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What You Need to Know About Covid-19 & Florida Real Estate?

With the WHO declaring COVID-19 as a global pandemic, people worldwide are trying to come up with ways to cope up with the changes. Nothing has been the same since coronavirus started spreading at an alarming rate. This is a time when most people are focused on their livelihood and health situation, and fail to realize that they need to check up on their real estate transactions and arrangements as well.

According to the reputable Fort Myers real estate attorneys, it is time for the people of Florida to consider their real estate plans and prepare themselves for the changes. It is essential to have proper documents, so you and your loved ones can deal with any unfortunate events without panicking.

Preparing the Estate Planning Documents to Deal with COVID-19

Here are the documents that you need to review or consider:

Florida Real Estate Will and Testament

Ponder about the following two questions:

Do you have a last will?

Is your Florida will up to date with essential details?

According to Fort Myers real estate attorneys, a holographic will is not recognized in Florida. For a will to be valid in the state, you must sign it in front of two witnesses, in the presence of each other. It helps to know that you can nominate a personal representative and a guardian for your children, and make specific requests in your will.

Revocable Living Trust

When did you review your Florida revocable living trust previously?

Are the beneficiaries adults or minors?

Do you need to update the terms of your living trust, including the beneficiaries, and how they should receive the property?

The answer to any of these questions directly relates to your estate plan, which is why it can potentially affect your intent.

Be sure to talk to your real estate attorney in Florida to address these legal aspects to avoid any problems later.

Beneficiary Designations

Be sure to check online or call your financial institution to evaluate your beneficiary designation and related terms. Also, update them if you want to make any changes and complete your beneficiary designation if you have not already done so. This will help streamline things for you and give you peace of mind.

Power of Attorney

According to Fort Myers real estate attorneys, the durable power of attorney is especially crucial in the following cases:

If you are an elderly individual

If you rely upon others to help you with your day-to-day affairs

If you have a business

Having a durable power of attorney allows you to designate an agent of your choice to make financial decisions on your behalf, if and when required. This means that in the event you are unable to handle your financial affairs, they will be legally allowed to do so.

Terms of Health Care Surrogate

As per the real estate attorneys in Fort Myers, health care surrogate is another essential document when it comes to property plan preparedness. This is because having a surrogate can allow them to make health decisions on your behalf and receive health care information from your doctors.

Living Will

Having a Living Will allows you to address the following situations:

If and when you require respirators to help you breathe

If you want to be kept alive artificially

Whether you want life-prolonging treatment

Thinking about such circumstances and planning for them ahead of time can help the people you love prepare to deal with any unfortunate events.

In these difficult situations, it is essential to adhere to the precautionary measures recommended by the government and follow them correctly. In addition to this, you should also be proactive and address the legalities involved in real estate planning and preparedness.

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