A New Year's Resolution You Can Actually Follow Through With

We are now 4 days into 2016. You may or may not have already ditched your new years resolutions by now.  After all, just because the calendar presents a new year, it doesn't mean you are going to turn into a gym rat, run a marathon, or change your diet from regularly eating pizza and pasta to eating no carbs and drinking green smoothies.

There is one resolution you can make that does not require changing your daily routine; that is reviewing your estate plan! It is time to dust off your estate planning documents and make sure your plan accurately reflects your current wishes and goals.

If you live in South Florida and do not have any estate planning documents, it is time to prepare them! Estate planning documents, such as your will, trust, and power of attorney are living documents. They need to be reviewed and updated as the laws change and as your family and financial situations change.

“There is one resolution you can make that does not require changing your daily routine; that is reviewing your estate plan! ”

Have there been any life changing events since the last time you reviewed or prepared your estate plan? If you can answer 'yes' to any of the following questions, then your estate plan should be reviewed:

* Did you get married or divorced?

* Did your spouse pass away or become incapacitated?

* Did you have or adopt any children?

* Did any of your beneficiaries marry, divorce, have children, pass away or become incapacitated, or encounter creditors or other financial problems?

* Did any of your designated fiduciaries pass away or become unfit to serve in their designated roles?

* Did you retire?

* Did your financial situation change?

* Did you buy or sell a home?

* Did you sell your business?

* Did you acquire new assets?

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

You Can’t Predict The Future, But You Can Plan For It.

We Are Husband And Wife Joined In Holy Matrimony As One (Sort Of )

Couples are under the impression that when they get married, they are joining together as husband and wife creating a unity. This is sort of true, but legally, it’s not the case.

What if you wanted to access your spouse’s IRA accounts? You would need to gain permission from your spouse, which is simple enough if your spouse is competent and able to give verbal or written permission.

What happens if your spouse is incapacitated and unable to properly give their permission? Martial rights do not give you the legal right to handle your spouse’s financial affairs. Simply stated, you cannot show up and say “I am his wife”. That does not give you the permission necessary to handle your spouse’s financial affairs.

What does give you that permission though, is a durable power of attorney, which is effective as soon as it’s signed. This legal document will give your spouse (or whom ever you choose to designate) the authority to handle your financial affairs and many other specific matters.

“Martial rights do not give you the legal right to handle your spouse’s financial affairs. ”

In Florida, whether you are married or single, it is important to prepare a Durable Power of Attorney to give someone else the authority to handle your affairs if you are no longer capable. Please keep in mind, that this document needs to be prepared before you are unable to make your own decisions. Otherwise, a guardianship (legal process) would have to be opened in order to allow someone else to make decisions for you.

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start discussing with loved ones their estate planning needs. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.