Why Older Adults in Clearwater Need an Estate Plan, Regardless Of Their Assets

Many people think that estate planning is only for the wealthy, but nothing could be farther from the truth. If you are an older adult in Clearwater and have any amount of property and assets, putting estate planning documents in place provides vital benefits. Our Clearwater elder law attorney explains what to include in your estate plan and the benefits these documents provide.

Key Documents To Include In Your Clearwater Estate Plan

Estate planning involves putting certain legal documents in place that help protect you, your assets, and your loved ones when the unexpected happens. Regardless of the amount of assets you possess, every older adult in Clearwater should consider putting the following key documents in place:

• Last Will and Testament: The American Association of Retired People (AARP) reports that over half of all older adults do not have a will. It provides an inventory of your assets, determines how they get distributed and helps avoid probate.
• Durable Power of Attorney: This involves naming someone you trust to make business and financial decisions on your behalf. This can be extremely important if you are incapacitated, such as due to an accident or severe illness.
• Advance Healthcare Directives: This includes a living will, which conveys your wishes regarding life-saving medical care, and designating a health care surrogate, authorizing someone you trust to make decisions about your care if you are unable to communicate yourself.
• Revocable Living Trust: Creating a trust helps you avoid Pinellas County Probate Court proceedings, allows for more detailed distributions.

On A Limited Income? The Benefits Of Estate Planning In Clearwater

Many older adults in Clearwater live on a limited income. Maintaining their independence, preserving hard-earned assets, paying increasing medical costs, and providing for loved ones in the future are top priorities. Estate planning can help you meet your goals. Among the many benefits include:

• Prevents you from dying intestate, which is when there is no will and assets get distributed according to the Florida Statutes rather than your wishes;
• Allows you to provide for family, friends, or favorite non-profits, now and in years to come;
• Protects your financial security in emergencies;
• Prevents guardianship proceedings, in which the court appoints someone to manage your affairs;
• Provides Establish a plan for possible Medicaid eligibility, which helps cover the high cost of long-term care.

To Create An Estate Plan, Contact Our Clearwater Elder Law Attorney Today

A common misconception is that estate planning is only for wealthy people. Nothing could be further from the truth. Regardless of your current holdings, creating an estate plan in Clearwater can help in conveying your wishes, maintaining your independence, and ensuring you and your loved ones are provided for in years to come.

William Rambaum is Board-certified by the Florida Bar and the National Elder Law Foundation. With over 40 years of experience, he helps older adults in Clearwater create customized estate plans that provide security and peace of mind. Contact our office today and request a consultation with our Clearwater elder law attorney.

Sources:

aarp.org/money/personal-finance/top-facts-about-writing-a-will/#:~:text=A%202022%20survey%20by%20Caring,and%2067%20percent%20don’t.

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.101.html