As many Florida residents may know, the state has some unique laws when it comes to what is known in law as homestead property. While these laws are complicated and somewhat arcane, the basic idea is that a person's primary residence, if owned, is immune to certain actions and taxes that would otherwise apply to real estate. For the purposes of estate planning, this takes the form of a state constitutional requirement that homestead property is not devisable when there is a surviving spouse or minor children.
Previous posts here have discussed many forms of estate planning and how Florida residents may help direct the way their property is disposed of in case of incapacity or death. In many of these cases, we have looked at a testator's personal or real property, and how that will be distributed. But, what if the person in question owns a business? What happens to the business or decedent's share thereof when the person becomes incapacitated or dies? Especially if the ownership of the business is held in conjunction with other people, such as with shareholders in a corporation, or a partnership, owners may wish to consider a 'buy-sell' or 'buyout' agreement.
This blog has discussed various estate planning topics, including those related to incapacity and the prolonging of life, as well as the distribution of assets to beneficiaries after one's death. What about the status of one's mortal remains? The advances in medical science over the last half-century have made the use of organs and other bodily tissue, for transplanting and other life-saving procedures, much more common and effective. Further, having actual human bodies to use in research has contributed greatly to these important advances. As a result, more and more people are considering making an "anatomical gift" of part or all of their bodies after they die. So, how can a person make it known that they wishe to do so and be reasonably sure such wishes will be carried out?
This blog has covered various forms of estate planning that Florida residents may want to consider. Between wills and trusts and insurance policies, there can sometimes seem like a lot of information to sift through. Along with those general categories are also some specific details that Floridians may want to think about when deciding how to attempt to ensure that their wishes, both in life and after death, are given effect.
Powers of attorney can be very useful tools in creating a comprehensive estate plan. As this blog has previously touched on, a durable power of attorney can help ensure that someone you trust has authority to act on your behalf if you cannot. Generally speaking, a power of attorney is effective at the time the document granting the power is executed. Prior to a change in Florida law in 2011, however, there was another type of power of attorney that was often used, sometimes called a "springing" power of attorney.
As we have touched on before, the living will, known in Florida as an advance directive, and health care proxy can be important documents for Floridians in case they become incapacitated and cannot make their own health care decisions. Many people will never need these documents, however, what happens if you do need them and don't have them?
Having a medically incapacitated loved one is often a heart-breaking situation. Along with the grief that goes with the loss, there can be the additional stress of when to decide that life-prolonging procedures have become too invasive, especially if someone has been designated as the person's healthcare surrogate. Of course, if the incapacitated person has properly executed an advance medical directive, sometimes called a "living will," as part of a comprehensive estate plan, the decision can be a bit easier, as the person, hopefully, has made their wishes known in that document.
About a month ago, this blog discussed the issue of "living wills" in Florida. To review, a living will, also known as an advance health care directive, is a legal document that specifies a person's wishes with regard to the medical intervention techniques that he or she wants or does not want to be used if he or she becomes incapacitated. Often, along with the advance heath care directive is a health care proxy, which legally designates a person to make medical-related decisions for someone who is incapacitated.
Floridians may have heard the estate planning term "living will." Some may be a bit confused by the phrase and how it differs from what they may think of as a "regular" will. First, it is important to understand that a "living will" isn't really a will, in the technical sense. That is why the term is increasingly being replaced with the terms "health care advanced directive" or "health care proxy." These are the terms recognized by Florida law and they make more sense and differentiate an important document from a last will and testament.