Last Will & Testament | Power of Attorney | Living Will | Health Care Surrogate Designation

MODERN ESTATE PLANNING FOR
EITHER AN INDIVIDUAL OR INCLUDING A SPOUSE

Many individuals believe that estate planning is for the wealthy and for those that have reached a certain age. Although sophisticated estate planning focuses on large estates, almost everyone falls under the basic estate plan (a Will, Durable Power of Attorney, Living Will, and a Health Care Surrogate Designation). Furthermore, if you would like to have control over who would receive your assets at your death, instead of letting the state of Florida determine, you should have a will prepared. The other three documents work in conjunction with the will and complete the basic estate plan for an individual and, if married, his or her spouse. Each document is briefly described below.

Last Will and Testament
In Florida, a Last Will and Testament is a written document in which an individual directs to whom his or her property will pass upon death. This document, by far, is the most widely known document. In this document, you will name an Executor, also known as a personal representative, to administer your estate. Not only does a will provide who gets the property, but it may also provide when the property is to be distributed, for example, by granting a life estate or creating a testamentary trust. Another important function of a will is to allow a person with minor children to name a guardian of those children.

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Durable Power of Attorney
A Durable Power of Attorney allows one to manage another's affairs. The primary purpose of this document is to allow someone else to make decisions for you in the event of the other's incapacity. However, the power is fully exercisable immediately upon execution and is not contingent upon your incapacity. For this reason, some people request an Escrow Letter to be drafted by their attorney as a part of their estate planning preparation so that the Durable Power of Attorney may be used only under certain express conditions.

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Living Will
The Living Will declares your intent that you would not want your life to be prolonged by artificial means under certain circumstances. This document only applies when you have been diagnosed as (1) terminally ill, (2) having an "end-stage condition," or (3) being in a persistent vegetative state and your physician has determined that there is no medical probability of your recovery.

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Health Care Surrogate Designation
Finally, the Health Care Surrogate Designation grants the power for someone else to make medical decisions on your behalf. This document is really a health care power of attorney.

All of the above documents work together to provide one with a basic estate plan. If your assets have increased substantially or you have had additions/subtractions within your immediate family from when you last created your will, you may need to have your will updated.

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