Planning for Incapacity

We don’t expect it to happen, but there are times when we are no longer able to handle our own financial affairs.

Many people believe their spouse or adult children can take over one’s finances.  Unfortunately, the laws in Florida do not automatically allow another person to go into your bank account, pay your bills, sell your property, or transfer your assets to your spouse or children.  A court proceeding may be necessary to appoint someone as the responsible party over your finances.  The process of guardianship takes time, involves a hefty price, and causes undue stress to your family members.  Additionally, someone you do not know or trust could be the person designated by the court to take care of you.

Designating someone to handle your affairs while you still have the capacity to make that decision is a crucial step in properly creating a method for your family to take care of you.  Appointing someone you trust to make decisions regarding your finances and your medical treatment should you become incapacitated is part of setting up your estate plan.

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