The global pandemic of COVID-19 has all of us facing our own mortality.  Some of us are realizing that we do not have the basic estate planning documents.

To protect yourself and your loved ones now’s a good time to make sure that you have the following four documents prepared and updated.

  • A will or revocable trust.
    • We need to leave instructions as to who will inherit our assets and who will be in control of our estates. Revocable Trusts are a good tool to avoid probate.
  • Beneficiary designations on financial accounts.
    • Many assets do not pass through a will or trust, such as an IRA, 401(k) account, or life insurance policy, and instead the proceeds go to the person you name as the beneficiary of that account.
  • Advance Directive for Health Care.
    • This document will give the person you designate as your agent the ability to make the medical decisions you specify on your behalf.
  • Financial durable power of attorney.
    •  In the chance that you become incompetent, financial responsibilities continue. You can designate a trusted person to handle your financial and legal affairs if you cannot.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Some lucky retirees split their time between two different states. You do not need separate estate planning documents for each state, but it may make sense to do so. 

While your Will should be from the state that is your primary residence, your Durable Power of Attorney and Advance Medical Directive from another state might present challenges.

Financial and health care institutions are used to the documents used in their states and may refuse to honor out-of-state documents. In the case of health care documents, other states may use different terms for the document, such as “durable power of attorney for health care” or “advance directive.” Durable Power of Attorney requirements vary significantly from state to state.  (And the people reviewing your documents may not be willing to accept the other state’s language).

In the absence of a durable power of attorney and advance medical directive, family members often must resort to going to court for a guardianship.  This causes delay and and unnecessary legal fees.

So, if you spend a part of the year in another state, executing a local durable power of attorney and a medical directive is a good idea.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
629 N. Dixie HWY
New Smyrna Beach, FL 32168
Local: 386.256.4882
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