florida at (954) 303-9468 to schedule your free consultation.