![]() But, if you haven’t created an effective power of attorney or made other arrangements, it’s likely that no one in your life will have the authority to access your bank account to pay your mortgage. ![]() If you want to avoid foreclosure, your mortgage payments must continue. You suffer an incapacitating injury that renders you temporarily or permanently unable to manage your own affairs. Imagine, for example, that you are a single person living in a condominium with a mortgage. However, if you should become incapacitated, lack of preparation can have serious consequences. Many people without significant assets don’t even consider the need to grant power of attorney to a trusted friend or family member. However, some of the most important elements of estate planning are designed to protect you, your assets, and your family during your lifetime. When most people think about estate planning, they think about wills, trusts and other methods of providing for their spouses, children, and other loved ones after they pass away. Assess the need for estate planning documents to protect you and your family during your lifetime. In addition to an experienced estate lawyer, some examples may include a financial planner, a tax adviser, or an accountant. The earlier in the process you get assistance from knowledgeable professionals who can guide you through the assessment and decision making process the more effective your estate planning can be. You must first take inventory of your assets and obligations, assess your goals, and determine the approach that best suits your circumstances.Īchieving your goals and avoiding unintended consequences requires extensive knowledge of estate planning tools, Florida estate planning law, the tax consequences of various actions, and even issues you might never have considered, such as planning ahead for nursing home care or to provide for a disabled loved one after your death. ![]() Making an effective estate plan is far more complicated than just filling out a will form. Speak with an experienced local estate planning attorney, and the any other professionals whose input you need. As you proceed through the checklist, you will see that even young, single adults with relatively few assets do themselves and their loved ones a significant disservice by neglecting estate planning. Often people believe that they do not yet need an estate plan because they are young and healthy, because they have few assets, or because they have no dependents. If you are an adult and not mentally incapacitated, the answer is “yes.” The first step in the Florida estate planning process-determining whether you need an estate plan–is the quickest and easiest. Determine whether you need an estate plan.
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