There are certain rules that go along with estate planning. One of those has to do with creating a power of attorney in Florida. In order for the document to have any legitimate weight, the principal -- or the one making the power of attorney -- has to sign the document in front of two witnesses and a notary public, which could be one of the witnesses as well. If a Floridian creates a legal power of attorney outside the state, it does have bearing in Florida.
Estate planning documents are in place for a reason. One of those -- a power of attorney (POA) -- legally authorizes a person to be able to handle affairs and to make health care decisions on behalf of the maker in case the person should be unable to do so for him or herself. The last thing Florida residents would want is for their POA to be rendered powerless.
Some people understand the importance of estate planning early in life. Perhaps they are compelled to visit an estate planning attorney following the birth of their first child, or they have had experience with a loved one who died leaving an estate in disarray. Unfortunately, most people in Florida or elsewhere do not take those early steps to establish an estate plan while they are still young. This can lead to negative consequences for those left behind.
Thinking about the future and preparing for the often frightening possibilities ahead takes courage. It means facing one's own mortality and contemplating issues beyond how to distribute one's belongings. When Florida residents make time and effort to create an estate plan, it is usually after careful consideration. Unfortunately, because creating the plan was so stressful, some make the critical error of neglecting to revisit it periodically to ensure it is still effective.
Pets are often beloved members of the family, participating in family vacations, posing in holiday portraits and taking their places in the hearts of every member of the household. As owners grow older, however, they may begin to wonder how to ensure the well-being of their animals after the owner's death. In Florida, as in most states, pets cannot inherit money from a deceased owner's estate. This is why many people provide for their pets using their estate plan.
Many in Florida and around the world are discovering the convenience and flexibility of cryptocurrency. Bitcoin and other virtual wallets allow people to control their financial transactions without going through a bank. However, since no bank manages the accounts, those who invest in cryptocurrency must keep track of their own holdings. Additionally, because cryptocurrency accounts can be managed anonymously, they may be lost if they are not included in one's estate plan.
The steps one takes to prepare a business for the future are similar to the steps one takes to prepare one's family for the future. Leaving these to chance means placing family or business at risk of meeting difficult times and perhaps serious financial struggles. For a business, it may even mean its demise if its owner does not take the time to make an estate plan.
Few people care to dwell on the possibility that they may become seriously ill or incapacitated at some point in their lives. While many would desire that any means be taken to preserve their lives, some have clear convictions about how they want to die and the care they do not desire at that time. For those in Florida who have made firm decisions about the ends of their lives, estate planning is important for making those wishes clear. One element of estate planning that would most benefit them is a health care directive.
People who do estate planning may be the kind who place the well-being of their families before their own good. Creating an estate plan means providing security and reducing the burden on loved ones. However, without meaning to, many in Florida overlook some crucial elements without which their families may face heart-wrenching decisions.
There is a tax reform plan on the table that could, if passed, bring changes to what is known as the death tax. If this measure passes, it will eliminate this particular tax, yet some people may think that this eliminates the need for a strong estate plan. Regardless of what happens in Congress and to federal tax laws, Florida readers know that good estate planning still makes good sense.