Most people think of creating their Last Will & Testament as estate planning. When preparing your estate plan, of course you will want to think about where and how your estate is distributed. This is your legacy.
However, a Last Will & Testament, even Wills and Trusts, are only partially correct. There is so much more that is needed for the basic proper planning of your legacy.
How will your estate be managed if you lose the ability to manage it due to a medical necessity? Do you need a Power of Aottrney? What is the extent of medical treatments you would like to receive?
There are a multitude of estate planning documents that address various aspects of how you want both yourself and your estate treated, if you become unable to speak for yourself due to various medical reasons. A brief review of the more common forms we work with are:
Last Will & Testament - This document details the extent of your estate and how you would like it distributed to your heirs.
Trusts - There are numerous types of trusts that can be structured to implement the various plans you may have for your estate. In general, trusts provide greater control and instructions for the handling and distribution of your property.
Durable Power of Attorney - A Statutory Durable Power of Attorney allows you to grant another management control over your property.
Medical Power of Attorney - Should you become unable to make your own medical decisions, this document grants another authority to accept that responsibility on your behalf.
Physician’s Directive - Allows you to give advanced instructions to your medical provider(s) about the extent of medical treatments you would like to receive, should you become unable to express your own medical decisions.
HIPAA Form - Medical information is confidential. This form provides your medical provders with authorization to share your medical information with identified persons.
If your estate is international, please do not forget there are another set of requirements for compliance and planning.
