Should an Estate Plan Be a Part of Your Hurricane Preparedness Plan? Yes, it is a sensible question for all of us, especially for people considering estate planning. Whenever we think of hurricanes, we should think of estate planning.
Why do you need a Will as part of an Estate Plan?
Preparing yourself and planning to face a hurricane is vital to your family. If you fail to prepare an estate plan, your estate falls into probate. The following unwanted or problematic scenes may appear and why you need a will as part of your estate planning:
- It is not possible to allow your relative to take care of you if you become incapacitated
- Family member relationships can get damaged
- Family members of the deceased must wait for a Personal Representative appointment to make legal decisions
- The assets’ amount might get decreased
- The attorney fee burden may decrease the estate’s assets further.
You may have to face serious issues post-hurricane. An estate plan determines who is the right person to make decisions financially and indicates your desires for medical procedures if you are injured or incapacitated. You have designated a person you trust to make decisions if you are unable to act or unfit. The appointed person or a power of attorney works on your behalf. The designated person is the responsible soul until the incapacitated person recovers. A power of attorney will pay your medical bills and manage your finances, liquidating assets if necessary.
In case of death
Imagine the status of your property amidst hurricane issues in the event you did not prepare an estate plan. The absence of a will leaves a family in great distress, and it invites legal issues. Appoint someone to be your power of attorney to deal with your property and make decisions after your sudden death.
Arrangements made for the funeral
Your legally structured estate plan may give time to your relatives to arrange for your funeral. Preparation may give your relatives a peaceful settlement after your demise or if you are incapacitated. Your affairs will be in order, and your kids, both underage and adults, will be taken care of per your wishes.
Your estate plan should contain the following documents.
- You shall direct your durable power of attorney and medical assistants on how to plan and proceed further on medical and financial matters.
- Your will tells others how to distribute the property upon your death
- Your estate plan must be clear about your minor child’s care upon your death. Who shall take care of your underage children and manage your children’s inheritance after you pass away? You get to designate this critical job.
Before the hurricane disaster strikes, prepare an estate plan as we discussed above. You should feel at ease in the event the worst occurs. You have time to consult an estate attorney anticipating the disaster. Put an estate plan on your to-do list now.
A well-structured estate plan helps one brave hurricane season in the South Florida region. So, start the process immediately as a part of your hurricane preparedness plan. You are not able to predict the future, but you can prepare for the future.
To make sure your estate plan is effective, follow the tips given below.
- If you have prepared the estate plan as a part of your hurricane preparedness plan, keep the documents in a safe place. The location should be water safe and fireproof for your expectations.
- You should also have digital copies of your documents. Get your documents scanned and save them digitally. A trusted cloud source should be chosen to keep your records digitally.
- Contact the office of Blade & Blade PA to let us collaborate with you on your Estate Planning needs.