Creating a will or a trust is often the first step in estate planning – and one that many people in Florida and around the country fail to take. In fact, Forbes magazine reported that in 2010, only 35 percent of people surveyed had made plans for the distribution of assets.
When a person dies, family members have many issues to face. From personal grief to organizing funeral or memorial service events, the process can be overwhelming. In addition, there may be many personal affairs to handle on behalf of the person who has passed away. Most Florida residents have likely heard references to probate and know that it pertains to estate administration before but may lack a full understanding of exactly what this is.
Teenagers who are at the brink of adulthood rarely contemplate end-of-life decisions. However, it is a wise decision to talk to you child about certain planning documents that will help both you and them have some peace of mind about the future.
When a young college student was studying abroad in Rome, he suffered a serious injury. According to the Chicago Tribune, the 20-year-old had to undergo several intense surgeries and remained hospitalized overseas. His parents flew to Italy, where they had to jump through hoops to make decisions regarding his care. Unfortunately, this is a reminder of the situation that many families in Florida and around the country could face. Putting the proper legal documents in place can ensure that a family does not have to get a court order to make medical decisions.