Estate Planning
Among the most difficult notions for people to embrace are that someday they may not be able to care for themselves or that someday their loved ones will have to go on living without them. At the same time, planning for these inevitabilities is probably the single most important step a person can take to protect themselves, their loved ones, and everything they have worked so hard to accumulate. We assist our clients in considering their options and helping them to develop and implement a plan that will ensure that they make their own choices about the type of care they want and the disposition of their property, rather than leaving such decisions to legislators and judges. This includes planning for loved ones with special needs while protecting their eligibility for aid programs.
Listed below is a brief description of a few of the estate planning documents which everyone should consider as part of a comprehensive plan. Of course, which documents will be best for you and your family will be determined after a thorough review of your circumstances and preferences.
Listed below is a brief description of a few of the estate planning documents which everyone should consider as part of a comprehensive plan. Of course, which documents will be best for you and your family will be determined after a thorough review of your circumstances and preferences.
Last Will and Testament
This document determines who will manage your estate at your death and how your assets will be distributed by the probate court. It can also provide for the care of minor children and include charities as beneficiaries. If your estate has to be probated, due to assets owned individually or if your death was caused by an accident or some other malfeasance, your Will governs the management and distribution of your probate estate.
Durable Power of Attorney for Finance
Just as important as planning for your affairs at your death is planning for the possibility of becoming disabled during your lifetime. Disability can arise from a number of different causes, for example, illness, injury and accident, old age, or the inability to locate or contact you. This document allows you to appoint someone to act on your behalf without the cost and expense of a court proceeding.
Power of Attorney for Healthcare / Designation of Patient Advocate
Patient Advocate Designations (sometimes referred to as “health care proxy” or “living will”) allow you to appoint someone to make medical decisions for you in the event you are not able to do so yourself. Your physician and medical staff are bound by your Patient Advocate’s instructions and by sound medical practice if they reasonably believe that the Patient Advocate Designation has been properly executed. You may also state your wishes concerning the treatment you want or do not want to receive under certain circumstances.
Revocable Trust
This document allows individuals to avoid the expense and delay of probate as well as ease administration of your assets during your lifetime without the risks involved with other methods of probate avoidance. As this document is relatively complex and requires ongoing management, it is important to discuss this matter thoroughly with your attorney to discuss which type of trust would be best for you and your family.
Other Documents
- Funeral Representative Designations
- Lady Bird Deeds (a/k/a Enhanced Life Estate Deeds)
- Special Needs Trusts
- Charitable Trusts
- Irrevocable Trusts