Creating a power of attorney involves a variety of difficult decisions, which may cause you to procrastinate doing so. This is not unusual; Forbes reports that almost half of American seniors do not have any kind of estate planning in place, which may leave their families struggling to decide who will act in their best interests if they become incapacitated.
When you are young and healthy, drafting a will may not be at the top of your list of priorities. You would be remiss not to create one, however, as failing to do so may cause your loved ones unnecessary hardship.
If asked, most people in Pompano Beach would likely say that the estate planning process simply involves detailing how they want their assets dispersed. Yet there is a whole other aspect that needs consideration: limiting an estate’s liabilities.
If you are like many people in Florida, when you think about making an estate plan, your mind initially goes to outlining your wishes for who will inherit what assets from your estate. Certainly, this is an important part of estate planning, but it is far from the only purpose for and benefit of making a comprehensive estate plan. A good plan may also provide essential guidance for while you are still alive and how you may be cared for during a health care emergency.
Many individuals believe estate planning is a matter of creating a will or trust. While often true, other aspects of a well-made estate plan may help protect both you and your family. Planning ahead could help make the future less uncertain.
Many people who get married for the second or third time may well be at a point in their lives when they have amassed a reasonable set of assets. They may also have grown children and potentially even grandchildren.
