How can your estate plan account for the unexpected? Learn more with The Millman Law Group.
Life is full of surprises—some wonderful, others challenging. While predicting what will happen is impossible, a strong estate plan can help you stay prepared for the unexpected. Whether it’s an unforeseen medical emergency, a sudden change in family dynamics, or a financial shift, thoughtful estate planning ensures that you and your loved ones are protected no matter what the future holds. When you partner with experienced estate planning attorneys at the Millman Law Group, you can prepare for everything the future may hold.
Creating a Durable Power of Attorney
A durable power of attorney (POA) allows you to appoint someone you trust to manage your financial and legal affairs if you become incapacitated. Without a POA in place, your loved ones might have to go through an expensive and time-consuming court process to manage your bills, investments, or property if you’re unable to do so yourself.
Setting up a durable power of attorney now means that if an unexpected accident, illness, or incapacity occurs, someone you trust will have the authority to step in and make decisions without delays.
Naming a Healthcare Proxy and Creating a Living Will
In addition to managing financial matters, it’s crucial to designate someone to make healthcare decisions on your behalf if you can’t speak for yourself. A healthcare proxy or surrogate ensures that your medical wishes are honored, even if you’re unconscious or otherwise unable to communicate.
Pairing a healthcare proxy with a living will—which details your preferences regarding life-sustaining treatments—provides clarity and guidance for your loved ones during emotionally charged moments.
Using Trusts to Protect Assets
Trusts aren’t just for the wealthy but are essential tools for protecting your estate against unexpected events. For example:
- Revocable Living Trusts: These allow you to maintain control of your assets while you’re alive and mentally competent. If you become incapacitated, your successor trustee can manage your assets without court intervention. Trusts also help avoid probate, keeping the transition of your estate smooth and private after your death.
- Special Needs Trusts: If a loved one becomes disabled unexpectedly, a special needs trust can provide financial support without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
- Spendthrift Trusts: If you are concerned about a beneficiary’s ability to manage an inheritance wisely (due to addiction, mental health issues, or financial immaturity), a spendthrift trust can protect the inheritance from being squandered or seized by creditors.
Planning for Minor Children or Dependent Adults
One of the most critical aspects of an estate plan for parents is naming a guardian for minor children. Should an unexpected tragedy occur, clearly stating who you want to care for your children ensures that your wishes are honored and provides stability for your family during a difficult time.
If you have an adult child or dependent family member with ongoing care needs, your estate plan can include provisions—like a trust or guardianship arrangement—to ensure they are cared for in the future.
Keeping Your Plan Flexible with Regular Updates
Estate planning isn’t a one-time event. Life changes—such as marriage, divorce, birth, death, or significant financial shifts—can have a major impact on your goals. Regularly reviewing and updating your estate plan ensures that it still reflects your current wishes and circumstances.
Setting up your estate plan early and keeping it current is one of the best ways to account for the unexpected and minimize stress for your loved ones.
Contact The Millman Law Group today to schedule your consultation and start building an estate plan that protects you and your loved ones.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.