On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 8, 2022 | Estate Planning
There are many Florida residents who may think that estate planning is a task for “older” people to take care of. However, this couldn’t be further from the truth. In reality, everyone – young, old, married, single, rich, poor, and everyone in between – would benefit from having an estate plan in place, and yes, young couples, in particular.
Lifestyle and Estate Planning
For starters, an estate plan can help a young couple plan out their financial priorities and what it will take to protect what is important to them. Life insurance, for instance, may be a purchase that is made as couples look into estate planning. When they really take a look at the financial devastation that could be caused by the sudden, unexpected death of a spouse or partner, many people see the sense of implementing a well-crafted estate plan.
Power of Attorney, Advance Medical Directives, and Medical Power of Attorney Documents
Young couples are usually active. This means they may be more prone to life-changing injuries. In the event that a person becomes incapacitated and unable to direct wishes on health care and financial matters, power of attorney documents can appoint another person to make those important decisions. Without a court order appointing a Guardian, the only way that one adult can act for another as to their legal and financial matters is to be named as the agent under a Power of Attorney.
Advance Medical Directive documents state a person’s wishes about receiving medical care if that person is no longer able to make their own medical decisions him or herself because of a serious illness or injury.
Medical Power of Attorney, or Designation of Health Care Surrogate, is a document that enables an individual to select their health care representative to prepare for a medical circumstance in which they are unable to effectively communicate their wishes, or make their own decisions.
Cohabitation or Domestic Partnership Agreements
Common Law Marriages, where two people live together for a period of time but have not gone through the legal process of marriage and merely hold themselves out to the public as a married couple are not recognized as legal marriages under Florida law. Additionally, in Florida, simply living with another person is not enough to confer rights upon a partner. Unmarried cohabitants should enter into an enforceable contract that establishes rights and responsibilities towards each other.
These documents are especially important for unmarried partners because without them a person can be shut out from making financial and health decisions for their loved one. Having those documents properly drafted as part of a comprehensive estate plan can help ensure that whether you are single, married, or partnered, they are readily available in the unfortunate circumstance of their being needed.
Contact Our Estate Planning Law Firm
If you have questions about this article or starting the estate planning process please contact our office at 305-931-3200
