Estate Planning Options for Low-Income Families in North Palm Beach

There is a common misconception among many Florida families that estate planning is “only for the rich.” While this is not accurate, it’s true that certain estate planning strategies in North Palm Beach clearly target higher-income individuals. Lower-income families may want to implement strategies that fit their unique goals instead.

Consider Creating a Will 

The most obvious strategy for low-income individuals is a Last Will and Testament, which should cover your basic estate planning needs. You can use your Will to identify the property you’d like to leave behind and identify the specific beneficiaries who you would like to inherit these assets.

Everyone should have a Will in Florida. The presence of this document helps your loved ones avoid expensive probate processes. Not only that, but “dying intestate” (without a Will) will cause the probate court to impose the Intestate Statute to control who inherits assets from your estate. This predetermined inheritance process may go against your wishes, causing further stress for the family.

Consider  appointing a Health Care Surrogate 

Low-income families may also want to consider creating a document that a “health care surrogate” in Florida. Regardless of your income and assets, it makes sense to consider medical decisions as part of your estate plan. With a health care surrogate, you can designate someone to make medical decisions on your behalf if you ever become incapacitated. This person is called an “agent.”

For example, you might fall into a coma after a severe car accident. If you cannot voice your preferences about specific medical treatments, your health care surrogate can make these decisions for you. Many people choose family members as surrogates, including spouses, adult children, and siblings.

Advance directives represent another form of medical estate planning in Florida. With this document, you can make specific medical decisions ahead of time. Examples of these decisions include organ donation and removal from life support. A health care surrogate can cover a wider range of medical decisions, while an advance directive only applies in certain situations.

Consider Your Debt 

Along with a Will and a healthcare surrogate, low-income families might also want to consider debts when creating their estate plans. If you pass away with unresolved debt, these liabilities could fall to your relatives. As a result, it makes sense to plan out strategies to limit these burdens for your loved ones. An experienced estate planning lawyer may be able to help implement these strategies.

Can an Estate Planning Lawyer in North Palm Beach Help Low-Income Families? 

An experienced estate planning lawyer in North Palm Beach can help families from all walks of life. You might not have a massive fortune, but you can still benefit from various estate planning strategies that target your unique needs. Speak with Kitroser Lewis & Mighdoll to learn more about your options today.

Sources: 

floridabar.org/public/consumer/pamphlet13/

floridabar.org/public/consumer/pamphlet026/